FX.co - BTC update for April 12,.2022 - Downside objective reached, potential for further drop

2022-04-12T11:47:17

Relevance until2022-04-13

Technical analysis:

BTC update for April 12,.2022 - Downside objective reached, potential for further drop

BTC has been downside as I expected. I see that supply is dominant and that we can have further downside continuation.

Trading recommendation:

Due to strong downside pressure and the breakout of the bear flat in the background, I see further downside continuation.

Watch for potential selling opportunities on the rallies with the downside objectives at $38.300 and $37.350.

Stochastic is showing fresh bull cross, which is sign that upside corrective cycle is active.

Resistance is set at $42.250

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for April 12,.2022 - Downside objective reached, potential for further drop