BTC/USDT fell from $47,200 to $42,107 on April 5; This indicates possible sales by short-term traders who may have preferred to lock in their profits. However, the price action remains in the tight range over the weekend. This indicates that supply and demand are balanced.
While the crypto fear and greed index is in the fear zone, Bitcoin whales remained uncertain on the crypto exchange Bitfinex and continued to buy BTC. Interestingly, one prominent investor continued to buy $1 million worth of Bitcoin daily; Without attempting to calculate market time, using the dollar average value strategy.
Terra was another whale that used the sink to add more bitcoins to its existing stock. This week, the Luna Foundation Guard-affiliated wallet added 4,130 bitcoins; This increased its total volume to 39,897.98 BTC. Can Bitcoin return sharply for buying whales? Will the selected altcoins also become higher in the short term? Top 5 cryptocurrency charts to keep in mind this week.
Bitcoin suspended $42,594 in support on April 7; however, the bulls could not cross the threshold of $43,922. This may have led to traders trading lowering the price below $42,594 support. The slight positive is that the bulls are trying to save $42,620. If the bull raises and maintains the price above the 20-day exponential moving average, above $43,923, it will increase the possibility of limiting the range in the short term. The BTC/USDT pair can fluctuate between $50,219 between the 50-day SMA and the 200-day SMA in a few days.
In contrast, a weak rise from the 50-day SMA indicates a lack of aggressive procurement at the current level. The bears will then try to seize this opportunity and sink the pair below the 50-day SMA. If they succeed, the couple could drop to a psychological level of up to $40,000. The ascending channel support line may be the next step if this level also cracks. The 4-hour chart shows the $42,594 support return at the 20-EMA. This indicates a higher level of sales by bears. The 20-EMA RSI is in the negative zone; This shows an advantage for sellers.
If the price drops and falls below $42,000, sales could boost. The pair could then fall to $40,000, where buyers may still try to stop the decline. Alternatively, a break above the 20-EMA could open the door for a possible 50-SMA recovery.
The Ethereum Classic formed a double bottom pattern when it broke and closed above the resistance level of $38. The price then went up to the $52 target, where the profit booking came in. This brought the price down to $38. Buyers will try to adjust the breakout level to $38 in support. If they succeed, it indicates a change in mood from selling to buying down stocks.
If the price rises above the current level or falls below $38 and exceeds $45, the adjustment may be completed. Buyers will then try to push the ETC/USDT pair up to $53. A break above this level indicates a resumption of the climb. This optimistic view will be overturned if the price falls below the 50-day SMA, below $35.
The 4-hour chart shows that the pair has returned strongly from $38. However, bulls are struggling to keep the price above 20-EMA. This suggests that bears are selling at a higher level. The slight positive was that the bulls did not concede much space from the 20-EMA. This increases the ability to break above this resistance. If this happens, the price could rise to 50-SMA. Breaking and closing above this resistance can open the door for a possible climb to $48 and $53. Contrary to this assumption, if the price falls below $38, sales could boost, and the pair could fall to $32.
NEAR was sharply reduced on April 8 due to resistance from the $20 rigid overhead. A long wick on a day candle indicates that the bears aggressively guard the upper resistance. The NEAR/USDT pair could fall to the 20-day EMA, $15. This can be strong support. If the price drops to this level, bulls will continue to buy on the downside. Then the Bulls will attempt to get the couple to a new history. The growing 20-day EMA and RSI positive area is giving buyers an advantage.
Contrary to this assumption, if the price falls below the 20-day EMA, it suggests that traders may aggressively book profits. This could open the door for a possible drop in the 50-day SMA to $12.
The 4-hour chart shows that the price has repeatedly risen below 50-SMA. This indicates that buyers continue to accumulate on diplomats. If the price increases from the current level and rises above the 20-EMA, the bulls will still try to raise the price to $20. Conversely, short-term traders may rush to the exit if the price drops and stays below $16. This can save a couple up to $14.50. If this level is cracked, the bears will likely return to the driver’s seat.
The XMR showed a potential trend reversal when it broke and closed above the downtrend. While the bears tried to keep the price below the downward trend line, the bulls did not give up. The Bears are trying to stop the action in the face of immediate resistance at $239; However, the long tail on today’s candlestick shows the buy at a low level. An ascending 20-day EMA of $216 and an RSI in positive territory indicate an advantage for buyers. If buyers keep the price above $239, the XMR/USDT could boost momentum and rise to $255.
On the other hand, if the price falls below the current level, it suggests that the bears are aggressively defending the overhead resistance at $239. A break and closing below the 20-day EMA will be the first sign of weakening growth momentum. Then the pair could fall to the $190 50-day SMA.
The pair has been in a gradual upward trend over the last few days—failure by the Bulls for a price above $239 attracted profit bookings from short-term traders. However, the bears were unable to lower the pair below the 20-EMA. This indicates a strong buy at a low level. If buyers manage and keep the price above $239, growth can be accelerated. Alternatively, if the price drops again from $239, the pair could fall to $209 and remain in the range between these two levels for several days.
The FTX Token broke and closed on March 24 for more than $49. However, the bulls were unable to support the level during the re-test. The price fell below $47 on the 200-day SMA and reached $45 on the 50-day SMA. The slight positive is that buyers are trying to follow the 50-day SMA. If the bulls return the price above the 200-day SMA and a firm resistance above $49, this suggests a strong buy at a low level. The growth momentum may increase during the break and close at over $54. The FTT/USDT pair could then reach the target of $66.
Conversely, if the price fails to break the 200-day SMA, the possibility of a break below the ascending trend line of the triangle increases. If that happens, the pair could drop to $40 and later to $37.
The 4-hour diagram shows a pair falling into a descending channel pattern. Although the bears have moved below the price channel support line, they have not been able to maintain lower levels. This suggests that the break below the canal may have been a bear trap. If the bulls set and keep the price above 20-EMA, the pair could rise to 50-SMA. This level can still act as a resistance. However, if the bulls cross, the next step may be a downward trend line. Breaking and closing above this threshold may indicate a possible trend reversal. This optimistic view will be reversed if the price falls below the current level and falls below $44.