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The evolution of the market during the past week was quite positive and BTC is now trading above the important level of USD 46,000. What can we expect next? We'll break this down later in the article but first let's go over the main industry news. BTC, ETH, ENJ

Market Analysis : BTC, ETH & more

The evolution of the market during the past week was quite positive and BTC is now trading above the important level of USD 46,000. 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:

Institutional crypto funds see the largest capital inflows for 3 months

CoinShares data revealed on Tuesday that institutional investments into cryptocurrencies are at the highest levels in three months, a sharp rise from the previous week which saw outflows of $47 million.

The Digital Asset Fund Flows Weekly Report revealed that investment products for digital assets saw total inflows of $193 million last week, a level not seen since early December 2021.

Source: https://cointelegraph.com/news/institutional-crypto-funds-see-largest-capital-inflows-for-3-months

Grayscale gears up for legal battle with SEC over Bitcoin ETF

Grayscale CEO Michael Sonnenshein said the firm is gearing up for a legal fight if Grayscale’s Bitcoin Spot exchange-traded fund (ETF) is denied by the United States Securities and Exchange Commission (SEC).

In an interview with Bloomberg on Tuesday, Sonnenshein was asked if he would consider the Administrative Procedure Act (APA) lawsuit option if the application for its Bitcoin Spot ETF was denied by the financial regulator.

Source: https://cointelegraph.com/news/grayscale-gears-up-for-legal-battle-with-sec-over-bitcoin-etf

Bitcoin price surges, but derivatives metrics reflect pro traders’ neutral sentiment

As Bitcoin (BTC) finally broke out of the $46,000 resistance on March 27, traders were quick to conclude that the bearish trend was gone for good. Even as the price hit its highest level in 84 days, derivatives metrics and Asia’s Tether (USDT) premium still show a lack of bullish sentiment.

While analysts will struggle to find a rationale for the modest 5.8% 24-hour gain that pushed Bitcoin above $48,500, we still have to account for the daily 3.8% average volatility.

Source: https://cointelegraph.com/news/bitcoin-price-surges-but-derivatives-metrics-reflect-pro-trader-s-neutral-sentiment

BTC Analysis

BTC Analysis

Last week I told you about another failure for BTC to close above the USD 42,000 level, but we still had a nice bullish candle. We closed last week with an even nicer candle, thus breaking back above the wilder moving average and the USD 42,000 and USD 46,000.

The weekly technical indicators, which were negative since November 2021, are now positive again. We can be optimistic even if we have to keep in mind that only a break of the USD 52000 will officially put us back in an uptrend.

If prices close above USD 48,000 – USD 49,000 on a daily basis, we will be able to look for long, semi-swing positions on a retracement.

ETH Analysis

ETH Analysis

As it is often the case, the evolution of Ethereum sticks to that of BTC even if it seems that ETH is already in its major resistance zone, unlike BTC.

The latter must of course be broken for us to reach higher again. The average volume continues to fall, but the previous session’s volume was higher than this.

We have to be careful though, a blue volume, so the buyer is not always as straightforward as it seems. The volume will be considered bullish if the candle is bullish.

In the case of the previous session, we can see an inverted hammer shape, which could mean that most of the trading volume was done under resistance by rejecting the price, a then not so bullish interpretation. Stay alert!

Altcoin of the week : RLC

Altcoin of the week : RLC

RLC is currently trading around USD 2.35, if the pair manages to break out of this area and tag the USD 2.89 area, then we can open a retracement position.

Be careful though, we really need a higher high above USD 2.89 before anything else, no precipitation!

Conclusion

Market sentiment can reverse very easily on cryptos as we just saw last week. Careful though, as long as we don’t have confirmation, we must base our decision on fact.

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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