April 7th Market Analysis from LBank Derivatives
The current BTC market continues to fluctuate around $28,000 with the intraday amplitude gradually narrowing and trading volume decreasing.
At this level, there is a need for a downward correction, and the overall trend is relatively weak. There are no significant intraday opportunities, so it is recommended to adopt a wait-and-see approach.
BTC 4H Chart: The short-term trend is in a consolidation range. It is necessary to continue waiting for the 4-hour trendline.
The current spot buying price remains around 25,500, near the intersection of the two lines.
ETH 4H Chart: Relatively stronger, currently in the first breakout of the consolidation box after a pullback.
The pullback after the breakout and confirmation is healthier. As long as it doesn’t fall back into the consolidation box, it is worth trying to take a long position.
Notable Altcoins:
Effective bottom support, rebounding after stopping the decline, and not bearish for the time being. Data: Andrew Kang has increased his holdings by 1.5 million ARB tokens, now holding a total of 2.3 million tokens with an average cost of $1.237.
Influenced by the news of Elon Musk changing his Twitter profile picture, DOGE experienced a sharp increase.
Early this morning, Musk changed the picture back, and the price retraced half of the previous gains.
For this type of token, it is best to only trade based on news and exit the market promptly, paying attention to taking profits in a timely manner.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
