FX.co ★ BTC update for April 29,.2022 - First objective reached and potential for test of second at $37.800

Technical analysis:

BTC has been trading downside as I expected yesterday. The price reached first downside objective at $38.660 and is possibly going for second objective.

Trading recommendation:

Due to the breakout of the well defined upside channel in the background, I see potential for the downside continuation of the short-term trend.

Watch for potential selling opporutnities the intraday rallies with the downside objective at $37.800.

MACD oscillator is showing downside reading, which is another confirmation that sellers are in control.

Key resistance is set at the price of $40.300