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Bitcoin Hits Year High

On Sunday evening during quiet trade, Bitcoin made a 7% rally in an hour, reaching new highs. Naturally, Ethereum and Ripple followed him.

After this upswing, however, cryptocurrencies experienced a slight decline before stabilizing. Will this happen again? While some market players may want to take their profits already, digital assets have room to rise and support below.

This morning the total capitalization of all digital assets in circulation decreased to $ 274 billion from $ 273 billion on Tuesday. And the average daily volume of trade fell to 84 billion dollars amid the sluggish market activity.

BTC/USD is range-bound with a bearish bias

Although the enthusiasm of traders is now rising and as I said, BTC has space up, I want to say a few things. Firstly, do not confuse this movement with a new trend. Let the trend tell you when it’s over.

Secondly, this is a pure game with volatility. Volatility expands, then decreases. When Bitcoin reached a peak of all times in 2017, the volatility was extremely high. When the main digital asset hit its lowest level in December 2018, volatility was shrunk. Now it is expanding again.

Third, if this is really a reversal of the trend, then it will obey the laws of a 50% retracement. $ 19,770 is the highest level for all time, and $ 3,160 is the low of December, and given the current bullish momentum, the 50% level of that range is at $ 11,500. For the bulls that should look like a reasonable target.

It is possible that the price will consolidate around 8,500 area before targeting 10,000. A failure of move above $ 8,700 could make Bitcoin deeper into the red territory. A clear break below the morning bottom at $ 8,430 will lead the price to test the first support in the $ 8,350 area.

Ripple’s trend is bullish as long as the price stays above $ 0.40

XRP/USD settles above $ 0.4200 after the technical correction from the recent high of 0.4780 on May 16th. Movement above this maximum should attract new buyers and take the price to the first bull’s goal at $ 0.50.

On the downside, the nearest support is at $ 0.4180 (yesterday low), which breakthrough may trigger further downside momentum for testing $ 0.4000 (the 200-day SMA is located at 0.3970 on the hourly chart).

SMA 200 turned upside after the price of Ethereum consolidates

ETH/USD fell from $ 279.41 on Monday to $ 261 earlier today. The price currently is over 200 SMA, 50 SMA, and 20 SMA. And the fact that the 200-day simple moving average (SMA 200) turned upward for the first time since June 2018 can give the bulls further confidence.

If we look at the Bollinger Bands indicator, however, we will see that external borders are narrowing, indicating a decline in market volatility. In addition, the Relative Strength Index (RSI) is at the border to the overbought area. On the downside, we have immediate support at 245.24 (Sunday low) followed by $ 231.61.

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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The crypto market has moderate gains

Overview of the crypto market on Wednesday:

The bulls on the crypto market have been working overtime to correct after the downside movement on Monday. Bitcoin and all other significant Altcoins made rally yesterday, enjoying big profits. The total capitalization of the crypto market has earned $ 5 billion over the past 24 hours.

BTC/USD recovered from its last bottom at $ 4,964 to trade around $ 5,195 at the time of my writing. BTC/USD rose 2.37% on a daily basis and this morning continues to move within the current upside price channel. Bitcoin SV, on the other hand, remains the most losing coin, going down by 8% after delistings from Binance, Shapeshift, Kraken, and Blockchain.com.

The crypto market slowly regains some of its previous vitality

On the fundamental front, we also have quite positive news that can only support the bulls of the crypto market. The eToro giant has launched its newest crypto exchange eToroX, which will be regulated in Gibraltar. eToroX will give users access to eight stablecoins (including Swiss francs and US dollar) which have all been created by eToro. Users will be able to buy Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), XRP, Litecoin (LTC) and Dash. There are also 37 pairs of crypto coins-to-fiat currencies available.

OKEx has announced it will expand to European traders by offering 3 new fiat-to-crypto pairs. The Malta-based crypto exchange, which has an international presence, will offer pairs of crypto with the Euro, the Russian ruble and the Turkish lira.

On the other hand, Forbes released a list of “Blockchain’s Billion Dollar Babies”, which means companies implementing blockchain technology and who have a minimum income or valuations of $ 1 billion.

The list includes companies in the spaces of cryptocurrency and blockchain development, in addition to traditional financial companies such as banks and clearing houses, food companies, supply chain management firms and others. Most of the listed companies are local names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle.

In addition, one of the largest travel companies in the world has also made a major step in the world of cryptocurrencies. Corporate Traveler, a subsidiary of Flight Center Travel Group, based in Australia, has already begun accepting crypto payments. BitPay will facilitate payment processing by entering into a strategic partnership with the travel company.

Bitcoin’s technical picture

Bitcoin bulls managed to break the $ 5,200 level after the price dropped to $ 5,014 on Tuesday. BTC/USD managed to reach a high at $ 5,230 this morning. And the price action is currently moving within the formation of bullish pennant pattern, with subject to a breakout higher. On the upside, we have resistance at $ 5,278 (high of April 4), $ 5,300/8 (50% Fibo correction level on the decline from 7,358 to 3,177 on weekly chart) and the psychological $ 5,400 level.

However, it seems that the bears are fighting hard and managed to lower the price to $ 5,189 earlier today. Yesterday, BTC/USD broke and now is moving above the SMA50 on the 4-hour chart, which is currently localized at $ 5,108. A clear breakout under it may resume sales for testing the strong psychological support of $ 5,000. Next supports are as follow: $ 4,825 (38.2% Fibo level of the above-mentioned drop) and $ 4,977 (SMA 100 on 4-hour chart).

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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