Daily cryptocurrency market indicators. Source: Coin360
Good morning everyone. The crypto market is in positive territory today, most of the altcoins are green. Nevertheless, the month of April for Bitcoin closed in the red, literally $1100 was not enough. Ethereum $2836 and BNB $619 demolish ATH, Dogecoin capitalization is again $45 billion
Just yesterday, Bitcoin managed to overcome the intermediate resistance on a huge volume, which was located at the neck of the inverted head and shoulders pattern ($55,600).
However, today the price of bitcoin is facing a tough resistance level of $58,300. At the current level, the seller may behave aggressively and lower the price to the nearest support (intermediate) level of $56400. Right now, I am fully focused on retesting this level of $ 56K before moving towards $ 61K.
4-hour BTC / USDT chart. Source: TradingView
Until the bitcoin price breaks above $67,000, no further trend movement should be expected. Since the current movement indicates a retest of the lower boundary of the rising wedge:
1)Breakdown of the lower boundary of the rising wedge, which occurred on April 18 at huge volumes.
2)Returning the price back to the level, which is what is happening now.
3)The continuation of the price decline, what may happen upon reaching the level of 61 thousand dollars.
Let's hope that my prediction is wrong, because like no one else I expect bitcoin at 100 thousand dollars ...
The price broke through the upper border of the ascending channel and moved rapidly to update the AHT. I expected a breakout of the channel on a huge volume, but oddly enough the price goes up and the volumes fall. This suggests that the seller has retreated and gives the buyer the opportunity to raise the price up to 3000 thousand dollars. The RSI is at the overbought level and indicates the strength of the bulls, but is it? Now it all reminds me of 2017 ... Therefore, be careful, do not forget about the risks and fix the profit on time. Don't be greedy, you won't earn all the money, but you can lose everything.
ETH / USDT daily chart. Source: TradingView
Binance Coin (BNB), the third-largest cryptocurrency by market capitalization, broke through the Bullish Ascending Triangle resistance line yesterday, April 30, which heralds BNB's rise to 30% ($800). At the moment, the Binance Coin cryptocurrency has updated its ATH, but so far it has not been able to overcome the resistance at the level of $638.
BNB / USDT daily chart. Source: TradingView
Let's hope the buyer keeps the price at $620. Otherwise, the seller will return it to the triangle. If this happens, then the bullish outlook will lose its strength in the short term, such a reversal of events may keep the price for another two days in consolidation.
Yesterday, XRP, the fourth largest cryptocurrency by capitalization, successfully overcame resistance at $ 1.45 on a large volume, which tells us about buyer's interest and a positive outlook for XRP.
XRP / USDT 4-hour chart. Source: TradingView
At the moment, the price is consolidating above the support level of $1.50. If the buyer manages to keep this level ($1.50), then soon we will see a rise to $1.90 per coin, why will the ATH update and the next target at $2.50 follow.
But also do not forget about the seller, because if the price drops below $1.45, this will be done before the profit is fixed and the price drops to $1.14 per coin.
Unfortunately, the pressure from the sellers at the level of $1.40 prevented the Cardano cryptocurrency from reaching the target I mentioned earlier ($1.50). At the end of April, the seller began to take profit and this produced the support level ($1.28) before the retest. Although the bulls managed to hold the support level ($1.28), this action left an imprint of bears on the chart, in the form of a "head and shoulders" reversal pattern. But as long as the price holds above $1, this is still a bullish trend and there is nothing to fear. But as soon as the price drops below, it will be a signal of a possible trend change.
4-hour ADA / USDT chart. Source: TradingView
On the other hand, if buyers overcome the current resistance of $1.40, it will push the price up to the $1.50 upper resistance zone. And only after reaching and consolidating above this level, I can confidently say about the beginning of a new upward trend with a subsequent target of $2.
The Uniswap price once again updated the ATH and approached the upper boundary of the rising wedge in a tight manner, but the buyer was unable to keep the price at the $43 level for a long time, which indicates a lack of demand at higher levels.
Daily chart UNI / USDT. Source: TradingView
As indicated by the Relative Strength Index (RSI), it indicates bearish divergence that warns of a possible trend reversal. If the price breaks the bottom of the rising wedge, the bearish outlook will take effect. In this case, you should pay attention to the level of 35,500 dollars, this level is an important support. A breakout of this level can lead to a price decline up to $17.
On the other hand, if the buyer manages to hold the $35,500 level, it will increase the chances of breaking the upper boundary of the rising wedge and give the bulls an opportunity to test the $50 level.
📝 Earn money, but don't forget about risk management and money management.
| Twitter | Telegram | Blog
Disclaimer: This article is informative and does not provide information on where to invest. If you are planning to invest, do your own research.