Macro Overview
- Fed Chairman Speech: Fed Chairman Powell’s remarks indicating no significant progress in inflation for the year, coupled with a description of the US economic performance as “fairly strong,” underscore the ongoing balancing act of economic indicators.
- US Unemployment Claims (Weekly): The weekly US unemployment claims, slightly below expectations at 212k compared to the anticipated 215k, maintain a neutral stance in the crypto space, reflecting stability in the labor market.
Crypto Markets Overview
Top Tokens Update
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Apr 25 | 6:00 PM | US Advance GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Apr 25 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is bullish.
- This week, BTC initially fell due to heightened tensions between Iran and Israel. However, as news emerged that Israel’s attack wasn’t as severe, the market started recovering and retraced the entire drop.
- Currently, it’s looking bullish, but confirmation will come with a daily close. ETF data is slow, which is a concern, but such volatility is typical during halving weeks. We can expect a good upside move for BTC after the halving. This recovery also strengthened alts. Funding rates are neutral, and price action is decently bullish for the short term.
- Key support levels to consider are around $64,500 (50 EMA D) , $60,700 , and $59,000. On the upside, resistance levels is at $67,500, $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 experienced losses alongside BTC due to war tensions, but it has since retraced as the overall market recovered. Currently, sentiment is bullish for ETH, but it may underperform BTC as the ETH/BTC pair appears bearish. With the focus on BTC due to its upcoming halving, BTC’s dominance in the market may rise. Technically, ETH has bounced multiple times from the key support level around $2875 and is aiming to reclaim the $3200 level.
- 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.
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