Bitcoin price kicked off the week with a strong move that pushed the price over $ 50,000 and the bulls were looking for the $ 55,000 level at the time of writing.
On April 21, JPMorgan analysts wrote that liquidity in the cryptocurrency markets is likely to recover sharply after the recent Bitcoin (BTC) settlement. According to analysts, the “worst settlements” may end, “indicating the need to work on them.”
Another bullish sign was shown by the Crypto Fear and Greed Index, which rapidly fell from greed last week to fears on April 25th, indicating that traders who were hit by severe floods are likely to have eroded. The reset also gave large investors the opportunity to buy at lower levels.
Daily performance in the cryptocurrency market. Source: Coin360
Lex Moskovsky, Moskovski Capital’s investment director, said today’s outbreak appears to have fulfilled the dream of an aggressive bear, settling short deals worth $ 150 million.
Bybt data shows that the bitcoin financing rate is less than 0.01%, which is lower than the neutral interest rate. This indicates that there are still short positions in the system that could be crowded if the trend continues.
Let’s analyze the charts of ten digital currencies to determine the critical resistance and support levels that will determine the next direction.
BTC / USDT
Bitcoin dropped to as low as $ 46,985.02 on April 25, but the bears were unable to maintain the lows. This indicates that the bulls continue to gather in the fall. Heavy buying pushed the price up to $ 50,460 today.
Daily chart BTC / USDT. Source: TradingView
The 20-day exponential moving average ($ 55,385) and the Relative Strength Index (RSI) 45 indicate that bears still have an advantage. The sellers are likely to defend strongly the 20 day EMA.
If the price falls from the 20 day moving average, this indicates that the sentiment is still bearish and that traders are selling bunches. The bears will then try to push the BTC / USDT pair below $ 46,985.02 and continue the correction to $ 43,006.77.
Contrary to this assumption, this may indicate that traders will continue to buy at higher levels unless the bulls give up the 20 day moving average. A break of the 50-day SMA ($ 56,903) could open the door to a meeting of $ 61,825.84.
ETH / USDT
Ether (ETH) bounced off the 20-day moving average ($ 2,259) on April 25, indicating a lower level of accumulation. Now the bulls will try to push the price over $ 2545.84 towards the $ 2,645 resistance zone.
ETH / USDT daily chart. Source: TradingView
If they succeed, the ETH / USDT pair may resume the trend of up to $ 3,000. Higher moving averages and RSI above 63 indicate that the bulls have gained the upper hand.
However, if the price falls below the upper region, the bears may pull the price down again to the 20 day moving average. If this support is broken, the pair may drop to $ 2,040.77. A bounce from this support could keep the pair between $ 2,040.77 and $ 2,645 for several days.
BNB / USDT
Binance coin (BNB) forms a symmetrical triangle that usually acts as a continuation pattern. Now the bulls will try to push the price towards the resistance line in the triangle.
VORTECS data from Cointelegraph Markets Pro began to show an optimistic outlook for BNB on April 24, even before the rally began.
Cointelegraph’s exclusive VORTECS Crude Score is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ – pips (green) for the BNB currency. Source: Cointelegraph Markets Pro
The 7-day chart above shows that BNB’s VORTECS ™ points turned green on April 24th when the price was at $ 500.86.
Although the price dropped to $ 483.68 on April 26th, Vortex’s strengths continued to be positive, avoiding hurting traders. The upbeat outlook on the VORTECS sc rating was confirmed when BNB raised the price to $ 545.94 on April 26.
If the bulls manage to push the price across the triangle, the trend is likely to continue. Target for this setup is $ 808.57. The gradual 20-day EMA rally ($ 489) and the RSI above 59 suggest the bulls have a slight edge.