W

elcome to another crypto market outlook for the 28th of April!

In this edition, we'll delve into major assets such as US500, DXY, Gold, Bitcoin, and Ethereum, highlighting critical levels and potential trade setups.

From Bitcoin hovering around the $60,000 support, to Ethereum approaching an overbought zone, and the Fear & Greed Index signaling 'Greed’ for the entire week, this article covers it all.

Are you ready?

‍Today, we will cover the following topics:

- Market Heatmap and Fear and Greed Index
- US500, DXY and Gold Analysis
- USDT.D, Bitcoin and Ethereum Analysis
- Quotes / Advices
- Closing Remarks

Market Heatmap and Fear and Greed Index

To initiate my research, I delved into the analysis by examining the market heatmap, which provided a comprehensive overview of the entire cryptocurrency market.

After experiencing rejection at the $62,000 support, BTC became stuck within a narrow range, closing the week slightly bullish at +0.59%.

This flat movement in BTC was reflected in the entire crypto market, with a mixture of bullish and bearish sentiment observed among altcoins.

7 days crypto heatmap showing a mixture of bullish and bearish sentiment with BTC up by +0.59% and ETH up by +5.23%.
Crypto 7-Days Heatmap

The Fear & Greed Index remained stable, signaling "Greed" throughout the entire week. This implies that traders maintain optimism, though not to the extent seen last month when it reached the level of Extreme Greed.

Fear and greed index signaling "Greed" for an entire week.
Fear and Greed Index

US500, DXY and Gold analysis

We consistently monitor the US500 index to assess the current market sentiment. This practice is crucial because the cryptocurrency market often exhibits a significant correlation with the stock market, and this interconnection can impact its fluctuations.

US500 weekly chart rejecting the upper bound of the wedge pattern and currently approaching the $4800.
US500 Chart - Weekly Timeframe

This week, the US500 rejected the upper bound of the blue wedge pattern and is currently undergoing a correction phase.

As it nears the previous all-time high at $4,800, we anticipate the bulls to step in and initiate the next upward impulse movement.

US500 4h chart overall bullish trading within a rising channel as long as the $5040 low holds.
US500 Chart - 4H Timeframe

In the 4-hour timeframe, in line with our previous outlook, the bulls took over following the breakout above the last major high noted in green at $5040.

US500 is currently bullish, trading within the ascending channel outlined in red. The bullish momentum is expected to persist unless there is a downward break of the lower red trendline.

We consistently monitor the DXY - USD Index as part of our routine analysis. This is crucial because the value of nearly all assets, including BTC/USD, is closely tied to the USD, which serves as the benchmark currency in the financial market.

DXY daily chart overall bullish trading within a rising channel and currently rejecting the $106.5 resistance.
DXY Chart - Daily Timeframe

DXY has been overall bullish trading within the rising channel marked in blue.

As anticipated, DXY has recently faced rejection from the upper boundary of the channel and is currently trading lower.

DXY 4h overall bearish trading within the falling channel and approaching a support zone at $105.25.
DXY Chart - 4H Timeframe

In the 4-hour timeframe, DXY has been overall bearish from a medium-term perspective, trading within the falling channel in orange.

As it nears the $105.25 support zone and the lower red trendline, we anticipate the bulls to kick in and initiate the next upward impulse movement.

Gold monthly chart overall bullish and approaching the upper bound of two channels and $2500 round number.
GOLD Chart - Monthly Timeframe

Gold has maintained an overall bullish trend, trading within the rising channels outlined in blue and brown.

Thus, we anticipate a continuation towards the $2,500 round number and the upper boundaries of the channels.

Gold 4h chart overall bullish trading within a rising wedge pattern unless the last low at $2300 is breached downward.
GOLD Chart - 4H Timeframe

In parallel, the bulls will remain in control in the medium-term unless the last low in orange at $2,300 is breached downward.

In such a scenario, a deep bearish correction towards the $2160 mark would be anticipated.

USDT.D, Bitcoin and Ethereum analysis

As a standard practice, I begin my analysis with USDT.D as it serves as a critical indicator of traders' sentiment. USDT.D provides valuable insights into whether traders are optimistic, signaling increased investment in cryptocurrencies, or pessimistic, indicating a shift towards stablecoins.

USDT.D daily overall bearish and currently rejecting the 5% resistance zone.
USDT.D Chart - Daily Timeframe

As anticipated in last week's outlook, USDT.D rejected the 5% resistance and traded lower.

Currently, USDT.D is retesting the 5% resistance, leading us to anticipate another round of bearish activity, which would be positive / bullish for the crypto market.

USDT.D 4h chart showing the last minor and major lows at 4.72% and 4.54% respectively that we need a break below for the bears to take over.
USDT.D Chart - 4H Timeframe

In the 4-hour timeframe, for the bears to take short-term control, a break below the last minor low highlighted in red at 4.72% is required.

For the bears to maintain medium-term control, a break below the structure marked in blue at 4.54% is necessary.

BTC daily chart hovering around a strong support zone $60,000 - $62,000.
BTC Chart - Daily Timeframe

BTC has had an uneventful week, maintaining its position around the $60,000 - $62,000 support zone.

As long as the $60,000 support holds, we anticipate further bullish movement towards the $72,000 mark and the upper boundary of the red channel.

BTC 4h chart showing the last minor and major highs at $64,750 and $67,000 respectively that we need a break above for the bulls to take over.
BTC Chart - 4H Timeframe

For the bulls to gain short-term control, a break above the last minor high highlighted in red at $64,750 is needed.

For the bulls to maintain medium-term control, a break above the structure marked in orange at $67,000 is required.

ETH daily chart overall bearish trading within a falling channel and currently approaching the upper bound.
ETH Chart - Daily Timeframe

As anticipated in our previous analysis, ETH rejected the $2,900 - $3,000 support zone and traded higher.

Currently, ETH is nearing the upper boundary of the red channel and the $3,500 resistance mark, so we will be expecting the bears to kick in soon.

ETH 4h chat overall bullish medium-term trading within a rising channel as long as the last low at $3100 holds.
ETH Chart - 4H Timeframe

In the 4-hour timeframe, ETH has been bullish from a medium-term perspective, trading within the rising channel in orange.

As long as the bulls maintain control, we anticipate a continuation towards the upper red and orange trendlines.

Quotes / Advices

When selecting low market cap altcoins for trading, research thoroughly.

Look for projects with strong fundamentals, innovative technology, and a dedicated team.

Analyze the whitepaper, roadmap, and community engagement.

Monitor trading volume and liquidity.

And most importantly, consider factors like utility, adoption potential, and competition.

Closing Remarks

In summary, the cryptocurrency market reflects a mixed sentiment with Bitcoin's stagnant movement, impacting altcoins similarly.

The Fear & Greed Index stabilizes at "Greed."

US500 undergoes correction while DXY nears resistance at $105.25.

Gold remains bullish but corrects towards $2,300.

USDT.D shows a surge, indicating possible bearish activity.

BTC stabilizes between $60,000-$62,000, eyeing $72,000, while ETH tests resistance at $3,500 after rejecting support at $2,900-$3,000.

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