The total crypto market cap has declined by around 1.04% today, to around $2.63
trillion, showing that the consolidation in the crypto market is still in effect.
We can see this consolidation in the crypto market’s mix of reds and greens on the
heatmap below:
The liquidations in the crypto market have been relatively mild as well, affecting
mostly the bulls and sitting at $215.59 million
The crypto market’s liquidation heatmap
Source: TradingView
According to the snapshot above, the bulls took a $147 million hit out of the total,
with the bears coming in with the remaining $67 million.
Overall, what we can conclude from the above is that the bulls continue to bet on
Bitcoin's recovery from current price levels, explaining why they have been the most
affected by liquidations.
The outlook on the market is neutral today, with neither bulls nor bears holding
particularly strong influence over the other.
When Will We See A Bitcoin Rebound?
According to the charts, Bitcoin continues to consolidate above the $69,000 support,
with both the bulls and bears either unable or unwilling to push prices further up.
Bitcoin’s price performance
Source: TradingView
According to the chart above, we can see that the $69,000 support is a strong and
valid one, considering how it is further reinforced by the middle Bollinger band or
the 20-day SMA.
Considering how the RSI on the daily chart shows a neutral standing on the
cryptocurrency, however, we can say that things can go either way.
If we lose the $68,298 zone, Bitcoin will tumble straight down to $62,654. However,
the door remains open to a rally towards $73,943
Where To With Ethereum?
The consolidation with Ethereum is even more glaring, as shown by the chart below.
So much so that investors are left with no choice but to wait and see how things go
with the leading altcoin.
Ethereum’s price performance
Source: TraidngView
Ethereum continues to hold its ground above $3,513, so that’s a good sign. We are
seeing the Bollinger bands above start to contract in reaction to the low volatility on
Ethereum.
However, the door still remains open for a rally to around $3,901 at the very least.
Is Aptos Ready To Retake +$20?
According to the charts, Aptos seems to be recovering from its most recent crash
from $19.3 to $16.28, as shown in the chart below:
Aptos in the charts
Source: TradingView
From what we can see on the chart above the cryptocurrency seems to be in the
middle of a rebound from $16.28, and currently trades at around $17.5.
The RSI is strongly in bullish territory and is a little too close to overbought
conditions, but the technicals on Aptos seem strong, and a rally to $20 or even
higher remains possible.
It Appears That Litecoin Is Back
Litecoin broke above the $100 zone sometime last week and is now trading strongly
above the $104 resistance, as shown below.
Litecoin’s price action
Source: TradingView
Litecoin's position above $104 is a good sign for the cryptocurrency, in that as long
as the range between $100 and $104 remains unbroken to the underside, we could
be looking at a rally to around $133.
This would be the previous high from 22 March, as well as a strong 25% range from
current price levels.
$4.2 Soon For Stacks (STX)
According to the charts, Stacks has been consolidating between $3.77 and $3.36
since breaking above $3.36 on 20 March.
Stacks’ price action
Source: TradingView
If we see a break above the $3.77 zone, we might be looking at a possible rally to
around $4.27, or even higher to around $5.
