From the LBank blog.
The overall cryptocurrency market, including BTC, ID, ARB, and others, recently experienced a comprehensive pullback.
The market trend this week was primarily bearish, but this downward adjustment is expected and necessary for a sustained rally. Post-adjustment, the market is expected to continue its upward trajectory.
BTC 4-hour chart: The recent pullback in Bitcoin has been significant, as the price dropped to the previous consolidation area before the breakout, reaching a low of 28,000.
This decline came after the 30,000 level failed to provide stable support, resulting in a further exploration of the downside.
It is recommended to wait for the market to stabilize above the consolidation range before going long again. In the short term, a consolidation and recovery phase is anticipated.
ETH 4-hour chart: The Ethereum market has declined to the trend line position, making it a suitable entry point for buying on the line. It is currently not recommended to chase after a drop below the trend line for an upward move.
Over the weekend, the market is expected to experience an upward consolidation, with a rebound target above the 2,000 mark.
ARB has experienced a significant drop from its highest point, falling to around 1.4.
At its current position, it has accelerated its descent below the downward channel and reached the previous platform’s breakout point.
This area is expected to see an oversold rebound, with a short-term focus on a bounce back within the channel, rather than a bearish outlook.
CFX has been in a consolidation phase recently, and its current position is at the lower end of the range. A rebound is expected in the short term, with a target of around 0.4. The market outlook remains positive for the future.
Despite the recent comprehensive pullback in the cryptocurrency market, including BTC, ID, ARB, and others, the current downward adjustment is necessary for a sustained rally.
Following this adjustment, the market is anticipated to continue its upward trajectory. Investors should remain cautious and watch for signs of market stabilization before entering new positions.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/april-21st-market-analysis-from-lbank-derivatives-8f462c298efe?source=rss-87c24ae35186——2