The upcoming Bitcoin halving event doesn't seem to be getting any attention from crypto traders and investors. Although the BTC price has been slightly positive for a couple of days, it only just overcame the sudden massive dip that happened on the 12th of March.
The lack of attention or anxiety towards the Bitcoin halving event can be a good thing, so there would not be fear of disappointment and massive liquidation of assets. This can, in turn, be a good situation for the bulls.
As some nations are preparing to reopen their economy, a lot of people might begin to put their hoarded cash to use. Some of these funds might find their way into the crypto market as the market did not falter despite the crisis.
Now that the Bitcoin halving event is in a couple of days, the question is -- will traders and investors dump their altcoin portfolio and try to accumulate as much Bitcoin as possible OR will the almighty Bitcoin be able to pull the whole crypto market along?
Let's examine the chart to find out.
From the 23rd to the 25th of April, BTC couldn't move past the $7500 resistance. The bulls, however, were able to keep the price from dipping below $7454.17 and that is a positive sign.
Source: Tradingview
As a result of this positive sign, BTC was able to bounce back as it enticed lots of purchases from traders and investors. Right now, the bulls are attempting to push the price over $8000.
BTC/USD has not really picked up the pace despite having broken the resistance levels. This is an indication that the bulls are lacking confidence. If the bears successfully pull the price below the $7454.17 support, then it might further dip to the 20-day EMA at $7190.
However, if the $7454.17 support holds, a move to $8000 or $8175.49 might be attempted. If the bulls are able to push above the $8175.49 resistance, then $9200 could be the next stop. We advise traders to retain their stop-loss on long positions at $7000.
On the 26th of April, ETH almost surpassed the $200 resistance but the bulls were not strong enough to push the price above the ascending level at $207. This is an indication of the strong defence the bears have put up at the $200 and $207 resistance.
Source: Tradingview
Right now, the bears are trying to pull ETH below $175.7 (the 20-day EMA). RSI is positive while the 20-day EMA is tilting upwards which indicates that the bulls are stronger.
If the bulls keep purchasing the dip at the 20-day EMA, ETH/USD will most likely keep moving upward and later pick up momentum. We advise traders to move their stop-loss to $160.
Note: This post is culled from an original article by cointelegraph
