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It’s been another week of wide ranges with little direction. That’s not to say we didn’t see both sides try. A few of the top 25 saw solid selling, both AVAX and XRP were hit with sell-offs, while the more significant coins like BTH and ETH fought back off lows forming spinner type candles.

Bitcoin traded above 40K during the week but couldn’t hold the level. On the positive, 38,900 continues to hold firm for buyers. APE coin had a massive week adding 57% ahead of its metaverse launch. Doge had a massive week, and we will touch on that further below. Aside from its massive jump, the coin can also now be used for rent payments. On the topic of payments, a Dubi real-estate developer will accept BTC and ETH for purchases of luxury homes.

During the week, we did see a few small signs that buyers were trying to get a move going, but a lot like last week, we saw those signals fade as selling resumed. A fair few of the top 25 took heavy selling on Friday’s session, and that was re

Weekly Crypto Market Analysis With Geco.one - 19.04.2022

Weekly Crypto Market Analysis With Geco.one - 19.04.2022

Geco One Geco One 19.04.2022 14:58
Bitcoin has fallen by over $ 9,500 in recent days by nearly 20%. Such a significant depreciation made the quotations of the oldest virtual currency drop below several significant support lines, the last two of which are the horizontal level of $ 42,200 and the upward trend line slightly below. Thanks to Monday's rebound of BTC, we are witnessing a re-test of the previously broken upward trend line, the lower boundary of the upward wedge formation, which we have already mentioned several times in the last weeks. The emergence of a more significant supply response here could signal a potential rejection of the track currently being tested, which would indicate a potential for further declines towards $ 37,000 or even below $ 35,000. Article on Crypto: Altcoins Showing Promising Growth - Take a Look at Solana (SOL), POLKADOT (DOT) and SHIBA INU (SHIB-USD)| FXMAG.COM The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently dropped by nearly $ 700, which was almost 20%. This depreciation pushed the ETH back to around $ 3,000, one of the most recent resistance levels. It is noteworthy that for several days this market has been moving in a horizontal trend between $ 2,980 and $ 3,150. The fact that systems of this type are usually corrective formations may be of significant importance here, which in practice means that the quotes more often break out of them in the direction consistent with the previous move. If this were also the case, the ETH price would drop below $ 2,980, which in turn would threaten its further depreciation towards the upward trend line below $ 2,800. The following levels of support are located in the vicinity of where a greater demand response could appear, which could initiate another upward movement The current situation on Solana's trading is also very similar. The exchange rate of this cryptocurrency has recently dropped by over 34%, thus returning below the level of $ 105.50. For several days the market has been consolidating slightly below the defeated support (now resistance). If only this zone is rejected, we would expect the sell-off to continue, which could return SOL to around $ 88 or down further to $ 79. The following levels of support are located in the vicinity of where a greater demand response could appear, which could initiate another upward movement. Article on Crypto: Binance Academy: Immutable X Token (IMX) - What Is It? IMX Explained. How To Buy IMX?| FXMAG.COM Looking at the Avalanche quotes, we notice that the price of this cryptocurrency has dropped by more than 30% at the same time. The sell-off stopped only near the upward trend line, where there was a demand reaction on Monday. However, there are many indications that even if this support were rejected, the AVAX rate would only increase around the previously defeated support (now resistance) of $ 83. Therefore, the potential for short-term increases seems to be very limited. It is noteworthy in this case that the price of this cryptocurrency was between the horizontal resistance and the upward trend line, which is key support. These two constraints form an ascending right triangle. From a purely technical point of view, it is technically neutral, which means that the market can break both up and down, and only the direction of the break will signal a future trend. Read next: (UKOIL) Brent Crude Oil Spikes to Highest Price For April, (NGAS) Natural Gas Hitting Pre-2008 Prices, Cotton Planting Has Begun A breakout over the top could open the door to further gains as high as $ 100. On the other hand, a drop below the upward trend line would indicate a potential for further depreciation to the $ 54 region. *Subtitles for the YouTube video are available in all languages
Crypto Focus: A Week of Indecision and Dogecoin on the Up?

Crypto Focus: A Week of Indecision and Dogecoin on the Up?

8 eightcap 8 eightcap 29.04.2022 13:27
It’s been another week of wide ranges with little direction. That’s not to say we didn’t see both sides try. A few of the top 25 saw solid selling, both AVAX and XRP were hit with sell-offs, while the more significant coins like BTH and ETH fought back off lows forming spinner type candles. Bitcoin traded above 40K during the week but couldn’t hold the level. On the positive, 38,900 continues to hold firm for buyers. APE coin had a massive week adding 57% ahead of its metaverse launch. Doge had a massive week, and we will touch on that further below. Aside from its massive jump, the coin can also now be used for rent payments. On the topic of payments, a Dubi real-estate developer will accept BTC and ETH for purchases of luxury homes. During the week, we did see a few small signs that buyers were trying to get a move going, but a lot like last week, we saw those signals fade as selling resumed. A fair few of the top 25 took heavy selling on Friday’s session, and that was refected as the CRYPTO25 indexes were leading the CRYPTO10 index lower. DogeCoin was the talking point last week. The coin is linked to Elon Musk regularly, and once news of his offer to buy Twitter was accepted, we saw a dramatic rally on the coin. Price jumped as much as 30% higher on the news, but the move was short-lived as a touch over 10% was taken off the following session. Since Tuesday, we have seen every direction on Doge as it looks like traders are trying to work out what Monday’s spike meant. Looking at the daily we have a solid looking range in play, and this could set up a straddle play. A straddle is where a trader places buys above the range and sells below the range. (one cancels over an option to avoid being double filled). If that spike is valid, the question that may need to be answered by traders is if we did see a breakout lower, could it retrace Monday’s spike retesting lows set on the 25th or if we break higher could we see a new test of 0.17? Until we see some direction, the market may remain rangebound. Be wary of tests out of the range, as false breaks can be very painful for breakout traders. In all trading, risk management is an essential part of the trader’s strategy. (The straddle example is an example based on Friday’s chart. The daily chart will have changed, and the range may not be in place by the time of posting) DOGE Chart Here’s 4-hour chart as well just in case you prefer it The post Crypto Focus: A Week of Indecision and Dogecoin on the Up? appeared first on Eightcap.

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