Bitcoin daily chart analysis - 12 April 2022

Bitcoin daily chart analysis - 12 April 2022

Asset : Bitcoin (BTC/USDT)

Indicators : multi timeframe EMA (D1 & W1), RSI, Crypto fear & greed index

Bitcoin had broken down below the 20-day exponential moving average (EMA) and 20-week exponential moving average (EMA) for the past few days. This suggests that bears are selling on rallies. Death cross had formed indicating that bears are back in the driver’s seat. The downsloping 20-day EMA and the RSI is moving toward the extreme fear level indicating the price may drop further in coming days. There is major support at the horizontal level at $37,000, the bulls are likely to defend this level with all their might.

Potential Trade Idea 1: We are considering selling if the price rebound back to 20-day EMA dynamic resistance level, stop loss place slightly above 20-week EMA and target take profit at horizontal support level ($37,000).

Potential Trade Idea 2: We are considering buying on a deeper retracement lower and after a price action signal on the daily or 4 hourly chart time frame, within the 37000 to 37550 support level.


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