CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

81.76% of retail investor accounts lose money when trading CFDs with this provider.

Crypto Focus: Another Choppy Week on the Markets

Published: 22.04.2022
by Joseph Jeffriess

It’s been a choppy week, with little direction at the end of it all on the top 10 and top 25. Both markets have seen plenty of action with decent ranges above and below the week’s open. As I write this early into Friday’s London session, sellers are now trying to get the upper hand. For now, the losses remain minor. Looking at the top 25, we saw 5.28% added to the upside and 5.77% to the downside (measuring the weekly bars high and low). Bitcoin and Ethereum both tracked closely to the top 10 and 25 indexes and were the two most significant coins edging lower after setting wide highs and lows. ETH is seeing plenty of support from 2980, and that level, for now, remains a key support point. Bitcoin continues to falter at 41,500. We are noting this level as strong resistance at this point.

Fed policy remains a sensitive point for crypto traders as Friday morning’s news of a potential 50 point rate rise in May sent shock waves through major coins. This announcement definitely looks to have derailed or added to buyer worries as the fightback we had been seeing through the week stopped. Other news stated that the Treasury Department added BitRiver and ten of its subsidiaries, based in Russia, to its sanctions list. This coming week we still feel that FED policy looks to be the more sensitive issue regarding demand. Now that the news is out and being digested, could this lead to traders moving on from the shock and becoming a little more confident in buying, or could it continue to drive funds out of the top 10 and 25 coins?

Some of this week’s big movers; Monero had another great week climbing to 281. Price gained 19.39% as demand remained thick for this coin. RookUSD KeeperDao is this weeks focus. We noticed the strong buying earlier in the week, and nothing changed by Friday’s session. Buyers are flocking to the coin, taking it back above USD$153, adding 34.52%! Price hit new 3-month highs this week after posting a second straight month of gains (at this point). Price has started to confirm a new trend after buyers beat resistance. If the new move can continue, we are looking at 167.60 as potential resistance. As long as we see new higher lows on the new pull back, we will continue to look for new moves higher, confirming the new uptrend. One pullback at resistance is fine, but we will want to see buyers break that level to really show that momentum is on the buyer side.

ROOKUSD Daily


* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.

Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.

Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.