FX.co ★ BTC update for April 14,.2022 - Breakout of the contraction in the backgorund

Technical analysis:

BTC has been trading downside this morning and there is the breakout of the contraction pattern in the background, which is sign for the further downside movement..

Trading recommendation:

Due to the breakout of the contraction pattern in the pattern and the supply this morning, I see potential for the further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $40.300 and $39.360.

MACD oscillator is showing negative reading after the period of the positive reading, which can represent change in trend behavior.

Resistance is set at the price of $41.500