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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and commercial move involves a risk, you have to do your own investigation to make a decision.
Market data is provided by HitBTC.
The recovery of cryptocurrency prices has led to an increase in OTC demand for bitcoins and altcoins. This volume increase was cited by the Binance CFO as one of the reasons for its strong performance in the first quarter.
Bakkt is another closely monitored platform that has not yet been launched. Anonymous sources told Bloomberg that the US Commodity Futures Commission (CFTC) was reluctant to approve the bitcoin futures because Bakkt intended to keep the users' assets. However, while the CFTC recognizes state licenses and trusted banks, Bakkt could apply for a BitLicense license in New York to launch its Bitcoin futures. This will likely increase the possibility of a green signal from the CFTC for the project.
The cryptocurrency and blockchain space attracts investment from venture capitalists and the government. Compared with the 2.5 billion USD invested by venture capital firms in 2018, 850 million USD of investors have already been invested in space in 2019. At this rate, it is likely that this year's total investment exceeds that of last year. Similarly, US federal government blockchain spending is expected to rise from $ 10.7 million in 2017 to $ 123.5 million by 2022.
We also appreciate how the community responded quickly to the tragedy of Notre Dame.
BTC / USD
Bitcoin (BTC) continued to progress at a snail's pace. This shows that bulls are worried about aggressive buying at higher levels. But if the digital currency exceeds 5404.82 USD, it could attract purchases and coverage in short positions. Objective levels to rise are $ 5,674.84 and above $ 5,900.
The moving averages of the bullish trend and the RSI near the overbought area suggest that bulls have an advantage. Our bullish outlook will be invalidated if the BTC / USD falls below current levels and drops below US $ 4,914.11. Such a movement will mark the reserve of profits and the short initiation of aggressive bears. Traders can track the stop loss limit in the remaining long positions up to USD 4,800.
ETH / USD
Ethereum (ETH) came back from the general resistance of USD 167.32. Now, it is likely that he will attempt to climb to 187.98 USD. If successful, this will indicate the strength and the bulls will be able to pass the digital currency to 220 USD. Although the break-up goal of the ascending triangle is $ 251.64, it offers great resistance between $ 220 and $ 251.64.
The two moving averages are progressively increasing and the relative strength index (RSI) is in the positive zone. This suggests that bulls have the advantage.
Our bullish outlook will be invalidated if the bears lower the ETH / USD pair below USD 167.32. A breakout of USD 156.42 will change the trend in favor of bearish. Traders can continue to maintain the loss limit in the remaining long positions at $ 150. We will cross the highest stops in a few days.
XRP / USD
Ripple (XRP) broke 0.33108 USD on April 17, but could not contain it. The price is again below 0.33108 USD. This shows a lack of buyers at the highest level. Both moving averages are flat and the relative strength index (RSI) is close to 50. This indicates a limit of action for the next few days.
In our previous analysis, we recommended buying if the XRP / USD pair remained at 0.33108 USD for the next two days. But with a price below 0.33108 USD today, our purchase condition has not been activated. Given the repeated failures, we withdrew our purchase proposal. We suggest an exchange when the pair remains well above 0.3310 USD.
Currently, if the bears plunge the digital currency below 50 USD, it will signal a weakness and a fall to 0.27795 USD is possible.
BCH / USD
After not being able to stay above the general resistance of 332.58 USD, Bitcoin Cash (BCH) is facing profit reserves. You can now switch to the exponential mobile average (EMA) over 20 days, likely to offer assistance. The two moving averages are angled up, which shows that bulls have the advantage. If the rebound of the 20-day EMA does not come out of the general resistance zone from 332.58 USD to 363.30 USD, it will stay within a few days.
A break below the 20-day Mobile Exponential Average (EMA) can cause the BCH / USD pair to drop to $ 239, which is an essential support. If this support gives, it will indicate that bears are back in action.
On the other hand, if the bulls manage to break $ 363.30, the pair could rise to $ 451.32. The digital currency has a history of vertical rise, so a $ 451.32 violation could surprise the rise. We will wait for the upturn to resume before proposing an exchange.
LTC / USD
Litecoin (LTC) has maintained the 20-day exponential moving average (EMA) in recent days. This shows that the bulls are ready to defend this support. The 20-day EMA gradually tilts and the Relative Strength Index (RSI) is just above the midpoint. This suggests a marginal advantage for bulls. If the price rises above USD 84.3439, we expect a quick transfer of USD 91-100 USD to the upper resistance zone.
A break in the resistance zone will complete a rounded background pattern with a target of $ 159 and above $ 180. Traders can buy a small portion (about 30%) of the size of their usual position during a break. and closing (UTC period) above USD 84.3439. The rest of the position can be purchased above $ 100 with an initial loss limit of $ 74.
Contrary to our expectations, if the LTC / USD pair deviates from one of the general resistances and drops below US $ 74, it can correct the 50-day single moving average and lower than US $ 62,450 .
EOS / USD
EOS has been consolidated over 20 days of the mobile exponential average (EMA) in recent days. Bulls did not allow the price to fall below the EMA at 20 days and the bears did not allow a sustained rebound of support. It is unlikely that this phase of balance will continue for a long time.
Growing moving averages and relative strength index (RSI) in positive territory suggest that bulls have the advantage. A breakout of 5.6602 USD will indicate strength and could bring the price to 6.0726 USD and above 6.8299 USD.
Conversely, if the EOS / USD pair falls below $ 5, it could fall to the support zone of $ 4.4930 to $ 3.8723. We have not detected any reliable purchasing parameters at current levels; therefore, we remain neutral in the pair.
BNB / USD
Binance Coin (BNB) climbed on April 18 and continued today with another strong move. This shows that bulls are ready to buy at higher levels. At present, it is likely that the historic maximum at 26.4732350 USD will be retried. With rising moving averages and the relative strength index (RSI) in the overbought territory, the path of least resistance is on the rise.
If the BNB / USD reaches a new historic high, it will be a big positive. This will indicate that the price reached in January 2018 is not an inappropriate name. This will encourage traders to continue to buy other digital currencies that are fundamentally sound.
Our bullish view will be invalidated if the pair reverses the direction of the current level and dives below moving averages. Until then, it remains the goal to make a historical maximum. We did not detect an entry with a good risk / return ratio; so we did not suggest an exchange.
XLM / USD
Stellar (XLM) traded between USD 0.110 and USD 0.120 in the last seven days. The 20-day Mobile Exponential Average (EMA) is flat and the Relative Strength Index (RSI) is close to 50. This also supports ongoing consolidation.
If the XLM / USD pair breaks and remains above 0.120 USD, it could go back to the downtrend line. We will be positive in the pair after it has stood above USD 0.1461760.
Conversely, if the digital currency falls below US $ 0.110, it could fall to the uptrend line, below which it will become negative.
ADA / USD
After failing to break the bearish trend line, Cardano (ADA) broke away from the 20-day moving average exponential (EMA). This is a negative sign. If declines can lower the price below $ 0.075920, the price may go down to the simple moving average (SMA) of 50 days.
On the other hand, if the ADA / USD pair moves away from the bearish trend line, it will again attempt to break the general resistance of 0.094256 USD. A closure above this level will be a positive development.
However, the 20-day moving exponential average (EMA) is flattened and the relative strength index (RSI) is close to the midpoint. This indicates short-term rank formation. The couple shows signs of cup and sleeve formation. This scheme will be completed in a close (UTC time interval) greater than USD 0.094256. We will wait for a bullish configuration before recommending a long position on this pair.
TRX / USD
Tron (TRX) could not afford USD 0.02815521 in the last few days. This shows a lack of pressure to buy. If the general resistance is not broken, he will be asked to sell. Bears are trying to lower it below the mobile exponential average (EMA) over 20 days. If successful, a 50-day fall in the simple moving average (SMA) is likely.
Both moving averages are flat and the relative strength index (RSI) is in the middle. This points to a balance between buyers and sellers. The balance will tip in favor of the bulls if the TRX / USD pair breaks and stays above 0.02815521 USD. This should start a new uptrend of up to USD 0.03278079 and above USD 0.03575668.
However, if parity fails to maintain the simple moving average (SMA) at 50 days, it is possible to fall to 0.01830 USD with support below 0.02094452 USD. Traders can maintain the limit of loss in long positions at $ 0.0240.
Market data is provided by HitBTC. TradingView provides the charts for analysis.
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