Interpretation of cryptocurrency market on April 10th, 2023
The market continued to shake over the weekend as volatility continued to converge. It is getting closer to a choice of direction. This week, there is a high probability of volatility, driven by CPI data and the Shanghai upgrade event.
As for the direction, the probability of an upward move remains high. The event-driven positive component is mostly positive. Any relatively sizable round of the market will eventually end with FOMO sentiment. This year's FOMO sentiment has only been seen in the altcoins sector in January. It was short-lived and did not fully ignite the market. So the long-awaited realization of the market could still follow.
An acceleration in ETH staking following the Shanghai upgrade would be positive for the market overall. The staking sector is not moving ahead of schedule at the moment. The market is also waiting to see the impact after the free access. Just keep patient.
Overall, there is no need to be overly pessimistic at the moment. The market is likely to answer this week. The follow-up action needs to be decided based on market performance and your positioning. If you are positioned as an investment, reduce your position on the upside and continue to hold and increase your position on the downside. If positioning is trading, up still to reduce positions, but down needs to break out of the market.
As for the direction, the probability of an upward move remains high. The event-driven positive component is mostly positive. Any relatively sizable round of the market will eventually end with FOMO sentiment. This year's FOMO sentiment has only been seen in the altcoins sector in January. It was short-lived and did not fully ignite the market. So the long-awaited realization of the market could still follow.
An acceleration in ETH staking following the Shanghai upgrade would be positive for the market overall. The staking sector is not moving ahead of schedule at the moment. The market is also waiting to see the impact after the free access. Just keep patient.
Overall, there is no need to be overly pessimistic at the moment. The market is likely to answer this week. The follow-up action needs to be decided based on market performance and your positioning. If you are positioned as an investment, reduce your position on the upside and continue to hold and increase your position on the downside. If positioning is trading, up still to reduce positions, but down needs to break out of the market.