🔥In-depth analysis of the Bitcoin market on April 16🔥
In terms of BTC market dynamics, yesterday's BTC daily chart showed a small negative line trend, and the price was already below the 60-day moving average. In the short term, the market is showing a breakout trend. If it fails to return to the 60-day moving average above 64,700 today, the market may need to go through a one-month decline adjustment period. During this period, BTC is likely to hit a new low and may pull back to the May moving average to stop the decline. It is expected that the bottom of the adjustment may be around 56,000 or 51,500, and the upper strong pressure levels are 72,700 and 75,200 respectively.
For novice traders, it is recommended to place orders for BTC in batches in the ranges of 60,000-61,000, 55,800-56,100, and 51,500-51,700.
In the altcoin market, since most altcoins have fallen sharply in the previous period, the decline is generally between 50% and 80%. Therefore, even if BTC falls again, the decline of altcoins is expected to be limited, and it may stabilize to near the low point of April 14. The plunge in the bull market is a normal phenomenon. You should remain calm and wait patiently for the market to stabilize.
In terms of ETH market dynamics, ETH closed with a spindle yesterday, showing an overall oscillating upward trend. This month, ETH has stepped back and tested the strong support of the May moving average. Even if it is affected by the BTC rebound, it is difficult to fall below the key position of 2800. If ETH can test the bottom again and stabilize successfully, the subsequent trend will be more stable. In the long run, ETH is expected to usher in a strong rebound.
For novice traders who want to get started with ETH, it is recommended to place orders in batches in the range of 3060-3070 and 2840-2860.
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