Welcome to our latest crypto market outlook for April 9th!
Trump’s tariff decision is escalating the global trade war, which is shaking the crypto market significantly. Since many altcoins are hovering around key levels, here are my top picks for this week: AAVE, ADA, OP, OM, and SUSHI.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC update, it remains in a deep correction phase and is approaching a major rejection zone, where demand, support, and the lower blue trendline intersect.
As long as the $68,000 support holds, the bulls can step in at any moment.
In the medium term, the overall bias remains bearish as long as BTC continues to trade within the falling orange wedge pattern.
However, as it approaches the green support and the lower blue trendline, we’ll definitely be looking for long opportunities.
5 Altcoins Analysis
AAVE is currently hovering around a significant weekly support zone between $130 and $150.
As long as the lower bound of this support at $130 holds, the bulls will maintain the upper hand.
For the bulls to take over in the medium term and push towards the $200 round number as the first target, a break above the last major high at $155 is required.
As per our last market outlook, ADA is currently hovering around the lower bound of its falling channel, which intersects with the $0.50 round number.
As long as the $0.50 support level holds, the only direction from here is likely upward.
In the medium term, the bulls will take over if and only if the structure marked in red at $0.62 is broken to the upside.
Until then, the overall bias remains bearish.
Just like CAKE mentioned in our last overview, SUSHI is hovering around a massive support zone and the $0.50 round number.
For buyers to step in and shift the momentum in their favor, a break above the falling red channel and the major high at $0.55 is required.
In such a scenario, a move towards the upper bound of the range at $0.75 would be very likely.
As per our last OM update, it remains overall bullish, trading within the rising channel marked in blue.
As long as the blue zone holds at $5.50, we expect the bulls to kick in for one more impulse toward the $10 round number — to be confirmed after a break above the last major high at $6.55.
OP has been overall bearish in the long term, trading within the falling channel marked in orange.
However, it is currently approaching the lower bound of the channel and the $0.50 round number, which we consider to be an oversold zone.
For the bulls to shift the trend from bearish to bullish, a break above the last major high at $0.64 is essential.
In such a scenario, a bullish impulse toward the $1 round number would be on the horizon.
Quotes / Advices
Every trader has strengths and weaknesses. Some are good holders of winners, but may hold their losers a little too long.
~Michael Marcus
Closing Remarks
In summary, In this week’s crypto market update, we highlighted the global impact of Trump’s tariff decision, which is contributing to increased volatility across markets, including crypto. Bitcoin remains in a corrective phase, nearing a critical support zone around $68,000.
We also analyzed five key altcoins:
AAVE is sitting on strong weekly support, with a break above $155 needed to target $200.
ADA is holding the $0.50 zone, but a push above $0.62 is necessary to confirm a bullish reversal.
SUSHI is testing key support at $0.50, with potential upside toward $0.75 if $0.55 is cleared.
OM remains bullish within its rising channel, with eyes on $10 after breaking $6.55.
OP is in a long-term downtrend but approaching an oversold area; a break above $0.64 could open the door to $1.
