Macro Overview
- US CPI (YoY) Beats Expectations, Crypto Market Reacts with Minor Dip: The US Consumer Price Index (CPI) for the Year-over-Year (YoY) period came in at 3.5%, slightly higher than the expected 3.4%. This news initially caused a minor downturn in the crypto market, but it quickly recovered later.
- US PPI (MoM) Below Expectations, Crypto Market Witnesses Quick Bounce: The US Producer Price Index (PPI) for the Month-over-Month (MoM) period was 0.2% lower than the expected 0.3%. This unexpected result had a positive impact on the crypto space, prompting a quick bounce in the market.
Crypto Markets Overview
Top Tokens Update
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Apr 16 | 10:45 PM | US Fed Chair Powell Speaks | More dovish than expected is good for crypto |
| Apr 18 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Apr 20 | Tentative | Bitcoin Halving | Bullish for Long term |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral.
- This week, the crypto market experienced a significant downturn due to the Iran-Israel conflict. Alts saw steep declines of up to 40-50% within hours, with some recovering while others didn’t. BTC also dropped to the $60k level but has since rebounded to above $66k, holding above the 50 EMA D. The return of spot premium is a bullish sign, along with a reset in open interest and the clearing of leverage traders, confirming the overall bullish trend. The focus now shifts to ETF data and how the crypto market responds to the US market.
- Key support levels to consider are around $65,000 (50 EMA D) , $60,700 , and $59,000. On the upside, resistance levels is at $71,400,$72900 & $73700.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears bullish.
- This week, ETH followed BTC’s downward trend but has since recovered slightly and moved within its range. It appears to be forming a PO3 Setup. Factors such as funding rate, money inflow, ETH/BTC pair, price action, and overall sentiment indicate bullishness for ETH, suggesting it may outperform BTC going forward.
- Significant support levels include $3175, and $2875, while resistance levels to watch are at $3400, $3500 and $3650.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
