Bitcoin and Ethereum charts overview for April 19
- The price of bitcoin had a very turbulent day yesterday.
- After the price of ethereum fell below the $ 2,900 level yesterday, it consolidated very quickly and returned above $ 3,000 with a bullish impulse.
- The rise of online whales increases the pressure on buying property and encourages the growth of bitcoin prices.
- The London cryptocurrency exchange Exmo is the latest cryptocurrency trading platform.
Bitcoin chart analysis
The price of bitcoin had a very turbulent day yesterday. At the beginning of the day, the price dropped to $ 38,612 to very quickly with positive consolidation, and a new bullish momentum climbed to $ 41,275. Bitcoin has climbed beyond the MA200 moving average, and now the price is consolidating for the next bullish momentum. During the day, the maximum pullback price was up to $ 40,660. We can say that Bitcoin is trying to form a FLAG pattern on the chart, from which a new bullish impulse will emerge. Our next target is last week’s high at $ 41,635. Below, the next potential resistance awaits us at $ 42,420, then at the $ 43,364 level. We need a negative consolidation and withdrawal of a price below $ 41,000 for the bearish option. After that, if bearish pressure continues, we seek support at the $ 40,000 level. After that, moving averages move to bearish territory and put additional pressure on Bitcoin. We are looking for the next support in the zone of 39,230 dollars, and if it does not last, we are closing in until the April minimum at the level of 38,600 dollars.
Ethereum chart analysis
After the price of ethereum fell below the $ 2,900 level yesterday, it consolidated very quickly and returned above $ 3,000 with a bullish impulse. This morning, ETH formed a new high this week at 3090 dollars, then we see consolidation in the range of 3040-3080 dollars. We can say that the price has stabilized above the moving average and that we are now expecting a new bullish impulse that would raise us to $ 3145, the previous high. At that point, we have some resistance because we have already been prevented from continuing on the bullish side. Breaking prices above would certainly boost bullish optimism about Ethereum’s price recovery. We need negative consolidation and a pullback below the $ 3,000 level for the bearish option. Such a move would lower us below the moving average, which would further increase the bearish pressure. Then we will probably drop to the previous support zone at $ 2,900.
Market overview
Bitcoin migration from the Coinbase to wallets
Growing institutional demand, an increase in the number of whales on the Bitcoin network, and a massive outflow of BTC through stock exchanges such as Coinbase Pro are three key reasons driving current growth. Ki Yang Yu, executive director of the analysis platform on the CryptoQuant chain, believes that institutional purchases could reappear as a critical narrative in the crypto market.
There was a sudden outflow of bitcoin: 64,233 BTCs were withdrawn from crypto exchanges on March 28. Investors picked up $ 2.57 billion worth of Bitcoin and withdrew it from circulation.
Coinbase Pro transferred a large amount of bitcoin this week, a total of 30,000 in one day. The sharp increase in the purchase of BTC among whales and large investors in the wallet is considered a bull sign for the property’s price.
The rise of online whales increases the pressure on buying property and encourages the growth of bitcoin prices.
Exmo exits from Russian crypto market
The London cryptocurrency exchange Exmo is the latest cryptocurrency trading platform. She has officially suspended its operations in Russia and Belarus due to the Russian invasion of Ukraine.
Exmo is selling the business of its digital assets in Russia and Belarus to a Russian software development company, Ekmo officially announced on Monday.
The agreement includes Ekmo’s client accounts in Russia and Belarus and local fiat onramp systems, Zhdanov said. The technical code of the platform is not for sale and is fully owned by the Exmo Group.
Except in Russia and Belarus, the business includes Exmo business in Kazakhstan because the new owner’s team is located in Kazakhstan. The undiscovered buyer also owns a Russian software development company based in Kazakhstan.