BTC/USDT and the most prominent Altcoins started the new week with a soft note. The index of crypto fear and greed fell in the zone of “extreme fear.” This indicates that investors are still nervous. Bitcoin fell by about 17%. The Nasdaq 100 dropped nearly 16% over the same period. This shows a close correlation between the two. Gold increased by more than 10% in 2022, And its 50-day correlation coefficient with Bitcoin is “about minus 0.4; This is the lowest after 2018.
Although the cryptocurrency effect remained protective, the declining balance of Bitcoin on crypto exchanges indicates that long-term investors continue to accumulate at every opportunity. CryptoQuant data suggests that the bitcoin balance of 21 significant discussions has fallen to its lowest level since the summer of 2018; 2.274 million bitcoins as of April 17.
Bitcoin has been trading in an ascending channel pattern for the past few days. The bulls have been defending their psychological level of $40,000 for the past few days; However, they did not achieve a strong return. This indicates that demand is declining to a higher level. On April 18, the bear dropped the price below $39,200 immediately after immediate support. However, the long tail on the candle indicates that the bulls are buying at a lower level. If the price exceeds $40,000, the bulls will once again try to clear the 50-day simple moving average. If they succeed, the pair could raise $43,900 and later try the rally at the 200-day SMA to $48,109.
Conversely, if the recovery is reduced to $40,000, the bears have moved this level to resistance. This will strengthen the prospects for the channel to support the fall line. It is expected that the bulls will maintain this level with all their might; Because a breakdown could open the door for a possible drop to $32,917.
Trading in the ETH tight range between the 20-day exponential moving average of $3,103 and the 50-day $2,991 traded on April 18. A downward 20-day EMA and a relative strength index below 40 indicate that the bears are in control. If the price stays below the 50-day SMA, the ETH/USDT pair could slip up to $2,817; And then to the upward trend line. Contrary to this assumption, If the price rises and gains above the 50-day SMA, it is likely that the bulls will try to catch aggressive bears. A break above $3,150 may indicate that an adjustment is expected to be completed.
The failure of the bulls to keep the XRP on the 50-day SMA, $0.78 on April 16, could attract sales from traders, which may have been acquired at a low level. The price fell and fell below $0.76 on April 17. If the price stays below the 20-day EMA, the bears will try to sink the XRP/USDT pair to the strong support of $0.69. This is a basic level of protection for the bulls; Because if broken, sales can be boosted; And the pair could fall to $0.60. The 20-day EMA has started to decline, and the RSI is in negative territory. This suggests that bears have a slight advantage. This negative view will be eliminated if the price rises from the current level and exceeds $0.80. This can clear the way for a jump to $0.85.
SOL tried to raise the $106 20-day EMA on April 17; However, the long wick on the candle of the day indicates that the bears are selling up to this level on stocks. Sales picked up momentum on April 18. The bears dropped the price below $50 on the 50-day SMA. A downtrend in the 20-day EMA and RSI negative territory suggests that bears are advantageous. If the price falls below the ascending channel support line, The SOL/USDT pair could fall to $86 and $75.
Conversely, buyers will still try to push the pair above the 20-day EMA if the price deviates from the channel support line. If they succeed, it suggests that the bears may be losing power. Then the pair can go up to $122.
The ADA has repeatedly tried to climb above $1 on the psychological level in the last few days; However, the bears maintained their position. This indicates that the bears have successfully changed the level of resistance. Sales resumed on April 18; The Bears dropped the price to $0.91 below immediate support. If the price stays below this level, the ADA/USDT pair may fall to a critical level of $0.74.
It is expected that the bulls will maintain this level with all their might; Because if their attempt is unsuccessful, the downward trend can be resumed. The next stop could be $0.68. Contrary to this assumption, if the price rises above the current level and falls above $1, This indicates a lack of sales at a low level. The pair could then rise to $1.10, later up to $1.26.
DOGE dropped by $0.15 on April 15. This indicates a lack of buying at a high level. The price fell below the 20-day EMA on April 17 and reached $0.13 at the 50-day SMA. If the bearish price falls below the 50-day SMA, the DOGE/USDT pair may fall to the solid support at $0.12; And later to the psychological level of $0.10.
The RSI turned out to be in the negative zone, indicating a slight advantage for sellers. Alternatively, if the price returns from the current level and rises above $0.15, The pair can try the 200-day SMA $0.18 rally. A break and closure above this level may indicate the start of a new ascent.