Weekly review of the crypto market 03/28/2022 #29
Friends, hello everyone!
Today we will look at what we havetakes place in the CRYPTO market.
CRYPTO
In the case of Bitcoin, the crypt tried to break througha triangle that has been appearing upward on the chart for a long time. It is worth noting that institutional investments broke through this threshold much earlier (as early as March 21). However, now the institutional index is already drawing some prerequisites for a possible correction of the entire growth impulse that we had. As an assumption, this Bitcoin rally, until the first days of April, should be treated as a moment for fixing long positions (there may be some decline, and investors leaving risky assets for bonds, in anticipation of weak data and after the publication of weak US labor market data) . The use of cold wallets is also expected to tighten.
If you look at the BLOK index itself, it indicates a possible exit correction attack.
If we consider the Bitcoin chart, then thiscorrection may be here now. We are in the area of 47k and 48k, where the important 200 level has been passed (at the moment it is more of a resistance level than a support level). In such a scenario, the level of support for bitcoin will be the level in the area of 42000, that is, so far below 42000 - it is unlikely that 42000-41000 I think bitcoin will meet such a fairly confident demand (in case of correction). In general, positive movement in the crypto market is expected in April. There is every chance for buying growth in the area of 55000-58000 (although expectations started from 58000).
In general, there is a positive movement towardsclearer regulation, more adapted and acceptance of the crypto market at the level of government agencies, but so far the prices of bitcoin and crypto are still high.
With regards to consolidation, it held on Sundaybar at 45 (as under a ruler). As an assumption, a lot of shorts are now opening at this level, because the downward movement, which began from October-December, will continue (from 60 we go down to 30-35, maybe 34 is the minimum value). At the moment, the market is consolidating somewhere around 45-47 (it looks like a way out of a short crisis).
This week's review is over. Summing up, it is worth noting the positive impulses in the crypto market (30-50).
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