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Price analysis 4/29: BTC, ETH, BNB, SOL, LUNA, XRP, ADA, DOGE, AVAX, DOT
Bitcoin’s inability to hold above $ 40,000 has traders now targeting extreme lows in the $ 25,000 zone, a move that would be absolutely deadly for most altcoins.
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TA: Ethereum Faces Key Challenge, Why Fresh Decline Still Possible
Ethereum started a recovery wave above the $ 2,840 level against the US Dollar. ETH is now facing a major challenge near $ 2,905 and the 100 hourly SMA.
- Ethereum started a decent recovery wave above the $ 2,840 and $ 2,850 levels.
- The price is still below $ 2,900 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $ 2,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $ 2,900 and $ 2,915 resistance levels to continue higher.
Ethereum Price Faces Resistance
Ethereum traded as low as $ 2,766 before it started a recovery wave. ETH was able to settle above the $ 2,800 resistance zone.
There was a move above the $ 2,840 and $ 2,850 resistance levels. Ether even climbed above the 23.6% Fib retracement level of the key drop from the $ 3,040 swing high to $ 2,766 low. It is still below $ 2,900 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $ 2,900 level. There is also a major bearish trend line forming with resistance near $ 2,900 on the hourly chart of ETH/USD.
Besides, the 100 hourly simple moving average is acting as a barrier near $ 2,900. The next major resistance is near the $ 2,905 level. It is near the 50% Fib retracement level of the key drop from the $ 3,040 swing high to $ 2,766 low. A clear move above the $ 2,900 resistance might start another increase.
Source: ETHUSD on TradingView.com
The next major resistance on the upside might be $ 2,975. Any more gains may perhaps send the price towards the $ 3,030 resistance. Any more gains might send the price towards the $ 3,120 level.
Fresh Decline in ETH?
If ethereum fails to gain pace above the $ 2,900 resistance, it could start a downside correction. An initial support on the downside is near the $ 2,860 zone.
The first major support is near the $ 2,850 level. If there is a downside break below the $ 2,850 support, the price could revisit the key $ 2,800 support zone. Any more losses may perhaps open the doors for a larger decline towards the $ 2,600 level or even $ 2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is just above the 50 level.
Major Support Level – $ 2,850
Major Resistance Level – $ 2,900
TA: Bitcoin Resumes Downtrend, Why Upsides Remain Capped
Bitcoin failed to gain pace above $ 40,700 and declined against the US Dollar. BTC traded to a new weekly low and might struggle to climb above $ 39,200.
- Bitcoin started a fresh decline after it failed to clear the key $ 40,700 resistance zone.
- The price is now back below $ 39,000 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $ 39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be capped near $ 38,800 or $ 39,200.
Bitcoin Price Declines Sharply
Bitcoin price attempted a clear move above the $ 40,500 level. However, BTC failed to clear the $ 40,700 and $ 40,750 resistance levels.
A high was formed near $ 40,776 and the price reacted to the downside. There was a sharp decline below the $ 40,000 level and the 100 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near $ 39,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now back below $ 39,000 and the 100 hourly simple moving average. It traded as low as $ 37,672 and is currently consolidating losses.
It is testing the 23.6% Fib retracement level of the recent decline from the $ 40,776 swing high to $ 37,672 low. An immediate resistance on the upside is near the $ 38,800 level. The next key resistance could be near the $ 39,200 zone.
The 50% Fib retracement level of the recent decline from the $ 40,776 swing high to $ 37,672 low is also near the $ 39,250 zone. The main resistance is now forming near the $ 39,550 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
If there is a clear move above the $ 39,200 and $ 39,550 levels, the price could start a decent increase. In the stated case, the price could even surpass the $ 40,000 resistance. The next major resistance may perhaps be near the $ 40,700 zone.
More Losses in BTC?
If bitcoin fails to clear the $ 39,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $ 37,650 level.
The next major support is seen near the $ 37,500 level. A close below the $ 37,500 support zone might start another decline. In the stated case, the price might drop to $ 36,200.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $ 37,650, followed by $ 37,500.
Major Resistance Levels – $ 39,200, $ 39,550 and $ 40,000.
Takeaways and reviews, what went down during Miami Tech Week
One of largest VC deals so far in Q1 2022 went to Miami-Based Yuga Labs with its $ 450 million seed funding round led by Andreessen Horowitz.
Top 5 cryptocurrencies to watch this week: BTC, DOT, XMR, APE, CAKE
Bitcoin bulls are attempting to reclaim the $ 40,000 level and if this happens, DOT, XMR, APE and CAKE could be the first altcoins to break out.
Coinbase NFT launches beta, AMC Theatres rolls out SHIB and DOGE payments, and Blockchain.com eyes IPO: Hodler’s Digest, April 17-23
Price analysis 4/22: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
Bitcoin and altcoins continue to bounce off underlying support areas, raising the chance that a sharp down-side move could occur.
Major exchange listings spark a 40% rally in Steem, TrustSwap and 0x
STEEM, SWAP and ZRX prices surged shortly after a round of listings at major crypto exchanges.
