The dollar index (DXY) fell from its 20-year high on April 29, but that did not change the bearish price movement seen in Bitcoin (BTC) and the U.S. stock market. Shares are still under pressure, and this week Amazon stocks have reshaped investor sentiment following uncertainty over US Federal Reserve tightening measures.

If bitcoin expands its correction, Whalemap, a chain analytics platform, believes the $ 25,000 to $ 27,000 area may be the best place for bitcoin.

Long-term investors do not seem to be worried about Bitcoin’s current weakness, with CryptoQuant’s chain data showing that BTC stocks of 21 cryptocurrencies have fallen to unprecedented levels since September 2018.

Daily cryptocurrency market performance. Source: 360 Coins
The HODL mentality is not limited to Bitcoin investors. According to a CoinGecko Non-Attention Index (NFT) survey, more than 50% of respondents said they had a HODL mentality because they believed NFT could be an important item in the game. Metaverse is expected to hit $ 800 billion in market over the next two years, the report said.

Will bitcoins and gold currencies fall further or will there be a turnaround on the cards? To find out, let’s look at the charts of the top 10 cipher coins.

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The bitcoin returned to its 20-day 20-day moving average (EMA) ($ 40,363) on April 28, but the long-term bearish bearish candlesticks on that day showed that the bear would sell at the rally.

BTC / USDT daily chart. Source: TradingView
The downside is that the 20-day EMA and the Relative Strength Index (RSI) below 41 indicate that the path of the resistance is down. If the bear sinks and keeps the price below the support line of the channel, the BTC / USDT pair could extend the decline to $ 34,300 and then to $ 32,917.

To counteract this negative view, buyers need to keep the price above the 50-day simple moving average line (SMA). If they succeed, the pair could start moving north towards the 200-day SMA ($ 47,433), where the bears could face another tough challenge.

ETH has returned to its 20-day EMA ($ 2999) over the past two days, but the bull has not been able to raise its price. This shows that the mood has remained negative, with traders selling at parties.

ETH / USDT daily chart. Source: TradingView
The bears are trying to sink the price into the uptrend line. This is an important level of protection for the bull, as it disrupts the breed and undermines the evolving triangle pattern. Then the ETH / USDT pair could fall to $ 2450.

If the price rises above the 50-day SMA ($ 3045), this negative view will be invalidated in the short term. This may attract buyers, who may push the pair into the 200-day SMA ($ 3464). Breaking and closing at this level marks the beginning of a new rise.

On April 26, the BNB fell below $ 391, but the bears were unable to maintain their lows. On April 27, the price rose above the breakout level. This indicates that the demand is low.

BNB / USDT daily chart. Source: TradingView
The bull pushed the price to a 50-day SMA ($ 410) on April 28, but failed to clear the barrier. This shows that bears are sold at gatherings. The bears are now trying to lower the price from $ 391 to $ 380.

If they do, the BNB / USDT pair could fall to the $ 350 strong support. Buyers are expected to have strong defenses at this level. If the bull exceeds the 50-day SMA and maintains its price, the short-term trend is likely to be positive.

The Solana (SOL) bounced off the support channel of the rising channel on April 27, but the bull failed to maintain its positive momentum in the 20-day EMA ($ 101).

SOL / USDT daily chart. Source: TradingView
The bears now feel the opportunity to try to push the price below the support line of the canal. If they do, sales could accelerate and the SOL / USDT pair could slide into the $ 75 strong support. This is an important level of protection for the bull, as its breakdown and downward trajectory mean a reversal of the downward trend.

If the price rises and breaks above the 20-day EMA, this negative view will be invalidated in the short term. And then this one

Source: CoinTelegraph