Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 24
The current bull market could turn out to be a long one, as every higher level will bring in supply, which will cause the market to correct.
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Market data is provided by the HitBTC exchange.
Unlike the previous bull market, recovery this time is likely to be a long one because every higher level will bring in huge supply, causing the market to correct. We also expect the markets to take a dip intermittently to shake out the weaker hands.
Many still doubt the future of this nascent asset class. In a recent survey of a few European nations, 63% of participants were confident that cryptocurrencies will exist in 10 years in some form or the other. However, the respondents were not that upbeat on Bitcoin, as only 49% believed that it will exist in 10 year from now. Even fewer, only 7%, hope to see Bitcoin as an investment and security tool in 10 years. This shows that some are still oblivious to the huge potential of this space.
However, companies across the world have been experimenting with blockchain technology and cryptocurrencies. Societe Generale SFH is working towards improving the transparency and transferability of bond issuances. In this regard, it has issued 100 million euro bond as a security token on the Ethereum blockchain.
Samsung might launch its own cryptocurrency named Samsung Coin, according to anonymous sources. Walt Disney Corp. is in talks to buy out online gaming giant NXC Corporation, which in turn has stakes in Korbit and Bitstamp crypto exchanges.
Bitfury has obtained approval for a dedicated bitcoin mining fund for institutional investors from Liechtenstein. This will give an opportunity to the institutions to invest in the interesting world of bitcoin mining.
Currently, altcoins are tumbling. Do any of them offer a buying opportunity? Let’s find out.
Bitcoin (BTC) is currently facing some resistance close to $5,600. However, both the moving averages are trending up and the RSI is still close to overbought levels. This shows that the bulls are in charge. On the upside, a breakout of $5,600 can propel the price to the next critical zone of $5,674.84–$5,900. We anticipate the bears to defend this zone. Hence, traders can book partial profits on their remaining long positions above $5,600 and keep the stop loss on the rest at $4,800.
Conversely, if the bears sink the BTC/USD pair below the 20-day EMA, it can slide to the next support at $4,914.11. This is a critical support, which might hold. A breakdown of this level will hurt sentiment as it will weaken momentum and indicate that the bears are still shorting at higher levels. If the bulls fail to defend $4,914.11, the digital currency can dip to the 50-day SMA. The next few days are critical as it will determine whether the recovery is over or if this is only a shakeout.
Ethereum (ETH) again reversed direction from the overhead resistance at $180 on April 23. The price has broken down of the 20-day EMA and has re-entered the triangle, which is a bearish sign. This shows that the breakout from the triangle did not find any buyers at higher levels.
If the bulls fail to push the price back above $167.32 within the next couple of days, the ETH/USD pair can drop to the 50-day SMA. A break of this support can sink the pair to $144.78. Hence, traders can retain the stop loss on the remaining long positions at $150. We would have suggested closing the entire position but the moving averages are still sloping up and the RSI is at the midpoint, which shows that the bulls are still in the game.
If the bulls quickly push the price back above $167.32, it will again try to break out of the overhead resistance zone of $180–$187.98. It will pick up momentum above $187.98.
After holding the 50-day SMA for four days, Ripple (XRP) plunged below it today. This is a negative sign. It can now drop to $0.27795, which is a critical support. If this support also gives way, a retest of the yearly low at $0.24508 will be in the cards.
However, if the support at $0.27795 holds, the XRP/USD pair might remain range bound for a few more days. The 20-day EMA is gradually sloping down and the RSI has dived into the negative territory, which suggests the bears are back in command. The pair has been one of the weakest digital currencies as it has not participated in the recent recovery. This shows a lack of demand for it. We therefore withdraw the