Bitcoin (BTC/USD) extended its recent weakness early in the Asian session as the pair traded at its lowest level since mid-March, with selling pressure that knocked it as low as the 37401 area in the final hours of April trading activity.
Technical sentiment was negative for most of April, and BTC/USD depreciated approximately 17.3% during the month. Buying pressure finally slowed BTC/USD’s descent around a downside price objective related to selling pressure that intensified last month around the 47469.40 area. Stops are likely in place below the 37032, 36302, and 35995 levels.
The following chart shows perpetuals’ exchange data from FTX. ETH is trading on top of the marked long-term ascending line (in green). This trend line has provided support to the price since January 2021, based on the previous five attempts. ETH saw a bullish leg following each of these attempts.
Currently, ETH is heading towards the sixth attempt on top of the line, along with the blue horizontal level, which intersects with the dynamic trend line at $2,500. A breakdown could be catastrophic for ETH. One thing to note is that buyer takers are less dominant, as evident by looking at data from Binance. Past uptrends have been accompanied by increased buyer dominance, which is marked on the chart below in yellow. Unfortunately, there is no positive signal now.
The EOS price is facing a downtrend as the bears may gather to increase selling pressure at the moment.
EOS/USD is hovering below the 9-day and 21-day moving averages within the channel, which may be a bit of concern at the moment. The main demand is when will the EOS slide back into the profit zone? It seems that traders may need the patience to take advantage of some feedback on the coin. In the meantime, they may want to work to avoid losses if the value falls every day.
After struggling to clear $0.7500, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.7000 support level to enter a bearish zone. The price even broke the $0.6500 support and the 55 simple moving average (4-hours). It even spiked below the $0.6000 level and traded as low as $0.5667. It is now correcting losses and trading above the $0.6000 pivot level.
There was a move above a key bearish trend line with resistance near $0.6080 on the 4-hours chart of the XRP/USD pair. The pair traded above the 23.6% Fib retracement level of the key decline from the $0.7663 swing high to $0.5667 low. On the upside, the price is facing resistance near the $0.6330 zone. The next major resistance is near the $0.6500 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the key decline from the $0.7663 swing high to $0.5667 low is also near the $0.6600 zone.