BTCUSD – Weekly outlook for Bitcoin Price – 15th April 2022

Introduction The online brokers can see the number of activities taking place in the bitcoin entities has been going up as the market remains bearish. Recently, the number of BTC users has seen consistent growth among its users on the Bitcoin network. The number of new investors and online brokers is on the rise as they anticipate a bullish run soon. BTCUSD: Technical Analysis Monthly Chart Bullish Monthly Resistance Levels: 59099, 48200 Monthly Support Levels: 29296, 35500. The bearish swing on the monthly chart is pushing the price of BTC/USD down as the Bears continue to aim for the lower zone of 34000. The zone is a psychological zone for online brokers who intends to go long on the bitcoin crypto market. There is a price confluence around the zone as the support level has been strong in the last weeks. The Bears' momentum has grown about 17.81% gain against the Bulls as the price of bitcoin retests the monthly low of February (35500). A strong rejection of the price from the support zones will likely propel the price to shut up towards the resistance zones of 48200. A breakout above may likely bring the continuation of bitcoin in an upward direction. Weekly Chart Weekly Resistance Levels: 60000, 52000. Weekly Support Levels: 29300, 39600 Two weeks previously, the weekly candle closed in indecision as the BTC/USD pair could not make a decision. Crypto traders who want to buy the dip will be waiting for another drop in the market structure so that they may pick up the buying opportunities in the crypto market. A survey was carried out among 500 and more people in the academic journal covering (different) topics on miscellaneous and how they relate to psychology shows that people who buy cryptocurrency tend to display anti-social personality traits. Could this be that the crypto buyers are likely to be Psychopaths? Daily Chart Daily Resistance 52100, 45380 Daily Support 34000, 42000. The trading week began with a break out of the support level of the BTC/USD pair around the 42000 zone. The bearish market continues as the 34000 level is the next target for the short position traders. The global market cap has seen a rise of 1.9% ($1.9trillion). The labor market saw an 8.5% increase in the CPI (consumer price index) for the march report and the highest since 1981. Some analysts believe that if the geopolitical risks improve and the Fed's decision to tighten the policy is not aggressive, then inflation will take care of itself. H4 Chart 4 Hour Resistance 48128, 43520. 4Hour Support 39141, 41971, 38000. The 06 Apil candle broke the market structure when it closed below the support zone of 01 April 2022. The trend became bearish as the price kept pushing down creating lower lows and lower highs in the H4 time frame. From the 4-hour chart, crypto traders continue to hold on to the short position as they expect the price to test the 38000 support zones before the week closes. Bullish Scenario: The Bulls need to overturn the bearish trend if they can dominate the market from the support zone to push back the price of bitcoin from the 38000 zone. If the H4 resistance trend line is broken the price of bitcoin can move up. Bearish Scenario On the H4 chart, the market has been bearish and it may continue to go lower to the support zone of 38000 as the buyers in the market cannot stop the present bearish momentum. Bitcoin BTC News Events FROM MIAMI 2022 BITCOIN CONFERENCE, INSTITUTIONAL SHIFT. From the recent conclusion of the conference held in Miami, Florida, the report shows that more institutions participated in the meeting before the previous meetings. John Todaro said that the institution from wall street increased in numbers, and traditional asset managers also participated including corporates and policymakers. The traditional exchanges and platforms like eToro, Talos, and Bitstamp were also in the meeting. According to Todaro, during the conference a noticeable size of Institutional investment firms and traditional managers are adopting exchanges or the platform and these should open up job opportunities for a dedicated crypto market desk and talented engineers. During the meeting, Bitcoin miners talked about their various challenges. The issue of infrastructure bottlenecks like transformer deliveries was discussed and how to acquire mining rigs. Bitcoin miners that were noticed among others are Bitfarms Ltd, Core scientific Inc, (NASDAQ: BITF), and (NASDAQ: CORE). Conclusion and Projection Online brokers and other institutions are wondering why the BTCUSD pair drop about 17.40% from the high of 47000. The crypto asset had some loss in the past few days as the price of bitcoin declined. The BTCUSD pair is struggling is stay above the $40000 mark and if the zone holds the online brokers will go long.