From the LBank blog.
Last week, the Bitcoin (BTC) market experienced a wide range of fluctuations on a daily level, with prices ranging from a low of around $26,500 to a high of about $29,100.
During this period, there were no significant breakthroughs in either direction. The weekly chart ended with a small doji pattern, indicating a minimal price increase.
This marks the second consecutive week where a doji pattern has appeared on the chart. Additionally, the monthly chart closed last Friday with a 21% increase.
At present, the price of Bitcoin is $27,800 to 28,500 range, where it has been trading for several days. In terms of trading strategy, the overall trend for Bitcoin remains a consolidation phase characterized by fluctuations.
For short-term trades, it is recommended to buy on dips during intra-day pullbacks and secure profits in a timely manner before any substantial volume surge occurs. Keep an eye on market developments and adjust strategies accordingly to minimize risk and maximize gains.
Similar to BTC
In the past 10 days, approximately 47.8 million ARB tokens have been transferred to market maker-related addresses.
Previously, the allocated 2.7 billion ARB tokens were supposed to have a 4-year lock-up period, but some of them have been transferred to exchanges.
The 4-hour chart shows that the price increase is weak, unable to absorb the trapped positions from the previous period, and can only continue to probe lower.
Currently, the price has bounced back after encountering the previous retracement low point for the third time. The future trend is still expected to fluctuate downward.
After forming a double-top pattern with increased volume from its high position, the price has been continuously declining below the trendline. Yesterday, after a rebound, the price fell back below the trendline again. It is recommended to continue shorting on rebounds.
LBank perpetual contracts are settled in USDT and are not inverse contracts. There is no expiration or settlement of perpetual Contracts.
We now offer BTC, ETH, DOT, SOL, and over 100 other popular cryptocurrencies as perpetual contracts.
Leverage is available between 1–125x. One of the key benefits of USDT-settled contracts is that you can easily calculate your returns in fiat. When the market suffers a wild fluctuation, this tool can help you lower your risk.
Click here to download it for iOS or Android
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-5th-market-analysis-from-lbank-derivatives-d69e72f5a2d?source=rss-87c24ae35186——2