Bitcoin Neutral, Support at $37K and Resistance at $46K

Bullish countertrend signals require weekly price closes above $40K.

AccessTimeIconApr 14, 2022 at 6:18 p.m. UTC
Updated Apr 14, 2022 at 8:37 p.m. UTC

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Bitcoin (BTC) continued to bounce around the $40,000 price level this week, indicating uncertainty among market participants.

The cryptocurrency is down by 8% over the past week and slightly positive over the past 30 days. Most technical indicators are neutral, although short-term buyers could remain active between the $35,000-$37,000 support zone, similar to what occurred earlier this year.

Momentum signals, per the MACD indicator, are positive on the weekly chart and negative on the monthly chart. That suggests a period of rangebound price action could persist, albeit with an average price swing of 20%.

On the weekly chart, the 100-week moving average, currently at $35,388, is an important gauge of trend support. Buyers will need to keep BTC above that level in order to sustain the recovery phase.

Still, there is strong resistance at the 40-week moving average (equivalent to 200-days), which at $46,800.

Further, an upside target at $50,966 was within close distance on March 28, although a pullback unfolded, similar to what occurred in September of last year.

For now, bullish countertrend signals will need to be confirmed with weekly price closes above $40,000.

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Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.