Crypto Market Outlook, April 19
There were once again even more new all time highs in crypto last week, however the market suffered a heavy correction over Sunday, BTCUSD falling over -35% peak to trough on the day. ETHUSD followed suit, but both pairs are now retracing the drop.
BTC fell through a support zone around $59.5k-$60k over the weekend, which is where the large drop was triggered. We’ll have to wait and see if this level now flips to resistance on any retest.
The swing low just above $52k will be decisive. If the level breaks, then it could be the start of a panic in the market as the $50k area is another swing low which is a psychological level with lots of stops underneath.
This pair also fell through a support zone at 2,300 where the sharp down move was initiated. This could be a resistance area now. If not, there isn’t much resistance through 2,550 and further ATHs since the larger offers have pulled.
Some relatively large bids sit just above the swing low printed by the weekend move at 2,000. This will be the battle zone for bears that want to follow through and try to turn this into a longer term trend.