OVERALL AT GLANCE:
The overall crypto currency market remains in a consolidation phase following a volatile first quarter. After reaching a local high in mid-March, the total market cap has been ranging between key Fibonacci retracement levels (38.2% and 61.8%), indicating a healthy pullback rather than a trend reversal.🚀
DAILY CHART:
The daily chart shows the total market cap holding above the 200-day EMA, a key long-term support zone.
RSI (Relative Strength Index) readings are neutral around 50, suggesting a balanced sentiment between bulls and bears.
MACD (Moving Average Convergence Divergence) is flattening, showing low momentum but hinting at a potential bullish crossover if volume increases.
BITCOIN DOMINANCE (BTC.D)
Bitcoin dominance (BTC.D) has slightly declined, dropping from 53% to 50.8%, signaling a mild rotation of capital into altcoins. However, the ETH/BTC pair is still struggling below major resistance, meaning Ethereum and large-cap alts haven't firmly broken out yet.
VOLUME ANALYSIS
Volume analysis shows declining spot volumes across major exchanges, a typical sign of indecision. However, funding rates in perpetual futures remain neutral to slightly positive, implying that leverage is not overly skewed and there's no imminent risk of a liquidation-driven crash.
KEY SUPPORT:
Key support levels for the total market cap are $2.35T and $2.15T
while major resistance is at $2.75T.
A weekly close above $2.75T could confirm continuation of the bull trend; failure to hold $2.35T could invite deeper corrections.
Overall, the crypto market is technically neutral to cautiously bullish. A breakout could be triggered by macroeconomic catalysts (e.g., U.S. interest rate cuts or ETF inflows). Traders should watch for a volume surge and strength in #Bitcoin and #Ethereum to confirm the next major move.
🤧CAUTION: Risk management remains crucial as volatility is expected to rise into May.