The Bitbuy Brief: Bitcoin Leads the Way

Issue #182: Bitcoin Leads the Way

April 28th, 2022

Weekly Market Recap

BTC -1.79%
Last Thursday, we started a slight downtrend – dropping 2.5% till Monday. When we caught a large green hammer candle. Extinguishing the losses from the previous 4 days. On Tuesday, Amazon denies claims it will be accepting payments in BTC – price drops 5%. And over the last two days, BTC has been slowly erasing the 5% decline.

On HTFs (Higher Time Frames), BTC keeps making lower highs and higher lows. Meaning, BTC could be in a downtrend.

Additionally, bears will be fighting hard over the next day and half. They are eyeing a $350 Million USD profit if they force BTC price below $39K USD when the April options expire tomorrow.

ETH -1.93%
It is uncanny how correlated ETH and BTC can be. The daily candles are basically identical. And, on the daily and weekly charts, The RSI has dipped below 50. Indicating, ETH could be oversold. Just in the last few days, some candles have closed below the 50 and 200 EMAs – which is understood to be a bearish signal.

SOL -4.53%
Since April 4th, we have witnessed a 27% decrease in price. Solana is 2nd to Uniswap for most GitHub submissions per day. Developer activity can be a leading indicator for future success of crypto projects.

MANA -21.24%
Since reaching its ATH of $5.90 USD (on 11/25/2021) MANA appears is in a downtrend. Making higher lows and lower highs. Currently, on the daily chart, RSI is in oversold territory. The last time RSI touched these RSI levels was in January of this year. In the proceeding 17 days, MANA price went up 64%. But with Decentraland land sales decreasing over the last 4 months, who knows if MANA can retrace its previous highs.

SUSHI -14.40%
On Tuesday, all the coins above had large red candles. SUSHI was no different. Its price followed BTC. This week, Sushiswap 2.0 announced a restructuring plan. Their plan is to eliminate operational efficiencies and create a new DAO – SushiDAO.

DOGE +2.95%
The power of Elon Musk was on full display. He agreed in principle to buy Twitter, and DOGE price jumped 20% that day. The hype was short-lived. DOGE price suffered the same fate as crypto and dropped 13% the day after.

The hope for DOGE is Elon can bring more utility to the token via Twitter.

Other Coins
They were highly correlated to Bitcoin too except for USDC.

Thank you for reading.

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