Crypto Frontline

BTCUSD Coinbase

A week ago, the Bitcoin price action context looked uncertain, but over the last few days, developments had shown that buyers are back in control. That happens because the price broke above the April 7^th high and since then it treated the level as support. A new higher high followed by weak selling interest could be indicative of further upside potential.

If that will be the case, we expect Bitcoin to continue on its way up towards the $8,000 when the selling amplified on March 10^th. Breaking above that area will open more room towards $8,500, but at the same time, could leave buyers vulnerable to any corrective move.

The good news is that the bullish parabolic structure continues to unfold, but each impulsive move on the upside had been followed by a strong corrective move. That’s not excluded to happen next week and in that case, the 4h chart 200 moving should be a critical support area. Bitcoin must hold above it to keep the bullish sentiment intact.

ETHUSD Kraken

Ether continues to be a major outperformer and got close to the key $200 psychological area. Shorts are now getting squeezed out of the market as the buying interest remains elevated. Considering the price continues to make new higher highs and selling candles are relatively small, we keep our bullish view on Ether and expect it to head at least towards the $203-207 key resistance area.

Selling could emerge there due to technical reasons. In case of a breakout above, $237 seems to be the next technical target and will imply that almost all the March losses will be erased. Although it’s uncertain if things will run smoothly until that level, the current positive market sentiment is raising the prospects for the near term. In terms of support areas, $189 and the short-term ascending trend should be where buyers step in on pullbacks. Lower we have $176, another swing high made back on April 7^th.

ADAUSD Binance

We haven’t talked about Cardano since a few weeks ago and back then we’ve mentioned that the price could be approaching the all-time lows. The March impulsive selling had taken the price towards that are and since then, a bullish parabolic structure had started to unfold. At the time of writing, the price is hovering around the daily 200 moving average, showing some signs of weakness.

In case it will continue to break higher, then we believe the next upside target lies around 5.5 cents, which is where a downside trend line is located. That means there still 20-25% upside potential in play in the near term.

On the other hand, if impulsive selling will start around the 200 MA, then we should expect to see further weakness towards near the all-time lows. The 2.6-3 cents area is where support will be found in case weakness returns. So far, the parabolic structure is still in play and could overshoot higher in the next few weeks.