26TH APRIL LATEST CRYPTO NEWS DIGITAL MAGAZINE

This could be a cause for concern to the crypto investors because some equity analysts anticipate Nasdaq to correct sharply. Veteran trader Peter Brandt tweeted a chart of the Nasdaq 100 index and highlighted similarities between the current chart structure and the one that formed just before the dotcom crash.

The weak performance of cryptocurrencies in 2022 and their tight correlation with US equity markets has resulted in sharp withdrawal from crypto exchange-traded funds. According to UBS analysis, crypto-ETFs witnessed outflows of $417 million in April, the largest on record. Google Trends data has shown that worldwide searches for Bitcoin have fallen off the cliff compared to May 2021 readings. This suggests that the retail interest in Bitcoin may be waning

We had suggested in our previous analysis that bulls will aggressively defend the strong support at $37,000 and that is what happened on April 25. Strong buying at lower levels lead to a sharp recovery in Bitcoin from $38,210. The BTC/USD pair has reached the 20-day exponential moving average (EMA), which is likely to act as a resistance.

If the price turns down sharply from the current level, it will increase the possibility of a drop to $37,000. This is an important level to watch out for because a break and close below it could intensify selling and the pair may plummet to $32,933. Contrary to this assumption, if buyers drive the price above the 50-day simple moving average (SMA), the bullish momentum could pick up and the pair may rally to the overhead resistance zone between $45,855 and $48,240.

The bears are likely to mount a strong defence in this zone. Until Bitcoin breaks above $48,240 or plummets below $32,933, volatile random range-bound action is likely to continue.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!


BITCOIN – BTC/GBP

We had suggested in our previous analysis that bulls will aggressively defend the strong support at $37,000 and that is what happened on April 25. Strong buying at lower levels lead to a sharp recovery in Bitcoin from $38,210. The BTC/USD pair has reached the 20-day exponential moving average (EMA), which is likely to act as a resistance. If the price turns down sharply from the current level, it will increase the possibility of a drop to $37,000. Read more

ETHEREUM – ETH/GBP

The bulls tried to push Ether above the 20-day EMA on April 20 and 21 but could not sustain the higher levels. This may have attracted selling by the short-term bears who pulled the price below the 50-day SMA.

The bears tried to gain the upper hand by sinking the ETH/USD pair below the $2,880 support but the bulls had other plans. They aggressively purchased the dip near $2,797 resulting in a strong recovery on April 25.  Read more

RIPPLE – XRP/GBP

XRP turned down from the 50-day SMA on April 19 and plunged below the strong support at $0.68 on April 25. However, the bears could not sustain the lower levels as seen from the long tail on the April 25 candlestick.

The buyers will now try to push the price to the 20-day EMA which is an important level to keep an eye on. The downsloping 20-day EMA and the RSI in the negative territory suggest advantage to sellers. Read more

LUNA/USD

We had projected in our previous analysis that bears will defend the $100 to $103.50 zone aggressively and that is what happened. Terra’s LUNA token turned around from $99.48 on April 21.

Although the price dipped below the 20-day EMA, the bears could not capitalise on the weakness. The failure by the bears to sink and sustain the LUNA/USD pair below $88 may have attracted buying by the bulls. Read more

BINANCE – BNB/GBP

Binance Coin rose above the 20-day EMA on April 19 but the bulls could not build upon this strength. The BNB/USD pair turned down from $431.4 on April 20 and plunged below the 50-day SMA on April 21.

The selling continued and the pair dropped below the strong support at $385 on April 25. However, the bears could not sustain the lower levels as the bulls aggressively defended the $385 support resulting in a sharp recovery.  Read more

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