BLOCVERSE MARKET ANALYSIS- ARB/USD & BTC/USD (4hr TIME FRAMES)

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Market Analysis

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ARB/USD;

Chart showing performance of ARB/USD (on 4hr Time Frame as of 24th of April, 2023). Source: Trading View

The recent bullish drive greatly impacted the Arbitrum price taking it to an ATH.

Price broke above the $1.6 resistance and took it to an All-Time High of $1.8.

Now prices seem to be retracing, probably due to short-term investors and Arbitrum Airdrop participants who refused to sell early, taking home profits.

The market remains bullish as far as the strong low(4hr resistance zone) doesn’t get broken. There should be a bounce back from that $1.2 price area.

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BTC/USDT;

Chart showing performance of BTC/USD (on Daily Time Frame as of 17th of April, 2023).

Source: Trading View

BTC broke the 28500 resistance and remained above that zone successfully for the past two weeks. Failure to flip the zone and we now find ourselves back in the 27300.

On the 4hr time frame, there is no change of character yet, so it is safe to say the price is still bullish. Traders should be taking long positions already.

A break of the support zone will drag the price down to $25 after a retest of $26500

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⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding.

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