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| Here's your update on crypto, with technical analysis and trading opportunities by Trading Central. These are starting points for your own research to identify opportunities that make sense for you. Email us with feedback or if this was forwarded to you, sign up here to get your weekly crypto market analysis.{{ additional_intro_text }} |
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- Bitcoin’s price lost 16% in April and remains positioned on the downside.
- The downside price breakout of the lower boundary of a slightly ascending channel has turned the short-term outlook to bearish.
- The price is trading below its downward crossing 20 and 50-day moving averages (DMAs), confirming the bearish trend in place.
- The daily Relative Strength Index (RSI) is on the downside but not yet oversold.
- The failure to push above its downward crossing and declining 20 and 50-week moving averages (WMAs) is a bearish signal calling for a bearish trend.
- Below $41,500, a return to $36,000 and a test of the 2022 bottom area at $33,000 is expected.
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- Ethers’ price declined by more than 20% since the April 4th top and has lost 24% in 2022.
- The 50-DMA failure to trigger a rebound mid-April, followed by a bearish acceleration after its downside breakout, is a strong bearish signal calling for a continuation of the down move.
- The price is now trading below both its 20 and 50-DMAs that are about to record a bearish crossover.
- The daily RSI fell below both its neutrality area and its signal line, approaching the oversold area; illustrating the bearish momentum in place.
- The 20 and 50-WMAs crossed downward for the first time since 2019.
- As long as $3,100 remains the resistance, a continuation of the decline towards $2,720 and the March support base at $2,470, is a likely scenario.
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| Bitcoin / USD ST: the downside prevails. |
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| Pivot: |
| 41500 |
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| Our preference: |
| Short positions below 41500 with targets at 36000 & 33000 in extension. |
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| Alternative scenario: |
| Above 41500 look for further upside with 45000 & 48000 as targets. |
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| Comment: |
| The RSI is bearish and calls for further downside. Also, the price has broken below a bullish channel lower boundary. |
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| Ether / USD ST: under pressure. |
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| Pivot: |
| 3100 |
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| Our preference: |
| Short positions below 3100 with targets at 2720 & 2470 in extension. |
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| Alternative scenario: |
| Above 3100 look for further upside with 3300 & 3580 as targets. |
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| Comment: |
| The RSI is bearish and calls for further decline. |
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| Symbol: |
BBW18 L31U50 |
Symbol: |
BBW19 L30U49 |
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| Symbol: |
BEW18 L21U40 |
Symbol: |
BEW19 L21U39 |
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| Symbol: |
BEBW18 L6U9 |
Symbol: |
BEBW19 L6U9 |
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ErisX Disclosures
ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission(CFTC) registered Designated Contract Market(DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization(DCO).The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies.ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight.ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to Eris Clearing's license to engage in virtual currency business activity by the New York State Department of Financial Services.
https://www.erisx.com/disclaimer/
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