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Weekly Crypto Market Brief

Bitcoin has been consolidating in the $45k-48k region over the past week, while continuously attempting to hold the $44.4k-45k price zone as support. Buyers and sellers have been very active in this area, with long wicks being printed on successive daily candles. So far, Bitcoin has failed to break the 200 daily MA, a key resistance level which could be decisive in the current phase in the market. There is much anticipation for whether the recent distribution pattern leads to further downside, or whether enough buyers will step in to keep Bitcoin afloat and maintain the bullish setup.

Litecoin (LTC) has formed a double top over the last few weeks, printing a local top at $135 on March 30, 2022, and forming a distribution pattern in the recent period. It had previously risen to the local high from a low of $97, registered on March 7, 2021, in what was a 39% increase in price. Since November 2021, Litecoin has displayed significant weakness, with the formation of a bearish channel with successive lower highs and lower lows on the daily time frame.

Ethereum (ETH) seems to have been forming a distribution pattern since late March 2022, reaching as high as $3580 on April 3, 2022. It managed to briefly break the 200 daily MA resistance, but failed to hold above this level. It had risen to the recent top from a low of $2491 on March 13, 2022, in what was a 44% price increase. Ethereum needs to maintain its current structure over the $3200-3300 price zone, in order to avoid a potentially significant bearish move to the downside.

Bitcoin Cash (BCH) has been consolidating in the recent period, reaching highs of $391 on March 31, 2022. It is currently holding support over the $340-350 price zone, and needs to stay above this range in order to form a higher low and not break market structure with a potentially substantial bearish move. It had previously risen to its last local high after printing a bottom at $280, which it reached on March 13, 2022, in what was a subsequent 40% increase in price of the asset.

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