April 17th Market Analysis from LBank Derivatives
The cryptocurrency market continues to exhibit strong bullish trends, with BTC breaking the $30,000 resistance level and ETH showing a strong performance after breaking its post-upgrade downtrend.
Investors are advised to watch for pullbacks before entering long positions in the market.
Last week, Bitcoin (BTC) successfully breached the $30,000 resistance level, reaching a high of $31,000 before entering a consolidation phase. Currently, BTC is displaying a strong consolidation pattern, digesting the pressure from trapped long positions.
If the market intends to continue surging, a possible downward retracement may occur to confirm support. However, it is likely that $31,000 is not the end of this bullish run.
The harder it becomes to enter the market, the easier it is for the uptrend to continue. On the BTC weekly chart, a 7% increase was recorded, with the price closing above $30,000, indicating a bullish outlook. It is suggested that investors wait for intraday pullbacks before attempting to go long on BTC.
Ethereum (ETH) showed an exceptionally strong performance last week, successfully breaking its post-upgrade downtrend and stabilizing at the $2,000 level.
ETH reached a high of $2,120 and led the bull market for related cryptocurrencies. Investors should watch for possible retracements to previous high points before entering the market.
Notable Altcoins
Regarding the $ID daily chart, a triangle consolidation pattern was observed last week, with ETH’s bullish run driving the $ID price out of the bottom and doubling its value.
However, $ID has not yet broken the $1 resistance level. Investors should consider going long on $ID after a 30% pullback from the high.
The $ARB daily chart showed a successful breakout above its previous high price on Friday evening, following a triangle consolidation pattern at the bottom. Investors should look for pullbacks to around $1.5 before considering going long on $ARB.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
