Bitcoin (BTC) Price Analysis – Daily Updates On April 07
BTC fell 12.71% from nearest peak $48,200. Looking the weekly candle, BTC broke $44,000 as our plan and traded around $42,700-$44,2000. With the average selling volume, BTC is likely to retest around $44,800 or continue to plummet towards the $30,000 region. Let’s take a look at the chart below.
After touching the lower edge of the triangle pattern, BTC daily frame closed with a bearish marubozu full selling force. Closing price below EMA 34.89 for short term downtrend. This is a predictable forecast because if BTC wants to close above $50,000 we need a strong buying volume and have to liquidity order futures. And if we look to the past before a bullish rally from $29,000- $69,000 BTC accumulated for 63 candles before have a new wave, now we are still in an accumulation phase with no signs of a new wave. So if there is an increase, there is no guarantee that there will be a big uptrend wave ahead.
Looking at frame 4h, the price is trading below EMA 34.89 for a short term downtrend. The two areas of resistance and support that need to pay attention to are:
Resistance zone: $44,400 -$45,000
Support zone: $41,600-$42,000.
In case the price touches the support zone and goes down we will have strong support at $40,000, at here have strong volume buying (POC) hard to break. The 1h frame shows signs of buying but not much, need to observe more, RSI is in the oversold area, supporting the short-term downtrend.
Signal: Sell priority, pat attention at resistance zone.
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