New week, new analysis, after a very boring week for everyone (yeah, I copied and pasted from last week… Shame!), where very little happened, what will be the continuation of this beautiful adventure?
Warning : This article does not constitute an investment advice or an investment inducement. It is intended only as an article strictly informative. You are the only one responsible for the trading and investment decisions you make.
Debrief of the past week
New week passing, new week of boredom. It seems that the BTC is completely dead, I’ll have to shake the coconut for me to be able to make correct analysis again!
We’re swinging in a range for the moment, which we will highlight just after. So this week we went from the bottom of the range to the top. The real question is: what will be the direction of exit from the range? It is already April and the saying “Sell in May and go away” is approaching fast.
Analysis of the week
I think the important thing about this week is what has changed from my article from last week. This would allow us to detect an orientation preference.
The options have expired and as expected, the market has not moved too much this week while waiting for this one. On the other hand nothing new on the global loop, just some tax fraud by banks, but that doesn’t shock anyone, because I’m sure there may be someone in the mix who used cryptocurrencies, so it will surely be their fault.
Bitcoin coast, forget the triangle, just stay in a range where the objective is to liquidate once at the top, once at the bottom, until it is resolved.
What is a pretty good sign is that the orderflow does not change and until it does, we should not solve. Ideally, to have a bullish resolution, we will need strong entries of sellers on the resistance (create liquidity in the north, and therefore we would liquidate them). On the contrary, for a bearish resolution, it will require buyers to re-enter strongly on the green support (which will create liquidity to the south).
For altcoins, same as Bitcoin, nothing seems to have especially changed since last week.
This is a good sign, because we are still on altcoins that are not yet in a cycle following a rise in Bitcoin. This is probably a good time to get out for short/medium term traders.
It remains the same: without the FOMO taking place on altcoins, I don’t see the point of taking Bitcoin out from the bottom, creating liquidations on altcoins in particular. I remain on my exit position from the top of the range with the target (see the first image) liquidations being at $31,780. I hope you have a great week, and I’ll see you later in the week for the study of an altcoin of the community’s choice!
Entrepreneur & Dad, passionate about cryptocurrencies, I describe for you the technical analysis. Cofounder of Cryptocademia, a free platform to learn all you want/can about blockchain ! Meet you there at https://www.cryptocademia.com
My job: look at charts and interpret them for you.
Beware, I do not know all the truths.