Bitcoin closed the week approximately where it had spent much of the previous four days, a little above $40,000, with no signs of a surge.
The leading crypto by market cap was lately trading at around $39,928, a touch lower than it was 24 hours ago and roughly where it began the Good Friday holiday weekend. Ether, the second-largest crypto by market cap, was trading at around $3,026, a level from which it has scarcely moved since last Monday.
Investors are still processing increasing prices, the likelihood of a recession, and the recent updates from Russia’s unjustified invasion of Ukraine, so trading was weak during the holiday weekend.
In the inverted Flag pattern channel, the Bitcoin price saw a short-term bull rise. However, the latest crypto market sell-off has driven the price back to the rising trendline and $40,000 common support levels. The dip in volume activity signals a positive reversal to $45,000.
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Bitcoin (BTC)- On April 6th, the Bitcoin price fell below the $45,000 support level in response to the bearish flag pattern channel. Last quarter, this level served as critical resistance, and a bear trap set up on its breakthrough caused a major sell-off last week.
During the freefall, the BTC price fell by 10% to the psychological support level of $40,000. The rising trendline, which was connected with the $40,000 support, halted additional loss and coiled the price activity in a small consolidation.
Buyers may initiate another bull cycle to hit the overhead resistance if the Bitcoin price remains over $40,000. Moreover, the market participant can sustain a short-term bullish trendline as long as the support trendline is maintained.
The 50, 100, and 200-day exponential moving averages are all trending flat, indicating that BTC is in a range-bound climb. The coin price, on the other hand, is trading below these EMAs, and the bearish crossing between the 20- and 50-day EMAs shows that the sellers have the upper hand. Due to the recent bear cycle, the MACD and signal line have fallen below the neutral zone. The diminishing red bars on the histogram chart, on the other hand, undercut the selling momentum.
The ETH price plummeted to $3,000 after the V-top corrective rally. The continuous pullback was halted at this support level, which coincided with the 50 and 100 DMA lines, and reducing volume activity signals a positive reversal. The altcoin’s possible comeback might push it back to $3,600.
Ethereum (ETH)- On April 5th, the Ethereum (ETH) rebound surge shifted from the $3,600 level. As Bitcoin had a rapid drop below the $45,000 support, sellers imposed tremendous pressure on the coin price.
The ETH price fell by 16% during the corrective rally, putting it below a psychological support level of $3,000. In the midst of the crypto market’s volatility, the price remained to stay around this support for the previous six days.
On the other side, if sellers dumped the cryptocurrency below the $3,000 support, the March rebound rally would be weakened, and the price would fall to $2,750 support, led by $2,500. With an intraday rise of 0.24%, the ETH price is presently trading at $3,065.
The OBV slope indicator has a greater pump than price action, indicating that the price is becoming increasingly bullish. A solid support zone for purchasers is formed by the 50 and 100 DMAs linked with the $3,000 level. Furthermore, a bullish crossover between these DMAs draws in more buyers.
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