​Daily market review and thoughts: April 6th 🔥

#BTC (four-hour timeframe). 🪙

Bitcoin is currently unable to overcome the Ichimoku Cloud in order to develop an upward momentum.

At the same time, the Balance Volume line is preparing to test the trend support line, which will coincide with the pullback of Bitcoin to the buyer's block of $81,200 — $81,700, which has stopped the instrument's decline since March 18.

We expect the asset to rebound from this area with a breakdown of the volume level of $84,500.

Selling pressure will naturally increase around $86,000, and the next test of support around $81,200 may result in its breakdown.

The more often an asset tests a resistance or support level, the weaker it becomes, and the higher the probability of its subsequent breakdown.

The next target of the downward movement will be the local price minimum at around $76,500.

We think that at the moment there will be a price puncture of this level.

The further movement of Bitcoin will depend on how quickly buyers can bring the asset back above the trading level of $77,000.

Consolidation above this zone will lead to a change in the local trend to an upward one.

#ETH. 🔹

Sellers stopped the growth attempt of the instrument at around $1,825.

On the downward momentum, Ethereum once again tested the support level around $1,760.

In the near term, we expect a new attempt by the asset to overcome the local resistance of $1,825.

The capitalization of the cryptocurrency market has dropped by 0.85% over the past day, and the dominance of #BTC has increased by 0.25%.

According to Glassnode, the Bitcoin put options market is trading at a premium to calls, reflecting a sharp increase in demand for decline protection.

The market is showing extreme caution and fear of an early decline, which increases the chances of a local correction.