Price Analysis April 10: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

Price Analysis April 10: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

Bitcoin needs to stay above $6,500 to maintain the path to the short term target at $8,000

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The number of Bitcoin whales holding at least 1,000 BTC has been rising for the past few months, according to a report by Glassnode. The report also highlights that the accumulation continued during the recent slump on March 12 and 13 when Bitcoin’s price dropped below $4,000 levels. This suggests that the whales are bullish on Bitcoin due to the upcoming halving event in May. 

Canadian asset manager 3iQ has launched “The Bitcoin Fund,” on the Toronto Stock Exchange (TSX), which is tied to Bitcoin. Tyler Winklevoss said that this was a historic moment as it was “the first public Bitcoin fund listed on a major stock exchange.” The fund offers an opportunity to the investors to add Bitcoin to their portfolio without worrying about cryptocurrency security or custody.

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

As the panic in the global markets subsides, Bitcoin has become more and more uncorrelated to every other asset class. In the past ten days, Bitcoin’s correlation with gold and the S&P 500 has turned negative. On the other hand, the correlation of Bitcoin with the major cryptocurrencies has risen sharply. 

Though Bitcoin has not rallied during the current crisis, we like that it has behaved like a mature asset and has held its own. This is likely to attract institutional investors who might want to take exposure to an uncorrelated asset like Bitcoin, which has proven itself during one of the worst crises ever.  

Today, the total crypto market capitalization has dipped below $200 billion, which shows bear pressure. Let’s study the charts of the major cryptocurrencies to spot the critical support levels to watch out for. 

BTC/USD

Bitcoin (BTC) failed to break out of the 50-day simple moving average for the past three days. This attracted profit booking by the short-term traders who had entered at lower levels. It also gave a shorting opportunity to the bears who are attempting to resume the downtrend. 

BTC–USD daily chart

BTC–USD daily chart. Source: Tradingview

The 20-day exponential moving average ($6,834) is likely to act as strong support on the downside. If the BTC/USD pair rebounds from close to this level, it will signal strength and increase the possibility of a breakout of the 50-day SMA. Above $7,500, a rally to $8,000 and above it to $9,000 is possible. 

Contrary to our assumption, if the bears sink and sustain the pair below the 20-day EMA, a drop to $6,500 and below it $5,660.47 is likely. 

The 20-day EMA is flattening out and the relative strength index has dipped below the midpoint, which suggests a consolidation in the near-term. For now, the traders can keep the stop loss on the long positions at $5,600.

ETH/USD

Though Ether (ETH) surged on April 6, the bulls could not replicate the same move to push it above the 50-day SMA. This suggests that the bears are aggressively defending the level.

ETH–USD daily chart

ETH–USD daily chart. Source: Tradingview

Currently, the ETH/USD pair has dipped to the 20-day EMA ($152), which is likely to act as strong support. If the pair rebounds off this level, the bulls will make another attempt to carry it above the 50-day SMA ($174). 

If successful, a new uptrend with a target objective of $250 will start. There is a minor resistance at $208.50 but we expect it to be crossed.

Contrary to our assumption, if the pair dips below the 20-day EMA, a drop to $117.090 is likely. Therefore, the stops on the long positions can be kept at $135.

XRP/USD

Though XRP closed (UTC time) above the 50-day SMA on April 08, the bulls could not build upon this advantage. This shows that the bears are aggressively defending the 50-day SMA. Currently, the bears are attempting to sink the altcoin below the 20-day EMA ($0.183).

XRP–USD daily chart

XRP–USD daily chart. Source: Tradingview

If successful, the XRP/USD pair can dip to the strong support of $0.15983. A break below this level will indicate an advantage to the bears.

Conversely, if the pair rebounds off the 20-day EMA, the bulls will again attempt to start a new uptrend towards $0.25. For now, the traders can retain the stops on the long positions at $0.155.

BCH/USD

Bitcoin Cash (BCH) scaled above the 50-day SMA on April 8 and 9 but the bulls failed to sustain the breakout. This shows a lack of buyers at higher levels. The bears will now try to grab the advantage by sinking the altcoin below the 20-day EMA ($238).

BCH–USD daily chart

BCH–USD daily chart. Source: Tradingview

If the bears sustain the BCH/USD pair below the 20-day EMA, a drop to $200 and below it to $166 is likely. The traders can retain the stops on the long positions at $197. 

On the other hand, if the pair bounces off the current levels or from $200, the bulls will again attempt to push it above $281. 

BSV/USD

Bitcoin SV (BSV) climbed to $227 on April 9, which was just below our first target objective of $233.314. However, the bulls could not sustain the higher levels and the altcoin has turned down sharply.

BSV–USD daily chart

BSV–USD daily chart. Source: Tradingview

The failure of the bulls to hold on to the higher levels is a huge negative. It suggests profit booking by the short-term traders and selling by aggressive bears. The BSV/USD pair has dropped to the 20-day EMA at $181.7. 

If the bears sustain the price below the 20-day EMA, a drop to $146.96 is possible. On the other hand, if the pair bounces off the current levels, it will increase the possibility of a rally to $268.842. Hence, the traders can retain the stop loss on the long positions at $165.

LTC/USD

Though Litecoin (LTC) stayed above the critical level of $43.67 for three days, the bulls could not propel it above the 50-day SMA. This attracted selling, with the bears attempting to sink the altcoin below the 20-day EMA ($42.25).

LTC–USD daily chart

LTC–USD daily chart. Source: Tradingview

If the price sustains below the 20-day EMA, a drop to $35.8582 is likely. This is an important support level to watch for because if this cracks, the decline can extend to $30.

However, if the LTC/USD pair rebounds off the current levels or $35.8582, the bulls will make another attempt to scale it above the 50-day SMA ($48.15). If successful, a rally to $63 is likely. The traders can keep the stop loss on the long positions at $35.

EOS/USD

EOS has turned down from the 50-day SMA ($2.82), which shows that the bears are aggressively defending this resistance level. If the altcoin dips below the recent breakout level of $2.4001, a drop to $2.0632 is likely.

EOS–USD daily chart

EOS–USD daily chart. Source: Tradingview

Both the moving averages have flattened out and the RSI has dropped below the midpoint, which suggests a few days of range-bound action.

The trend will turn in favor of the bulls if they can drive the EOS/USD pair above the 50-day SMA. In such a case, a rally to $3.1802 and then to $3.86 is possible. The traders can protect their long positions with the stop loss at $2.

BNB/USD

The bulls failed to drive Binance Coin (BNB) above the 50-day SMA for four consecutive days. This has resulted in selling by the short-term bulls and the aggressive bears. A break below the 20-day EMA ($13.70) will strengthen the bears.

BNB–USD daily chart

BNB–USD daily chart. Source: Tradingview

If the BNB/USD pair sustains below the 20-day EMA, a drop to the next support at $11.2552 is likely. If this level also cracks, the pair will become hugely negative.

On the other hand, if the pair bounces off the 20-day EMA, it will indicate that the sentiment is to buy the dips. The bulls will then attempt to push the price towards $17.50 and above it to the target objective of $21.50. Therefore, the traders can hold their long positions with the stop loss at $11.

XTZ/USD

Tezos (XTZ) broke above the downtrend line on April 8, which triggered our buy suggested in the previous analysis. However, the altcoin has turned down from the 50-day SMA, which is a negative sign.

XTZ–USD daily chart

XTZ–USD daily chart. Source: Tradingview

The bears will not attempt to sink the XTZ/USD pair below the 20-day EMA ($1.84). If successful, a drop to $1.65 and below that $1.4453 is possible. Therefore, the traders can keep the stop loss on the long positions at $1.40.

Conversely, if the pair rebounds off the 20-day EMA, it will signal to buy on dips. If the price breaks above $2.185, the pair is likely to rally to $2.75 and then to $3.33.

LINK/USD

The sharp recovery from the recent lows has helped Chainlink (LINK) become the tenth largest cryptocurrency in terms of market capitalization. The 20-day EMA ($2.61) has turned up and the RSI is in the positive zone, which suggests that bulls have the upper hand.

LINK–USD daily chart

LINK–USD daily chart. Source: Tradingview

If the LINK/USD pair bounces off the 50-day SMA ($3.04) or from the 20-day EMA, the bulls will try to resume the up move. A break above the overhead resistance at $3.5948, which is the 61.8% Fibonacci retracement of the recent fall, is likely to be a huge positive.

Above this level, a rally to $4.9762 is possible. Though the bears might try to arrest the up move at $4.2023, we expect this level to be crossed.

Our bullish view will be invalidated if the pair drops below both the moving averages. Such a move can drag the price back to $2 levels. However, we give this a low probability of occurring.

The views 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 should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.


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Bitcoin needs to stay above $6,500 to maintain the path to the short term target at $8,000

Bitcoin Price Drops to $6.5K as Traders Eye CME ‘Gap’ Bounce

Bitcoin Price Drops to $6.5K as Traders Eye CME ‘Gap’ Bounce

Bitcoin reverses at $6,500 to avoid freefall lower

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Bitcoin (BTC) dropped to within $15 of $6,500 on Nov. 25 after another day of significant losses obliterated previous support levels.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin comes within an inch of $6,500

Data from Coin360 shows BTC/USD bouncing off the significant $6,500 barrier, having fallen 7% in the past 24 hours. 

The cryptocurrency’s weekly downturn currently stands at more than 20% versus the same point last week, while monthly, investors have taken a 30% hit on holdings.

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, current moves are essential in deciding whether bulls have a chance of preserving influence. If not, little remains in the way of Bitcoin dropping as low as $2,500. 

Commentators will be keenly eyeing $6,500 in particular, as this figure represents the assumed cut-off point for miner profitability. Previously, analysts had claimed miners would defend that price should Bitcoin fall within its range. 

At press time, that theory appeared to hold, with an upwards reversal taking Bitcoin to $6,700.

As an indicator of sentiment among professional traders, regular Cointelegraph contributor Michaël van de Poppe said that longer-term, Bitcoin still remained a firm best choice.

“Whatever movements there are now (whether we go back to $7,800 prior to any further downwards movements), I do believe that the asset $BTC is one of the few bullish assets macro wise for the coming years,” he said in his latest Twitter update late on Sunday.

Van de Poppe added he would remain satisfied if markets bottomed in the low $6,000 range.

Elsewhere, theories explaining Bitcoin’s loss of momentum ranged from the commonplace China exchange crackdown to one involving the United States. As Adamant Capital founder Tuur Demeester noted, U.S. investors could be deliberately forcing the market lower in order to record negative performance for their end-of-year tax obligations.

Short-term performance could also improve thanks to a “gap” in CME Group’s Bitcoin futures. As noted, when futures begin trading at a different price to that at which they closed their previous session, Bitcoin tends to “fill in” the resulting vacuum later. That blank spot currently sits at around $7,300.

Altcoins see red with 10% fall

Altcoin markets predictably suffered as a result of Bitcoin’s weakness. As the week began, most cryptocurrencies in the top twenty by market cap shed almost 10%.

Ether (ETH), the largest altcoin, fell 9.8% to hit $136, its lowest price since Apr. 1 this year. 

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

Others, such as Litecoin (LTC), managed to stave off the worst of the bearish sentiment to deliver more moderate losses of around 5%.

The overall cryptocurrency market cap also erased a significant chunk of its value, falling to just $183 billion at press time with Bitcoin’s share at 66.2%.

Keep track of top crypto markets in real time here


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Bitcoin reverses at $6,500 to avoid freefall lower

Bitcoin Miners Will ‘Defend’ Price Above $6,500 Ahead of Halving: Analyst

Bitcoin Miners Will ‘Defend’ Price Above $6,500 Ahead of Halving: Analyst

Bitcoin miners may stop the price hitting new lows this year

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Bitcoin (BTC) miners want to coordinate the market in order to maximize revenue as the 2020 block reward halving nears.

Are miner’s controlling the market?

That was the conclusion of a new Bitcoin price analysis by popular trader Filb Filb as BTC/USD neared $9,000 on July 17. 

The largest cryptocurrency saw considerable downward pressure this week following a volatile period, while analysts remain at odds as to which factors are driving the market.

Filb Filb, however, does not imagine Bitcoin will see new lows this year, as miners wish to optimize their profitability as far as possible. They, he said, are firmly in control.

“As Satoshi said himself rightly pointed out that commodity costs are likely to gravitate to production cost. Why? Because miners will sell into demand where revenue per unit > cost per unit. Likewise, collectively they are disincentivized to sell when revenue < cost,” he summarized in the analysis.

Silver lining in mining 

According to Filb Filb, midterm action is most likely coming from Bitcoin miners who are selling their mined coins, which can be seen with 12.5 BTC sell orders (i.e. the current mining reward per block, which in May 2020 will decrease to 6.25 BTC). 

They are then hedging down future production while existing marginal cost of production is still low, he explains. 

“I was saying all the time in the bear market about these 12.5 BTC orders,” he says, “They disappeared in the bull market this year and came back at 13K.” 

Filb Filb theorizes that the miners may have been contracting their selling pre-halving to create new a halving bubble, which would present a supply shortage and the opportunity to maximize their realizable revenue per unit. They will then defend the new cost of production or double that of the previous at the $6,500 Bitcoin price level. He notes: 

“6.5K is thou shall not pass for miners.” 

As Cointelegraph reported, Bitcoin mining has transformed over 2019, with profitability lows giving way to better-than-expected results across the industry and widespread plans to open new facilities. 

The lows and accompanying lack of profitability in mining, Filb Filb added, flushed out weak players, while in recent weeks, mining difficulty hit record highs, underscoring the market’s renewed competition and increasing computing power of the Bitcoin network.


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Bitcoin miners may stop the price hitting new lows this year