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Market analysis: BTC, ETH & LTC. The evolution of the market during the past week was negative and BTC is now trading just above the important level of USD 40,000. What can we expect next? We'll break this down later in the article but first let's go over the main industry news.

Market Analysis: BTC, ETH & LTC

The evolution of the market during the past week was negative and BTC is now trading just above the important level of USD 40,000. What can we expect next? We’ll break this down later in the article but first, let’s go over the main industry news.

NEWS

News is one of the factors that impact cryptocurrency prices. It is important for every trader to stay up-to-date with the latest developments in the sphere. We’ve hand-picked some of the most interesting ones for you:


ETH devs implement first-ever ‘shadow fork’ as PoS testing continues

Ethereum developers implemented the network’s first-ever “shadow fork” on Monday, marking an important milestone in the ongoing shift to a proof-of-stake (PoS) consensus.

The shadow fork provides a venue for developers to stress test their assumptions around the network’s complex shift to PoS, according to Ethereum Foundation developer Parithosh Jayanthi. “The aim of the Kiln merge testnet was to allow the community to practice running their nodes, deploying contracts, testing infrastructure, etc.,” he tweeted on Sunday.

Source: https://cointelegraph.com/news/eth-devs-implement-first-ever-shadow-fork-as-pos-testing-continues


White Star Capital raises $120M for Ubisoft backed Web3 investment fund

Tech venture capital firm White Star Capital has secured $120 million in funding for its second Digital Asset Fund (DAF II) to invest in crypto networks and early-stage blockchain and Web3 businesses.

The fund is primarily backed by game publishing giant Ubisoft and will take a particular focus on decentralized finance (DeFi) and gaming. It will invest as much as $7 million in each of 20-25 companies in North America, Europe, and Asia.

Source: https://cointelegraph.com/news/white-star-capital-raises-120m-for-ubisoft-backed-web3-investment-fund


Uniswap launches venture capital wing for Web3 investments

Popular decentralized exchange (DEX) Uniswap has announced the formation of Uniswap Labs Ventures (ULV), a venture capital fund focused on investing in Web3 companies and projects.

The firm will invest at any stage of development into various projects or technologies related to Web3, infrastructure, developer tools, and consumer-facing applications as areas of interest according to the announcement on Monday, April 11.

Source: https://cointelegraph.com/news/uniswap-launches-venture-capital-wing-for-web3-investments


BTC Analysis

BTC Analysis

A drop was expected after the Doji close two weeks ago. We do have a higher high on the weekly horizon but the whole structure currently looks like a bullish tapering wedge.

This type of pattern in a downtrend is often a sign of continuation. I am not saying that it will necessarily go down, but if we lose the USD 39,000 – 40,000 level, then we have a great chance of revisiting the USD 34,000 level.

Let’s get our facts straight and be patient! As long as the USD 52,000 level is not broken, we cannot be too bullish.


ETH Analysis

ETH Analysis

As usual, ETH is following the evolution of BTC closely and the past week has been just as negative for Ethereum. With one exception, ETH did not close the week before as a Doji but on a full candle, thus giving more weight to the higher high.

From a daily perspective, ETH is sitting on its USD 3,000 support area and could bounce off of it. If the daily technical situation does not allow us to take this risk, the technical indicators at the 4h horizon are more optimistic.


Altcoin of the week : LTC

Altcoin of the week : LTC

Litecoin is also sitting on its support zone between USD 96 and USD 104 but unlike most coins in the market, LTC did not register a higher high during the previous bull run.

Is this an indication of a prolonged downturn? It’s too early to tell, but we can still prepare to short the pair if the support zone doesn’t hold.


Conclusion

Market sentiment can reverse very easily on cryptos as we just saw this week again. Careful though, as long as we don’t have confirmation, we must base our decision on fact and for now we must be patient.

There is nothing more important for success in trading. Plan the trade and trade the plan! As simple as that. In fact, don’t be tempted to take dangerous positions and wait for confirmation.

I’ll see you next week, stay safe and take care of yourself!

Have a great week everyone!

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