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BTC/USD decreased within an down channel. Closing below the Pivot Point ($ 37k) could assure that BTC/USD will move lower towards cooling new lows. the bears must break through $35,292 in order to resume the down trend.
We expect to see a strong reaction off this level to push price down towards $35,500 before $35,292 support (Fibonacci retracement, horizontal swing low support).
RSI (14) is seeing major resistance below 40% where a corresponding reaction could occur. This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend.
Bitcoin dropped from the level of $37,095 to the bottom around $35,292. But the pair has rebounded from the bottom of $35,292 to close at $35,910.
Today, the first support level is seen at $35,292, and the price is moving in a bearish channel now.
Furthermore, the price has been set below the strong resistance at the level of $37,095, which coincides with the 38.2% Fibonacci retracement level.
As a result, if Bitcoin is able to break out the first support at $35,292, the market will decline further to $ 35k in order to test the daily support 2.
In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.
So, it will be good to sell below the level of $36,406 with the first target at $35,292 and further to $35,000 - $34,500.
Notes :
As we know that :
1 BTC ---> $ 35,938 approximately
1 ETH ---> $ 2,687 approximately
So, 1 ETH ---> 0.0747 BTC.
However, one Ethereum is only worth 0.0747 Bitcoin (May 07, 2022).
Forecast (BTC/USD) :
The volatility is very high for that the BTC/USD is still moving between $37,095 and $35,292 in coming hours. Consequently, the market is likely to show signs of a bullish trend again. Hence, it will be good to sell below the level of $ 37k and $ 36k with the first target at $35,292 and further to $34,500 in order to test the weekly support. However, if the BTC/USD is able to break out the daily resistance at $ 37k, the market will rise further to $ 40k to approach resistance 2 today.
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