Price Analysis 4/7: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO

Bitcoin (BTC) makes a sharp comeback and trades near the $78,000 level. After the US stock futures market fell sharply on April 6, the largest cryptocurrency by market capitalization fell below $80,000 psychological support. Sales continued on April 7th, with Bitcoin reaching a new height low of $74,508, while lower levels attracted solid purchases by bulls.

The bearish macroeconomic picture sent the horror and greedy index of the US stock market to just 4/100. Typically, such a period of panic sales will form the bottom so that most weak hands and leveraged players will surrender. Once that happens, recovery can be sharp.

However, it is a good strategy to remain cautious about not overdoing transactions in the short term, as volatility may remain high. Even the corporate strategy of Michael Saylor, the world’s largest publicly listed company holder in Bitcoin, stopped buying Bitcoin last week.

Can Bitcoin maintain recovery, or will a higher level attract sellers? How are the Altcoins located? Let’s analyze and explore the chart.

S&P 500 Index Price Analysis

The S&P 500 Index (SPX) gapped its third consecutive trading day on April 7, indicating panic between traders.

The index plummeted below 4,950, but finds support near 4,884, a Fibonacci retracement level of 61.8%. The buyers pushed the price to 5,246, but attracted a higher level of sales, as seen from the long candlestick core. If prices drop below 4,835, the decline could expand to 4,700.

The relative strength index (RSI) falls deep into the sold zone, suggesting a relief rally in the short term. Buyers are expected to face significant resistance at 5,400 and significant resistance at the 20-day exponential moving average (5,558).

US Dollar Index Price Analysis

The US Dollar Index (DXY) fell below support of 103.37 on April 3, reaching close to 101 key support.

A solid rebound from 101 support indicates that a lower level is attracting buyers. Sellers attempt to suspend relief gatherings at a 20-day EMA (103.95). Once prices drop from the 20-day EMA, the Bears try to cut the price to 101 again.

Alternatively, breaks and closes above the 20-day EMA will have a large 101-108 range. The index may gather on a simple 50-day moving average (105.62), which could serve as a barrier.

Bitcoin price analysis

Bitcoin fell below the $76,606 support on April 7th, while Candlestick’s long tail shows a purchase of nearly $73,777.

The positive divergence of RSI suggests a weaker momentum, but it is not a signal to act without bullish price checks. Breaking the above resistance line and closing it could suggest that the correction phase may have been completed. The BTC/USDT pair could rise to $89,000 and then increase to $95,000.

Instead, it suggests that if prices are reduced from the resistance line, Bear will remain commander. The seller once again tries to sink a pair that is under $73,777. If they can accomplish that, the pair could collapse to $67,000.

Ether Price Analysis

Ether (ETH) resumed its downtrend on April 6th after its price fell below $1,754 support. Failure to start bounces from $1,550 indicates a lack of demand from the bull.

The sale suggests that RSI could be drawn into the territory where it was sold, and that the rescue rally could be rounding the corner. If prices rise from the current level, the ETH/USDT pair could rise to $1,754. When prices drop from $1,754, they are on sale at the rally. This brings the chance of a decline of $1,350 and then $1,150.

Buyers will need to push and maintain prices above the 20-day EMA ($1,853), suggesting that the downtrend could end.

XRP Price Analysis

XRP (XRP) collapsed from a 20-day EMA ($2.16) on April 6th, falling below $2 support and completing the head and shoulder pattern.

Sales continued on April 7th, with prices increased to under $1.77 with less than immediate support. Buyers will try to start a recovery, but they may face solid sales for $2. When the XRP/USDT pair is reduced from $2, it indicates that the bear has turned the level into resistance. This brings the chance of a drop of $1.27.

The first sign of strength is breaks and closes above the $2.20 level. It suggests that the market has refused to break down.

BNB Price Analysis

BNB (BNB) fell sharply on April 6th from the 20-day EMA ($597), plunging its 61.8% Fibonacci retracement level to below $559.

The BNB/USDT pair bounced off the $520 support, but recovery is expected to face sales on a moving average. When prices drop from the current level or 20-day EMA, the risk of a decline is $500, then $460.

The Bulls will need to push and maintain prices beyond the downtrend line to signal a comeback. The pair could go up to $644 and then go up to $686. This suggests that the pair could remain within a larger range of $460 to $745.

Solana Price Analysis

Solana (Sol) marks the reopening of the downtrend on April 6th, falling below its $120-$110 support zone.

The Sol/USDT pair rebounded at $95, but along the way, the Bears are expected to pose strong challenges between the $110-$120 zone. If prices drop sharply from the overhead zone, the pair could drop to $80.

Bull time is gone. If they want to make a comeback, they need to quickly push prices above the 20-day EMA ($124). The pair could then rise to a 50-day SMA ($137).

Related: Has Bitcoin price dropped to $75K? – Data suggests that BTC will continue to separate inventory

Dogecoin Price Analysis

Another round of sales came on April 6th as the Bulls did not push Dogecoin (Doge) beyond their 20-day EMA ($0.17).

The Doge/USDT pair was below the important $0.14 support, while the long candlestick tail shows a solid purchase at a lower level. Buyers are expected to defend the $0.14 level on all forces, as the pair could fall to $0.10 if they can’t do that.

A 20-day EMA is an important resistance to pay attention to the benefits. The 20-day breaks and closures above the EMA suggest that the bearish momentum is weakening. The pair can then climb a 50-day SMA ($0.19).

Cardano Price Analysis

Cardano (ADA) declined below the $0.58 support on April 6, indicating that the bears are in control.

The ADA/USDT pair fell near critical support at $0.50 intervened by the buyer. It began to recover. When the price drops from the moving average and falls below $0.50, it indicates that the start of the next leg of the downward movement is heading towards $0.40.

Buyers should drive and maintain a pair above the 50-day SMA ($0.73) to show that the bear is losing its grip.

Rare SED LEO price analysis

The unusual SED LEO (LEO) fell from the 50-day SMA ($9.63) on April 4th, closing under the uptrend line of the ascending triangle pattern.

It disabled the bullish setup. This is a negative indication. Moving averages begin to be turned down, and the RSI is near the territory sold, indicating that the bear has an edge. There’s minor support at $8.84, but if the level breaks, the LEO/USD pair could plummet to $8.30.

Buyers have a difficult task first if they want to prevent the downsides. To seize controls, you will need to push prices above $9.90.

This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.