KEY MARKET INSIGHTS

The Week That Was - Btc / USD

Crypto Market braces for volatility - will Bitcoin finally break free?

The large ascending wedge that has formed since the January lows ($33,000) appears to be approaching a conclusion, and for bulls, Bitcoin is shaping up for a breakout.

Thus far price action has been relatively compressed with Bitcoin gravitating toward $41,000 after a successful back-test of the 21 EMA and the 50 MA. This is in-line with the quarterly options expiry which often holds price to an area that will cause maximum pain for options traders - near $41,000.

Bitcoin's higher low progression is clearly evident and as momentum rises also, sooner or later the resistance zone above $43,000 will be breached if it continues to be tested. A short-term aim for bulls is to ride any break out of the wedge to the 200 MA at $48,000 - and it is here we'd expect sellers to heavily re-engage to defend $50k. The optimal situation for bulls would be to flip $46,000 into support on any pull back.

Another point of note, this consolidation is almost exactly the same length of time (64 days) as the one we saw at the lows in May last year before shooting to a new all time high of $69,000. For deeper insights into April with crypto buy/sell recommendations, sign-up to our paid Monthly Newsletter. Link in the description. Happy Hunting!

THIS WEEKS TOP HIGHLIGHTS

1. El Salvador's Bitcoin Bonds release delayed till later in the year

2. Malaysia considering Bitcoin as legal tender according to Bloomberg

3. Florida's Governor wants to let businesses pay taxes in Bitcoin

4. NFL will let Crypto exchanges sponsor teams.

5. Ray Dalio's Hedge Fund is launching its first "Crypto Fund"

On-Chain Insight

According to OnChainCollege, the number of addresses with a Bitcoin balance of at least 0.01 has been on a steep climb over the last month.

There are now just under 9.7 million addresses. This shows retail accumulation.

ARE YOU LOOKING TO BECOME A SOPHISTICATED INVESTOR?

Want Price recommendations and EASY to understand Analysis that gets you real results - Click The Link In the Description to Sign-up to our Premium Monthly Newsletter!

DID YOU KNOW?

$100 Million US Dollars worth of Cryptocurrency has been donated directly to the Ukrainian Government.

Want full access to the Elite Cryptocurrency Investment Strategy Newsletter?

If you haven’t already, subscribe to our paid version now!