According to CoinShares, the institutional inflow into crypto products hit $4.5 billion in Q1, cái nào là 11% higher than the intake seen in Q4 2020. This shows that institutional interest is on the rise but the quarter-on-quarter growth has slowed down from the 240% recorded in Q4 2020.
As Bitcoin price moves higher, more funds are needed to sustain the levels. vì thế, if institutional inflows do not pick up in the next few days, Bitcoin (BTC) and other altcoins could witness a major correction.
The next correction could test the resolve of institutional investors and even though these investors have deep pockets, some may have jumped into crypto only for quick speculative gains. There is always the possibility that investors may dump their positions if Bitcoin starts a correction.
While this may accelerate the fall, lower levels are likely to attract investors who may have missed the bus earlier. If this assumption plays out, volatility throughout the market may remain high in the next few days.
Let’s analyze the charts of the top-10 cryptocurrencies to see if it also projects a possible correction.
BTC / USDT
Bitcoin’s failure to cross the stiff overhead resistance zone at $60,000 đến $61,825.84 seems to have attracted profit-booking from short-term momentum traders. This has pulled the price back below the 20-day exponential moving average ($56,863) hôm nay.
Nếu giá duy trì dưới đường EMA 20 ngày, the bears may sense an opening and are likely to challenge the critical support at the 50-day simple moving average ($54,333). If this support cracks and the bears manage to sustain the price below the 50-day SMA, việc bán hàng có thể tăng lên.
The next support on the downside is $50,460. If this level also gives way, the BTC/USDT pair could plummet down to $43,006.77. The flattening moving averages and the relative strength index (RSI) dropping below 52 suggest that the bulls may be losing their grip.
Trái ngược với giả định này, if the price rebounds off the 50-day SMA, the bulls will make one more attempt to push the pair to a new all-time high. Nếu họ thành công, the pair could start its journey to the next target objective at $69,540 và sau đó $79,566.
ETH / USDT
Ether (ETH) broke to a new all-time high on April 2 but could not take off and continue its climb. This showed hesitation among the bulls and even though they managed to push the price to a new all-time high at $2,150 vào tháng Tư 6 the rally has since stalled.
That may have frustrated the momentum traders who seem to have dumped their positions today, resulting in a drop to the 20-day EMA ($1,904). If the ETH/USDT pair rebounds strongly from the 20-day EMA, it will indicate demand at lower levels.
The bulls will then make one more attempt to drive the price above $2,150. Nếu họ thành công, the pair could start its journey to the next target objective at $2,618.14.
This positive view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move will suggest a possible change in sentiment and that could drag the price down to the trendline.
BNB / USDT
Binance Coin (BNB) đang trong một xu hướng tăng mạnh. The bears tried to pull the price back below the breakout level at $348.69 today but the long tail on the candlestick shows the bulls purchased this dip aggressively.
The rising moving averages and the RSI near the overbought zone suggest the bulls are firmly in command. If the buyers can flip $348.69 into support, then the BNB/USDT pair could start the next leg of the uptrend that could take it to $500 và sau đó $530.
Mặt khác, if the price dips below $348.69, it will suggest that higher levels are attracting profit-booking from traders. The bullish momentum may weaken if the bears sink the price below the 20-day EMA ($314).
XRP’s breakout above $0.65 vào tháng Tư 5 completed an inverse head and shoulders pattern, which had a target objective at $1.11. The altcoin met this target on April 6 when it reached an intraday high at $1.11.
Traders who follow technical analysis seem to have booked profits near the target objective, resulting in a sharp pullback today.
The bulls are attempting to stall the correction near the 50% Mức thoái lui Fibonacci tại $0.84 as seen from the long tail on the candlestick. If the buyers can sustain the rebound, it will suggest accumulation at lower levels and keep the prospects of a break above $1.11 alive.
Mặt khác, if the XRP/USDT pair breaks below $0.84, sự điều chỉnh có thể sâu hơn đến 61.8% Mức thoái lui Fibonacci tại $0.77. Such a deep correction may delay the start of the next leg of the uptrend.
ADA / USDT
Cardano (CÓ) attempted an up-move on April 6, but the long wick on the day’s candlestick suggests a lack of demand at higher levels. The bears have latched on to the opportunity today and are attempting to sink the price to $1.03.
The bulls are likely to defend the $1.03 support aggressively. If the price rebounds off this level strongly, the bulls will try to push the price above the moving averages. If they can do that, the ADA/USDT pair could remain range-bound for a few more days.
The flat 10-day EMA ($1.18) and the RSI near the midpoint suggest a balance between supply and demand.
This neutral view will invalidate if the $1.03 hỗ trợ các vết nứt. Trong trường hợp như vậy, the pair could start its journey toward the support at $0.80 và sau đó $0.70.
DOT / USDT
The failure of the bulls to push the price above the all-time high at $146.80 vào tháng Tư 5 và 6 could have attracted profit-booking from the short-term traders. That may have pulled Polkadot (DOT) back below the breakout level at $42.28 hôm nay.
Phe bò hiện đang cố gắng bảo vệ đường EMA 20 ngày ($38). If they can achieve a strong rebound off this support, it will suggest accumulation at lower levels. The buyers may then make one more attempt to clear the all-time high. Nếu họ thành công, the DOT/USDT pair could rally to $53.50.
Ngược lại, a weak rebound will suggest weakness and a lack of urgency among traders to buy aggressively. That will open the chances for the bears to pull the price below the moving averages. Nếu điều đó xảy ra, cặp có thể giảm xuống $26.50.
UNI / USDT
Uniswap (UNI) attempted to rise above the $32.50 resistance but failed. This shows a lack of buyers at higher levels. The bears are now attempting to sink the pair below the $27.97 đến $25.50 vùng hỗ trợ.
Nếu họ thành công, the UNI/USDT pair could start its journey toward the next support at $22 và sau đó $18.
Tuy nhiên, the flat 20-day EMA ($29.59) and the RSI near the midpoint suggest a balance between supply and demand. If the bulls can defend the support zone, the pair is likely to extend its range-bound action for a few more days.
LTC / USDT
Litecoin (LTC) broke above the resistance line of the symmetrical triangle on April 5 and followed it up with another up-move on April 6 that took the price to the stiff resistance at $246.96.
The failure of the bulls to clear the hurdle at $246.96 may have attracted profit-booking from short-term traders and selling by aggressive bears. That pulled the price down to the breakout level from the triangle today.
If the LTC/USDT pair rebounds off this level aggressively, it will suggest that the bulls are accumulating on dips. The buyers will then make one more attempt to climb the wall at $246.96. Nếu họ quản lý để làm điều đó, the pair could start its journey to $307.42.
Ngược lại, nếu phe gấu đẩy giá xuống dưới mức trung bình động, the pair could drop to the support line of the triangle.
LINK / USDT
Chuỗi liên kết (LIÊN KẾT) phá vỡ trên $32 kháng chiến vào tháng 4 5 and followed it with another up-move on April 6 but the bulls could not challenge the all-time high at $36.93. This suggests the bears have not given up and are active at higher levels.
The LINK/USDT pair has dipped back below the $32 level today. The bulls are attempting to defend the 20-day EMA ($29.85). If they manage to do that and push the price back above $32 within the next couple of days, it will suggest accumulation at lower levels.
The bulls may then again try to propel the price above $36.93. Ngược lại, nếu phe gấu đẩy giá xuống dưới mức trung bình động, it will suggest that the recent breakout above $32 was a bull trap. The pair could then drop to $24.
THETA / USDT
After trading in a tight range for the past few days, THETA surged today and attempted to break out of the $14 đến $14.96 kháng cự trên không. Tuy nhiên, the bears thwarted this attempt as seen from the long wick in today’s candlestick.
Nếu họ thành công, the THETA/USDT pair could start the next leg of the uptrend that has a target objective at $17.65 và sau đó $22.50. EMA 20 ngày ($11.13) has started to turn up once again and the RSI has risen above 68, suggesting the momentum favors the bulls.
Tuy nhiên, những con gấu không dễ dàng bỏ cuộc. They will try to stall the uptrend in the overhead resistance zone. Nếu họ quản lý để làm điều đó, cặp này có thể kéo dài thời gian ở trong phạm vi thêm vài ngày nữa.
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