BTCManager’s Weekly Cryptocurrency Outlook highlights the price action and technical indicators on a long-term basis to identify the best opportunities in the largest cryptocurrencies, such as bitcoin, ether, and others.
Bitcoin has dipped below $1200 but the bullish outlook remains intact as last week’s dive remained above the conversion line at $1120.66. However, the market could be forming a fractal resistance at $1229.00, which will be confirmed if BTC-USD remains below $1229.00 until May 1. However, a break above $1229.00 this week, or next, should point to further gains and see the market tend toward the fractal resistance at $1350.00. But the conversion line remains flat, suggesting the market will be attracted to the $1120.66 level.
On the other hand, if the week’s price action closes below the conversion line, below $1120.66, then this will provide a bearish signal and see the market test the next support at the base line, around $995.00.
Looking at the daily price action below, a bullish outlook is displayed. For instance, the market is testing the resistance provided by the conversion line at $1185 and a close above $1185 for April 17 will give a strong bullish signal. A close above the conversion line will open up the fractal resistance at $1229.00.
The most recent fractal support lies at $1141.00, therefore sell positions are only justified with a daily close below $1141.00. Even then, the Ichimoku cloud provides a support zone directly below this level, around $1124-$1130. Also, another bullish indication is given by the Ichimoku cloud, which has turned green, however, the cloud needs to fan outwards to provide stronger confirmation.
Ether recovered losses last week, moving away from the low at $42 and tested the $50 handle, with the market rests below this important psychological