Welcome to our latest crypto market outlook for April 2nd!
The altseason is taking forever, but if you’ve been in crypto for a while, you know it’s the perfect time to start DCAing. Here are my top picks for this week: APT, JTO, CAKE, VIDT, and XRP.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our last market outlook, BTC remained overall bearish, trading within the falling wedge pattern marked in orange.
As the bears maintain control within the wedge, a bearish continuation toward the lower bound of the blue channel at $75,000 is expected.
Short term, BTC has been bullish, trading within the rising channel marked in red.
If the recent low at $83,500 is broken to the downside, a daily bearish impulsive move would be expected to start.
5 Altcoins Analysis
As per our last short, APT has been trading within a wide range between the round numbers of $5 and $10.
This week, APT is retesting the lower bound of its range at $5, so we will be looking for long opportunities on lower timeframes.
For the bulls to shift the short-term momentum in their favor, a break above the red structure at $5.45 is needed.
Then, for the bulls to maintain control in the long term, a break above the last major daily high at $6.10 is required.
As per our last JTO analysis, it is currently retesting the lower bound of its symmetrical triangle marked in green, which lines up perfectly with the round number $2.
As long as the $2 support level holds, we will be looking for long opportunities.
Medium term, JTO has been bearish, trading within the falling wedge pattern marked in red.
For the bulls to take over and push toward the $4 round number, a break above the last major high at $2.55, also marked in red, is needed.
As per our last market outlook, CAKE has been bearish after rejecting the $3 resistance.
Currently, CAKE is retesting a strong demand zone marked in blue.
For the bulls to start the next upward impulse phase, a break above the last minor high marked in red at $2.09 is needed.
Meanwhile, CAKE can still trade lower to test the lower bound of the range at $1.50.
VIDT has been bullish in the medium term, trading within the rising channel marked in red.
Currently, it is rejecting the upper bound of the channel, so a minor correction is expected.
As it retests the lower bound of the channel, which aligns with the $0.021 structure, we will be looking for trend-following long opportunities.
XRP has been holding strong above the $2 round number, which has also proven to be a significant support level.
As long as the lower bound of the support at $1.88 holds, the bulls remain in control.
For the bulls to finally take over and push toward the $3 round number, a break above the last major high at $2.22 is needed.
Meanwhile, as XRP retests the $2 round number, we will be looking for new short-term long opportunities.
Quotes / Advices
You never know what kind of setup the market will present to you. Your objective should be to find an opportunity where risk-reward ratio is best.
~Jaymin Shah
Closing Remarks
In summary, BTC continues to show overall bearish momentum on the daily timeframe, with potential for further downside if key support levels break. However, short-term price action remains bullish within a rising channel.
Among the altcoins, APT, JTO, CAKE, VIDT, and XRP are presenting mixed setups, with many retesting critical support levels.
APT and JTO are trading near key range lows and wedge structures, offering possible long setups if support holds.
CAKE is at a demand zone, while VIDT shows bullish continuation potential within its rising channel.
XRP remains strong above the $2 level, with bullish momentum contingent on a breakout above $2.22. Traders should monitor key levels closely across all pairs for potential entries.
