At the time of writing, bitcoin touched the $38,000 mark on the Binance exchange. With the support of buyers, the price quickly rose to the level of 38,300. However, due to the negative outlook, investors can expect more volatility. The balance sheets of technology companies are announced this week, and stock markets have not yet been able to find support from the announced data.
For Bitcoin, we can expect a new low between $36,000 and $37,000. Due to the recent fall, Ethereum has also lost $3,000 support. The bears have not been able to break through the critical $2,800 level for ETH. Cryptocurrencies, which gained strength with the sale of Twitter, seem to have given up early. Holding above $3,000 is important for Ethereum, if BTC can hold above $39,000, ETH investors can breathe a sigh of relief.
The largest altcoin finds buyers at a price of $2867 at the time of writing.
Phantom and PancakeSwap (CAKE)
After closing below the $1.6 level, FTM forced the bears to decline sharply, while maintaining the three-week resistance of the trend line (white dotted line). The cryptocurrency has lost about 41.3% of its value (as of April 2) and today has fallen to a 7-month low. At the time of writing, the $1 support has also been lost. FTM continues to find buyers at $0.995. Closing above the 20-day EMA (red) provides a short-term advantage and increases the chances of a resistance test at $1.1.
At the time of writing, the price of PancakeSwap (CAKE) was $7.68. The target price movement of $12 ended in failure. In the end, sellers broke through the six-week CAKE trend line and turned it into resistance. On the last slide, CAKE easily lost $8.6 support. As a result, the price gets stuck in the lower band of Bollinger Bands. A possible recovery from the near defense zone could help heal the wounds of the recent fall.
Since it has a high correlation with bitcoin, BTC’s search for new support towards the $36,000 level will lead to much more serious altcoin losses. It may be beneficial for short-term investors to gain courage in a bullish move when support at $8.6 is restored.