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elcome to another crypto market outlook for the 21st 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 rejecting the $60,000 support post-halving, to Ethereum surging by 9%, 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 a rejection at the $60,000 support post-halving, BTC surged by 9%, closing the week with a gain of +1.85%.

This bullish movement was reflected in altcoins, with nearly all closing the week positively, ranging between +3% and +15%.

7 days heatmap showing overall bullish sentiment with BTC up by +1.85% and ETH up by +3.61 .
Crypto 7-Days Heatmap

The Fear & Greed Index remained stable, signaling "Greed" throughout the entire week. This suggests that traders are optimistic, particularly as tensions from geopolitical conflicts between Iran and Israel appear to be cooling down.

fear and greed index signaling Greed for the 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 long-term wedge pattern and $5375 resistance.
US500 Chart - Weekly Timeframe

As expected, the US500 rejected the upper bound of the blue wedge pattern and is currently in a correction phase.

As it approaches the previous all-time high at $4,800, we will be expecting the bulls to kick in and start the next impulse movement upward.

US500 4h chart overall bearish trading within the falling channel.
US500 Chart - 4H Timeframe

In the 4-hour timeframe, the bears have maintained control as the US500 has continued to trade within the descending channel marked in green.

For the bulls to take over and shift the momentum from bearish to bullish, a break above the last major high in green at $5,040 is needed.

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 hovering around the $106.5 resistance and upper bound of the channel.
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 potential bearish control.

DXY 4h chart bullish unless the last low at $105.75 is broken downward.
DXY Chart - 4H Timeframe

In the 4-hour timeframe, to signal a shift in momentum favoring the bears and initiating a correction phase towards the lower red trendline, a break below the last major low marked in red at $105.75 is needed.

Gold monthly chart approaching the upper bound of the rising channels.
GOLD Chart - Monthly Timeframe

Gold maintains an overall bullish outlook from a macro perspective, trading within two long-term channels marked in blue and brown.

As long as the bulls remain in control, we anticipate a continuation towards the $2,500 round number.

Gold 4h chart overall bullish unless the last low at $2320 is broken downward.
GOLD Chart - 4H Timeframe

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

The bulls will remain in control unless the last low in orange at $2,320 is broken downward.

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 rejecting as strong resistance at 5%.
USDT.D Chart - Daily Timeframe

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

As long as the 5.25% resistance holds, we will be expecting further bearish movement, which would be healthy for the crypto market.

USDT.D 4h chart showing the last low at 4.54% 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 remain in control, a break below the last major low in blue at 4.54% is needed.

In this case, a continuation towards the lower bound of the red channel would be expected.

BTC daily chart rejecting a strong support at $60,000.
BTC Chart - Daily Timeframe

As per our previous outlook, BTC rejected the $60,000 support and traded higher.

As long as the $60,000 support holds, we will be expecting further bullish movement towards the $72,000 mark and the upper bound of the red channel.

BTC 4h chart showing the last major high at $65,500 that we need a break above for the bulls to take over.
BTC Chart - 4H Timeframe

For the bulls to remain in control, a break above the structure marked in orange at $65,500 is needed.

Meanwhile, BTC would be hovering within a range between $60,000 and $65,000.

ETH daily chart rejecting a strong support and round number $3000.
ETH Chart - Daily Timeframe

As expected, ETH rejected the $2,750 - $2,900 support zone and traded higher.

As long as the $2,750 support holds, we will be expecting further bullish movement towards the $3,500 mark and the upper bound of the red channel.

ETH 4h chart showing the last major high at $3280 that we need a break above for the bulls to take over.
ETH Chart - 4H Timeframe

For the bulls to remain in control, a break above the structure marked in orange at $3,280 is needed.

Meanwhile, ETH can still trade lower to test the $2,900 support level again before trading higher.

Quotes / Advices

Bitcoin halving occurs every four years, cutting miners' rewards in half to maintain scarcity.

This ensures Bitcoin's deflationary nature and bolsters its value.

Reduced supply often boosts demand and prices.

Halving events significantly influence Bitcoin's economics and the broader cryptocurrency market, warranting close attention from investors and enthusiasts.

Closing Remarks

In summary, the cryptocurrency market witnessed a surge as BTC rallied by 9% post-halving, impacting altcoins positively.

The Fear & Greed Index maintained "Greed" amid geopolitical tensions easing.

US500 faces a correction phase, while DXY approaches resistance at $106.5.

Gold maintains bullish momentum but corrects towards $2,300.

USDT.D surged, suggesting a potential bearish response.

BTC hovers between $60,000-$74,000, while ETH tests support at $3,000.

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