According to a recent research note from JPMorgan, institutional investors have withdrawn around $ 20 billion from their gold investments since mid-October and during the same period institutional inflows into Bitcoin (BTC) have increased by $ 7 billion. .
The bank said, “Such a crowding out of gold as an ‘alternative’ currency means a big advantage for Bitcoin in the long run.”
JPMorgan believes that the decline in Bitcoin’s volatility could increase adoption by institutional investors. If that happens, the value of private investment in Bitcoin may mirror that of gold, giving Bitcoin a long-term upside target of $ 130,000, the bank added.
In other news, billionaire investor Mark Cuban said his crypto wallet is 30% Ether (ETH) because he believes it is the closest thing to being a real currency. Cuban said the rest of its crypto wallet consists of 60% Bitcoin and 10% other crypto investments.
CryptoQuant CEO Ki Young Ju recently pointed out that 400,000 Ether has left Coinbase, a sign that institutional investors may have started to rack up the best altcoin.
The growing adoption of cryptocurrencies by financial institutions and traditional investors is a positive sign, but will this news flow act as a tailwind and raise the price of the top 10 cryptocurrencies?
Let’s analyze the charts to find out.
BTC / USDT
Bitcoin formed a Doji candlestick pattern on March 31 and April 1, suggesting indecision among bulls and bears. However, the positive sign is that the bulls haven’t given up much ground. The bulls try again to push the price above the resistance of $ 60,000.
A strong break above the $ 60,000 overhead resistance zone at $ 61,825.84 will suggest the bulls are back in the driver’s seat. This could signal the start of the next stage of the uptrend, which has a target target of $ 69,279, then $ 79,566.
Traders can keep an eye on the relative strength index, as a break above the downtrend line will indicate a resumption of momentum.
Contrary to this assumption, if price reverses the direction of the overhead resistance zone again, the BTC / USDT pair could drop to the 50 day simple moving average ($ 53,362). A break below this critical support could attract bookings of profit from short-term traders, which could push the price down to $ 50,460.02 and then $ 43,006.77.
ETH / USDT
Ether erupted from the symmetrical triangle on March 31 and continued its journey higher. Today, the bulls pushed the biggest altcoin above the all-time high of $ 2,040.77.
The 20-day exponential moving average ($ 1,798) has risen and the RSI is close to overbought territory, indicating an advantage for the bulls.
If the buyers can keep the price above $ 2,040.77, the ETH / USDT pair could start the next stage of the upside. The target pattern for the triangle breakout is $ 2,618.14.
Contrary to this assumption, if the price drops from the current level, a drop towards the 20-day EMA is possible. A strong rebound will signal strength and the bulls will try to resume the uptrend again.
This bullish view will invalidate if bears cause the price to fall below the trendline. Such a move could bring the price down to $ 1,289.
BNB / USDT
After some hesitation on March 31, Binance Coin (BNB) broke through the resistance of $ 315 on April 1 and followed it with a break above the all-time high of $ 348.69 today. If the bulls can support the breakout, the altcoin could reach $ 400, then $ 430.
Rising moving averages and RSI in overbought territory suggest the bulls are in the driver’s seat.
However, if the bulls fail to defend the price above $ 348.69, the BNB / USDT pair could drop to $ 315. If the bulls can switch this level into support, it will increase the possibility of a resumption of the uptrend.
This bullish view will be invalidated if the pair drops and falls below the moving averages. Such a move will suggest that the current breakout was a bull trap.
ADA / USDT
Cardano (ADA) has been stuck in a narrow range in recent days, but the positive sign is that the bulls have not allowed the price to drop below the 20-day EMA ($ 1.17). This suggests a lack of buying but does not show an urgency for traders to get rid of their positions.
Bulls can now attempt to push the price above $ 1.30. If they are successful, the ADA / USDT pair could climb back to $ 1.48. This is significant resistance as the price fell on February 27 and March 18.
If this happens again, the pair could extend their stay inside the range for a few more days. However, if the bulls propel the price above $ 1.48, the pair could resume its uptrend which could reach $ 2. This bullish view will be invalidated on a breakout and close below $ 1.03.
DOT / USDT
Polkadot (DOT) had abandoned the downtrend line on April 1, but the bulls did not give up much ground. This shows that traders did not close their positions in a hurry. The buyers pushed the price above the downtrend line today.
The 20 day EMA ($ 35.06) has started to rise and the RSI is in the positive zone, indicating an advantage for the bulls. If buyers can hold the price above the downtrend line, DOT / USDT could challenge the all-time high of $ 42.28.
A breakout and close above $ 42.28 could resume the uptrend with the next possible move at $ 53.50. This bullish view will be invalidated if the price drops from the current level or historic high and slips below the moving averages. This could bring the price down to $ 26.50.
XRP / USDT
After hesitating near $ 0.60 in the last few days, the bulls are now trying to propel XRP towards the overhead resistance of $ 0.65. This level is likely to act as a strong resistance as the price has fallen five times.
However, the rise in the 20-day EMA ($ 0.53) and the RSI above 65 suggests that the path of least resistance is on the upside. If the bulls can push and hold the price above $ 0.65, XRP / USDT could move up to $ 0.78 and then $ 1.
This bullish view will be invalidated if the price drops and falls below the moving averages. Such a move will indicate that traders are selling on rallies. This could keep the pair’s range between $ 0.42 and $ 0.65 for a few more days.
UNI / USDT
Uniswap (UNI) has been stuck between the two moving averages in recent days. The bears were unable to move down and keep the price below the 50-day SMA ($ 27.59) on March 31 and the bulls were unable to keep the price above the 20-day EMA (29 , $ 13) on April 1.
The 20-day fixed EMA and the RSI just above the midpoint suggest a balance between supply and demand.
This neutral view could tilt in favor of the bulls if they propel and hold the price above $ 30.31 today. If this happens, UNI / USDT could start to climb towards the overhead resistance of $ 35.20.
On the flip side, if the price drops and falls below $ 25.50, the pair could experience increased selling pressure, which could push the price down to $ 18.
LTC / USDT
Litecoin (LTC) recovered strongly from its intraday low on March 31 and topped the 50-day SMA ($ 197) on April 1. The bulls will now try to push the price above the resistance line of the symmetrical triangle.
If they manage to do so, the LTC / USDT pair could climb back up to $ 230 and then to $ 246.96. The target pattern for the triangle breakout is $ 307.42. However, the slightly higher 20-day EMA ($ 193) and the RSI at the bearish trendline suggest weak bullish momentum.
If the price drops from the resistance line, the pair may extend its stay inside the triangle for a few more days. The bears will gain the upper hand on a break below the triangle trendline.
LINK / USDT
Chainlink (LINK) reversed $ 26.18 on March 31st and broke above the downtrend line of the descending triangle. This move invalidates the bearish setup and the bulls will now try to propel the price above the overhead resistance at $ 32.
If they are successful, LINK / USDT could start its march towards the all-time high at $ 36.93. The 20-day EMA ($ 28.45) started to rise and the RSI rose above 59, indicating a minor advantage for the bulls.
However, if the bulls fail to propel the price above $ 32, then the pair could drop to the moving averages. If the price rebounds from the moving averages, this will indicate that traders are buying on minor dips. The bulls will then make another attempt to push the price above $ 32.
Contrary to this assumption, if the price drops relative to the overhead resistance and falls below the moving averages, the pair could get stuck in the $ 24- $ 32 range for a few more days.
THETA / USDT
THETA is currently linked to a range in an uptrend. The price action of the past few days has formed a symmetrical triangle, which generally acts as a continuation pattern.
Both moving averages are on an upward slope and the RSI is at 63, indicating that the path of least resistance is upward.
If the bulls can propel the price above the triangle, THETA / USDT could climb back to the all-time high at $ 14.96, then to the pattern target at $ 17.85.
This bullish view will invalidate if the price drops and falls below the triangle. Such a move will increase the possibility of a breakout below critical support at $ 10.35, signaling a deeper correction.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You need to do your own research when making a decision.
Market data is provided by HitBTC to exchange.