FX.co ★ Technical Analysis of BTC/USD for April 27, 2022

Crypto Industry News:

Facebook's parent company Meta will open a retail store on the San Francisco peninsula offering hardware for experiencing virtual reality spaces.

In a published announcement, Meta announced that it would open a retail store in Burlingame, California on May 9, with the goal of delivering interactive demonstrations of the company's hardware products, including virtual reality headsets, video communication displays, and smart glasses. The store, which will be located on the Meta campus - based in Menlo Park - will feature a wall-to-wall curved LED screen that displays what users are seeing with Meta headsets.

"The Meta Store will help people get in touch with how our products can become a gateway to the Metaverse in the future. We don't sell Metaverse in our store, but hopefully people will know a little more about how our products will help when they leave. them to connect with him, "said Martin Gilliard, store manager.

Facebook changed its name to Meta in October 2021, saying at the time that its goal was to go beyond social media, and later announcing its Metaverse vision of connecting online social experiences to the physical world. While tech giants including Apple have brick-and-mortar stores around the world, an estimated 2.9 billion Facebook users have not had a chance to enter the company's retail store since the company was founded in 2004.

Technical Market Outlook:

The BTC/USD pair had reversed all the recent gains made during the retracement and now is trading below the last week low. The new swing low was made at the level of $37,730. In order to terminate the down trend, bulls need to break through the last swing high located at $42,952 and head towards the level of $50k. The nearest technical resistance is seen at the level of $38,564 and the immediate technical support is located at $37,730 and $37,509.

Weekly Pivot Points:

WR3 - $45,929

WR2 - $44,377

WR1 - $41,615

Weekly Pivot - $40,006

WS1 - $37,224

WS2 - $35,762

WS3 - $32,950

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $32,899.