elcome to another crypto market outlook for the 14th 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 rejecting the lower bound of two channels, and the Fear & Greed Index dropping from ‘Extreme Greed’ to 'Greed’, 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 being rejected at the $72,000 resistance, BTC fell by 6%, sparking fears across the entire crypto market.

This bearish movement was reflected in altcoins, with nearly all closing the week in bearish territory, ranging between -5% and -20%.

7 days heatmap showing that the overall sentiment is bearish with BTC down by -6% and ETH down by -7.2%.
Crypto 7-Days Heatmap

The Fear & Greed Index has dropped from "Extreme Greed" to "Greed" this week, indicating that traders are less optimistic amid speculation about a potential war on the horizon.

Fear and greed index shifting from "Extreme Greed" to "Greed".
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 showing the bears are finally pushing.
US500 Chart - Weekly Timeframe

After showing bullish momentum for a couple of weeks, the US500 index rejected the upper boundary of the blue wedge pattern.

Given the current dominance of bears, we anticipate a correction toward the $5000 psychological level.

US500 4H chart overall bearish trading within the falling wedge pattern and currently approaching the lower bound and $5060 support.
US500 Chart - 4H Timeframe

In the 4-hour timeframe, according to our analysis from last week, the bears have maintained control as the US500 has continued to trade within the descending wedge pattern.

As it nears the lower boundary of the wedge pattern and the $5060 support level, we anticipate the bulls to take over for a correction.

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 approaching the upper bound of the channel and $106.5 resistance.
DXY Chart - Daily Timeframe

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

However, it is currently nearing the upper bound of the channel and the $106.5 resistance level, suggesting an imminent bearish response.

DXY 1h chart overall bullish short-term as long as the $105.575 major low holds.
DXY Chart - 1H Timeframe

In the 1-hour timeframe, the bulls are expected to maintain control in the short term as long as DXY continues to trade within the ascending channel marked in red.

To signal a shift in momentum favoring the bears and initiating a correction phase, a break below the last major low marked in red at $105.575 is required.

Gold monthly chart approaching an over-bought zone covering the intersection of the upper bound of two channels.
GOLD Chart - Monthly Timeframe

Gold maintains an overall bullish outlook from a macro perspective, and we anticipate a continuation towards the upper blue and brown trendlines, as well as the $2500 round number.

Gold 4h chart bullish medium-term trading within a rising channel.
GOLD Chart - 4H Timeframe

In the 4-hour timeframe, Gold has experienced a rejection from the upper boundary of the orange channel and is undergoing a correction phase.

We anticipate a movement towards the $2300 support level and the lower boundary of the orange channel, where we expect bullish momentum to kick in, initiating the next impulse movement towards $2500.

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 chart approaching the upper bound of the falling channel and 5% resistance.
USDT.D Chart - Daily Timeframe

As anticipated in last week's outlook, USDT.D rejected the 4% support and surged in a parabolic manner.

Currently, USDT.D is hovering around the upper boundary of the descending orange channel and the 5% resistance, indicating a potential bearish response.

USDT.D 4h chart showing the last major low at 4.66% that we need a break below for the bears to take over.
USDT.D Chart - 4H Timeframe

In the 4-hour timeframe, the bulls took control following the break above the previous major high at 4.32%.

As long as the 4.66% support level holds, we anticipate a continuation towards the 5% - 5.25% resistance zone.

BTC DAILY hovering within a big range between $60,000 and $74,000 and currently hovering around the support zone.
BTC Chart - Daily Timeframe

BTC has been trading within a big range, fluctuating between $60,000 and $74,000.

Currently, BTC hovers around the lower boundary of this range, prompting us to look buy setups on lower timeframes.

However, if BTC breaks below the $60,000 mark, we anticipate further bearish movement toward the $52,000 support level.

BTC 1h chart overall bearish short-term unless the last major high at $66,100 is broken upward.
BTC Chart - 1H Timeframe

Short-term control will remain with the bears as long as BTC trades below the red trendline.

In parallel, if the last major high in red at $66,100 mark is broken upward, we will expect the beginning of the bullish trend towards the $70,000 resistance level.

ETH DAILY chart hovering around a strong support as it is the intersection of $3000 round number, lower bound of  short-term channel and long-term trendline.
ETH Chart - Daily Timeframe

As mentioned last week, if the last low at $3430 is breached downward, the bears would take control.

Currently, ETH is retesting the $3,000 demand level and the lower red and brown trendlines, so we will be looking for buy setups on lower timeframes.

ETH 4h chart showing the last major high at $3155 that we need a break above for the bulls to take over.
ETH Chart - 4H Timeframe

To shift the momentum from bearish to bullish, the bulls must break above the last major high marked in orange at $3,155.

However, ETH remains overall bearish and could continue trading lower to test the lower red and brown trendlines.

Quotes / Advices

Buying the dip can be lucrative if done wisely.

First, identify strong, fundamentally sound assets with potential for long-term growth.

Monitor market trends and news to gauge the cause of the dip.

Don't rush; exercise patience for the best entry point.

Use limit orders to buy at a predetermined price to avoid emotional decisions.

Finally, diversify your portfolio to mitigate risk.

Closing Remarks

In summary, the cryptocurrency market experienced a setback with BTC falling from $72,000, impacting altcoins.

The Fear & Greed Index shifted to "Greed" amid war speculation.

US500 faces a bearish correction, while DXY nears resistance.

Gold is bullish but correcting towards $2300.

USDT.D surged, potentially signaling a bearish response.

BTC remains within $60,000-$74,000, while ETH tests $3,000 support.

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