Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 12
While fundamentals in the sector are improving, it still lacks the full-fledged involvement of institutional players.
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Market data is provided by the HitBTC exchange.
The launch of the eagerly awaited platform Bakkt has been postponed a few times, but the firm has continued to focus on building its team. It recently hired a former engineering executive at PayPal and Google as its chief product officer. These appointments show that the firm is able to attract talent from the traditional heavyweights, which is positive.
Blockstack is planning to launch a $50 million token sale that is SEC-qualified. If approved, this will be the first sale under the SEC Regulation A+ framework. Harvard Endowment fund is expected to participate in the purchase.
While the blockchain and cryptocurrency space has a lot of potential, their adoption is still not widespread. A survey of 90,000 developers by the website StackOverflow shows that 80 percent of organizations are still not using blockchain. However, Frank Xiong, vice president of blockchain product development at Oracle expects 50 percent of all companies to use blockchain within the next three years.
The developments in the sector are encouraging, but the industry still lacks the full-fledged involvement of institutional players. Goldman Sachs CEO David Solomon has denied that the bank ever wanted to open a crypto trading desk, as reported by the media a few months back.
After the recent spell of profit booking, let’s see what the charts project.
We were expecting Bitcoin (BTC) to rally to $5,600 and above it to $5,900 following the breakout above $5,309.31. But the digital currency turned down from $5,404.82. It is currently attempting to hold the support at $4,914.11. The 38.2 percent Fibonacci retracement of the recent upswing is also located close to this level. If the price rebounds from the current levels, it will indicate that sentiment has changed from sell on rallies to buy on dips. The immediate target on the upside is $5,600 and above it $5,900.
Both the moving averages are sloping up and the RSI is close to the overbought zone. This shows that the bulls are in command and the trend remains up.
The BTC/USD pair will turn negative if it turns down from the current level and slides below the 20-day EMA. Therefore, we suggest traders keep the stop loss on the remaining long positions at $4,600.
Ethereum (ETH) declined below the breakout level of $167.32 on April 11. This is a bearish sign. After a breakout of a major pattern like the ascending triangle, we expected the $167.32 level to hold. However, the bulls are trying to defend the 20-day EMA. If they can push the price back above $167.32 quickly, it will indicate buying at lower levels.
The ETH/USD pair will pick up momentum if the bulls scale above $187.98. The target remains $251.64. Our bullish view will be invalidated if the pair turns around from the current levels or from $187.98 and plummets below the 20-day EMA. Such a move will confirm that the breakout was a bull trap. For now, traders can retain the stop loss on the remaining long positions at $150.
Ripple (XRP) broke below the immediate support of $0.350 and the 20-day EMA on April 11. It has again re-entered the descending channel, which is a bearish sign. The bulls are presently trying to defend the 50-day SMA.
Both the moving averages have flattened out and the RSI is close to 50. This points to a consolidation in the short-term. If the XRP/USD pair rises above the resistance line of the descending channel, it might move up to $0.37835. A breakout of this level will signal a change in trend that can be bought.
However, if the pair breaks down of the 50-day SMA, it can drop to $0.27795. We do not find any reliable buy setup at the current level; hence, we are not suggesting any trade in it.
Litecoin (LTC) witnessed profit booking as it failed to climb above $91 on April 10. The correction stalled at the 20-day EMA. Currently, the bulls are trying to stabilize the price around the 20-day EMA and resume the recovery.
The 20-day EMA is flattening out and the RSI has dropped to just above the midpoint. This suggests consolidation in the short term. However, the long-term trend remains up as the 50-day SMA is still trending higher.
The LTC/USD pair will face resistance in the $91 to $100 zone on the upside. If this zone is crossed, the next targets to watch are $159 and above it $180. On the other h