April 12th Market Analysis from LBank Derivatives
In the past few days, Bitcoin (BTC) successfully broke through the significant 30,000-point milestone, which was further driven by stimulating news from Hong Kong.
This development has led to a resurgence of the overall market. Currently, the capital still favors Bitcoin, while other smaller cryptocurrencies and altcoins have experienced varying degrees of stagnation. Investors should be cautious about capital withdrawals at high levels.
Bitcoin’s daily chart shows that it is currently in a flag consolidation pattern, breaking through to around 30,000 and entering a consolidation phase.
Intraday retracements have been observed, with capital generally flowing into Bitcoin.
The 4-hour chart shows that Bitcoin is currently in a high-level oscillation consolidation phase, and the short-term 30,000 level will need to be tested again.
Ethereum’s (ETH) daily chart indicates that it is in the stage of confirming the lower box after failing to break through the previous high point. Its overall performance is currently weaker than Bitcoin’s.
The 4-hour chart shows that the current retracement’s lowest point is still at the upper edge of the box, suggesting short-term support at this level.
Investors can consider continuing to trade on the rebound. If the price breaks below this level and cannot recover, the next support level should be observed.
Notable Altcoins:
Litecoin’s (LTC) daily chart shows that after peaking near 97 yesterday, the price has retreated.
The current position remains within the consolidation box, with the target still being whether it can hold steady above the upper edge of around 93 this week.
Conflux’s (CFX) daily chart reveals that it is currently in the phase of retreating and retesting after touching the upper edge of the trend line again.
The overall trend is relatively strong, with large price fluctuations within the range. Investors should pay attention to key levels in the chart for signs of a breakout.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
