Bitcoin BTC/USD ends the trading week at 40533, continues to move as part of the correction and the formation of the “Wedge” pattern. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in asset quotes. At the moment, we should expect an attempt to develop a rise in the price of the coin and a test of the resistance area near the level of 40905. From where we should again expect a rebound down and a continuation of the fall in the Bitcoin rate with a potential target below the level of 22655.
Bitcoin Weekly Forecast April 18 — 22, 2022
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week April 18 — 22, 2022 will be a rebound from the upper border of the “Wedge” reversal pattern. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the fall option for Bitcoin will be a strong growth and a breakdown of the 54055 area. This will indicate a breakdown of the resistance area and a continued rise in BTC/USD quotes with a potential target above the level of 59505. A confirmation of the development of the downward movement will be a breakdown of the support area and closing of quotes below the level of 35205, which will indicate breakdown of the lower border of the reversal pattern ”Wedge”.
Bitcoin Weekly Forecast April 18 — 22, 2022 suggests an attempt at a resistance area near the level of 40905. Then the cryptocurrency will continue to fall to the area below the level of 22655. An additional signal in favor of the Bitcoin rate depreciation in the current trading week will be a test of the trend line on the relative strength index (RSI) . Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 54055 area. In this case, we should expect a continuation of the rise with the target at the level of 59505.
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