Crypto Frontline

Weekly Crypto Analysis April 4th-10th, 2022

Weekly Crypto Analysis April 4th-10th, 2022
April 03
09:27 2022

BTCUSD (Coinbase)

BTCUSD technical analysis

Source: TradingView

The past week has been choppier for Bitcoin, even though the price managed to break above the February 10th high. We can see there are sellers near the daily 200 SMA because that is where the price pulled back.

With that being the base, the sentiment should remain bullish as long as BTC trades above the $44.5k $46k area and the leg up can accelerate further on the upside if buyers manage to break above the daily 200 SMA.

This isn’t a done deal though, since when looking at higher time frames like the monthly, the past two consecutive months have been sluggish. There is still a sense of indecision in the market, leaving any option on the table.

Breaking below the above-mentioned area and also the 20 EMA would be an early sign of weakness. In this case, Bitcoin can weaken further towards the $38k support area, where it will meet a short-term ascending trend line. April is just getting started, so there is plenty of time for both sides of the market to take control of the order flow.

ETHUSD (Kraken)

ETHUSD technical analysis

Source: TradingView

Ether is on a firmed note and poised to end this week close to the highs. Same as with Bitcoin, the price is pressuring the daily 200 SMA, but the probability of a break is higher in this case, considering the buyers are squeezing sellers out.

Managing a break above the MA would be a good sign, since that will put the coin in bullish territory, from a technical point of view. In that case, our best case is for a continuation higher, towards the $4k key resistance area. That’s where a swing point can be noticed back in September 2021, and it is a classic psychological level.  Breaking above that will unlock further upside towards $4.4k.

The blue area highlighted area on the chart is a key support area to watch in case the sentiment starts to deteriorate. Below it, ETH can continue to slump further. However, it’s the least likely scenario, given the order flow seems to be heavily biased towards the buy-side.

NEARUSD (Bitfinex)

NEARUSD technical analysis

Source: TradingView

NEAR is one of the cryptocurrencies gaining traction lately and its price action further reinforces this fact. The token is up substantially during the past week and looks poised for a retest of the all-time highs around $20.

Even though it’s Sunday, the price is already up over 15% today, so the sentiment could extend into next week. The first challenge comes around $18, but if the buyers can keep up the pace, breaking above might just be a formality.

It won’t be the right move to find the current bullish sentiment. However, if a pullback does start to unfold, buyers might treat $14 as an opportunity to get long. FOMO is now ruling the game so we expect more gains for NEAR next week. A fundamental change of trend will occur only if the price breaks below the daily 200 SMA, which is now far away, around $11. A dramatic change needs to happen in order to see the price slumping that far.


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