Bitcoin’s (BTC) resilience in the face of global market uncertainty continues to attract new institutional investors. Dan Loeb, the CEO of New York-based asset management firm Third Point, said that he has been “doing a deep dive into crypto.” To strengthen the venture investments team, Third Point hired former pro-crypto Goldman Sachs analyst Heath Terry, according to Reuters.
Loeb’s move into crypto seems to have prodded ‘Shark Tank’ star Kevin O’Leary to allocate a portion of his portfolio to Bitcoin. Additionally, O’Leary hinted that every operating company that he had invested in was considering investing in Bitcoin.
Billionaire Tim Draper expects Netflix to be the next Fortune 100 company to add Bitcoin to its balance sheet. Draper voiced his views while appearing on the Unstoppable Podcast. He also speculated that Amazon could start “accepting Bitcoin pretty soon.”
These developments show that the institutional adoption of Bitcoin is only in its infancy and it is likely to grow in the future.
It is heartening to see that former Bitcoin naysayers are now voicing their favorable opinions of the digital asset. Billionaire Mark Cuban recently schooled gold bug Peter Schiff on Twitter, suggesting that gold would soon lose its status as a store of value. Cuban also highlighted the advantages Bitcoin held over gold.
With all these positives, it is no surprise that Bitcoin’s price action has resumed its bullish momentum. Let’s analyze the charts of the top-10 cryptocurrencies to spot the strengths and weaknesse.
Bitcoin surged and closed above the 20-day exponential moving average ($48,123) on March 1. The bears tried to pull the price back below the 20-day EMA on March 2 but failed, which suggests that traders are buying on dips.
The buyers pushed the price above the $52,040.95 overhead resistance today but the bears are not ready to give up just yet. The long wick on the day’s candlestick suggests the bears are selling on rallies.
If the price turns down from the current levels and breaks below the 20-day EMA, the BTC/USD pair could drop to $41,959.63. The price could then remain range-bound between these two levels for a few days.
This neutral view will invalidate if the bulls can push and sustain the price above $52,040.95. If that happens, the pair could retest the all-time high at $58,341.03.
On the other hand, a break below the 50-day simple moving average ($41,921) will be the first indication of a possible change in trend.
Ether’s (ETH) has broken above both moving averages today and the bulls are currently attempting to resume the uptrend. However, the bears are unlikely to give up easily as they may try to stall the up-move at the current levels.
If the price turns down from the 20-day EMA, it will signal that trader’s sentiment is shifting from buying on dips to selling during rallies.
The bears may gain the upper hand if they can sink the price below the $1,289.098 support. If that happens, the ETH/USD pair could correct to the 61.8% Fibonacci retracement level at $1,026.776.
This negative view will invalidate if the bulls can push and sustain the price above the 20-day EMA. If the bulls can propel the price above $1,708.391, the pair may rally to $2,000.
Cardano (ADA) is currently witnessing a minor correction in an uptrend. The altcoin has formed an inside day candlestick pattern, which indicates indecision among the bulls and the bears about the next move.
If the uncertainty resolves to the downside and the bears sink the price below $1.55, a fall to the 20-day EMA ($1.05) is possible. A rebound off this support will suggest that the sentiment remains bullish as the traders continue to buy on dips
If the ADA/USD pair breaks below the 20-day EMA, it will indicate profit-booking by traders. That could pull the price down to $0.9817712 and if this support also cracks, the decline could extend to $0.80.
Contrary to this assumption, if the price turns up from the current levels and the bulls push the pair above $1.30, a retest of $1.4852896 is possible. A breakout of this resistance could resume the uptrend with the next target objective at $1.83.
Binance Coin (BNB) broke and closed above the downtrend line on March 1. The bears tried to sink the price back below the downtrend line on March 2 but failed, which shows that the short-term correction could be over.
The bulls will now try to push the price to $281 where the bears are likely to mount a stiff resistance. If the price turns down from this level, the bears will again try to sink the price to the 20-day EMA ($208). A bounce off this support or $189 could keep the BNB/USD pair range-bound for a few days.
A breakout and close above $281 could ready the pair for a rally to $309.4995 and then a retest of the all-time high at $348.6969. Conversely, if the pair breaks below $189, the decline could extend to the 50-day SMA at $119.
Polkadot (DOT) has consistently closed in the green for the past five days, which shows that traders continue to buy at each higher level. The rising moving averages and the RSI near the overbought zone suggest an advantage to the bulls.
The DOT/USD pair could now rise to the all-time high at $42.2848. If the bulls can drive the price above it, the pair could start the next leg of the uptrend that may reach the psychologically critical level at $50.
Contrary to this assumption, if the price turns down from the overhead resistance, the pair may again correct to the 20-day EMA ($32.27). A break and close below $30 could signal a possible change in trend.
XRP bounced off the 50-day SMA ($0.41) on March 1 and reached the 20-day EMA ($0.46) today. The bears are currently pushing back at the 20-day EMA. If the price turns down, the altcoin could remain stuck between the moving averages for a few days.
This view of a consolidation could invalidate if the bears sink the price below the 50-day SMA. If that happens, the XRP/USD pair could drop to $0.359 where the buyers may step in and provide support.
On the contrary, if the bulls can push the price above the 20-day EMA, the pair may reach $0.50. The bears may try to stall the rally at this resistance, but if the bulls can thrust the price above it, the pair may start its journey to $0.65.
Litecoin (LTC) has broken above the 20-day EMA ($186) today, which suggests that the bulls are attempting to make a comeback. If the bulls can sustain the breakout, the altcoin could rally to $205 and later to $240.
However, the flat 20-day EMA and the RSI just above the midpoint suggest a range-bound action for a few days. If the price turns down from $205, the LTC/USD pair could again drop to $160 and consolidate between these two levels.
The pair could turn negative if the price reverses direction from the current levels and plummets below the uptrend line.
Chainlink (LINK) bounced off the 50-day SMA ($25.89) on March 1 and broke above the 20-day EMA ($28.37) on March 2. The bears tried to stall the relief rally on March 2 as seen from the long wick on the day’s candlestick.
However, the bulls did not give up ground and have again resumed the up-move today. The LINK/USD pair will now attempt to retest the all-time high at $36.9307. A breakout of this resistance could start the next leg of the uptrend that may reach $40 and then $46.
The 20-day EMA has started to turn up and the RSI has jumped into the positive territory, indicating advantage to the bulls. This positive view will invalidate if the price turns down and breaks below the 50-day SMA.
Bitcoin Cash (BCH) broke above the 50-day SMA ($515) on March 2 and reached the 20-day EMA ($547). However, the bears defended the 20-day EMA as seen from the long wick on the day’s candlestick.
The flat moving averages and the RSI just below 49 suggest a balance between supply and demand. If the bulls can drive and sustain the price above the 20-day EMA, the BCH/USD pair could rally to $631.71 and then $745.
Contrary to this assumption, if the price again turns down from the current levels, the bears will try to sink the pair below the uptrend line. If they succeed, the pair could extend the decline to the next support at $370.
Stellar Lumens (XLM) has been trading close to the 20-day EMA ($0.427) for the past few days. A tight consolidation near a resistance usually results in a breakout because it shows that traders are not closing their positions in a hurry.
If the bulls can push the price above the 20-day EMA, the XLM/USD pair could rise to the resistance line of the descending channel where the bears may again try to stall the relief rally. If they succeed, the pair could again drop to the 50-day SMA ($0.375) and then to $0.35.
On the contrary, if the bulls push and sustain the price above the descending channel, it will suggest that the correction has ended. The pair could then rise to $0.50 and then to $0.600681.
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.
Polkadot, Cosmos, Zcash Price Analysis: 14 April
On the back of a significant uptrend, Bitcoin, the world’s largest cryptocurrency, climbed from under $60,000 to over $64,500 in less than 48 hours. At press time, however, the crypto’s bullish momentum seemed to be exhausting itself, with corrections setting in and pulling the value of the larger crypto-market south. The same was evident when the price charts of alts such as Polkadot, Cosmos, and Zcash were taken into account.
It’s been just under two weeks since Polkadot, the market’s 7th-largest crypto, was trading at its ATH. While corrections soon followed, thanks to BTC’s latest foray above $60k, market bulls once again spurred the movement of DOT’s price action. In fact, over the last few trading sessions, DOT hiked by almost 10%.
At press time, however, corrections affecting the Bitcoin market were taking the toll on DOT too, with the alt losing value by the hour.
Whether these corrections will amount to a definite trend reversal, however, is a question that cannot be answered at this moment. While the Parabolic SAR’s dotted markers were well under the price candles and suggested bullishness, the Chaikin Money Flow was healthy, despite noting a dip to correspond with the alt’s price fortunes.
The project was in the news recently after Tether announced that it will be launching on Polkadot and Kusama.
Cosmos, the crypto ranked 31st on CoinMarketCap’s rankings, has had a good last few weeks, with the alt consistently registering higher lows on the back of a sustained uptrend. While ATOM hasn’t been a stranger to brief periods of depreciation, the last few days did see the alt surge by over 17.5% on the charts.
Like DOT, the last few hours did see ATOM correct, however, with the crypto trading over 8% away from its ATH.
While the mouth of the Bollinger Bands was widening at press time to point to some degree of incoming price volatility, the Awesome Oscillator pictured positive market momentum on the histogram, despite some bearish signals.
The development team behind the project activated the Inter-Blockchain Communication (IBC) protocol following a vote by members of the Cosmos ecosystem recently.
One of the crypto-market’s leading privacy coins, Zcash has been on a steady uptrend for the past week, with the same punctuated by a set of brief price falls. One of these periods of depreciation was underway at press time after BTC failed to assert itself above the $64,500-mark. That being said, ZEC was still up by almost 10% in just over 48 hours on the charts.
Zcash’s indicators were very ambivalent, however. The MACD line was diverging away from the Signal line following the brief possibility of a bullish crossover. Finally, the Relative Strength Index exhibited buyer’s strength, with the same very close to the overbought zone.
Zcash was in the news recently after the ECC announced Halo Arc for the “next generation of Zcash.”
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Centurion Invest Launches Copy Trading System For CIEx Traders
Centurion Invest Exchange (CIEx) has launched its copy trading system for its traders. Notably, both novice and intermediate traders can use the new system to boost their earnings, especially in a volatile crypto market. Interested traders can manually copy trades from experienced traders and mutually benefit.
According to H.E. Ali Kassab, Chairman of Centurion Invest, the platform has 25 experienced traders to help cryptocurrency traders make informed and proper decisions.
“Cryptocurrencies are different from other asset types since the prices are volatile, making it much harder for junior traders and investors to establish proper investing strategies. Our copy trading service with over 25 expert traders onboard provides an immediate and convenient trading solution. CIEx novice traders can start trading with an immediate $100 bonus and instantly turn it into profit. As well as accessing the best copy trading feature on CIEx, including trade signals and guaranteed closing with profit, they can also opt for monthly secured income traded funds throughout our investment plans tailor-made for all users,” noted Kassab.
The company has set out a mechanism to incentivize traders who successfully participate in the copy trading system. Kassab further noted that the decentralized nature of the Centurion Invest copy trading platform enables traders to earn by both actively trading and through passive income. Vouching for the platform’s sustainability, Kassab noted that the developers made sure the new platform offers enhanced privacy and more robust security. “Depositing funds and accessing spot and futures trading are made effortless so that novice traders can gain confidence rapidly,” he explained.
By leveraging the power of blockchain technology and human expertise, Centurion Invest Exchange aims to help traders make more profit, especially from the ongoing rally.
In a bid to attract more customers to its platform, Centurion Invest has put in place different mechanisms. One, the company launched a referral program where anyone stands a chance to win bonuses from referring friends. Currently, the platform is running a limited offer to new customers who register an account with the exchange, whereby one stands a chance to win 100 USDT.
Notably, the company strategically launched its cryptocurrency wallet dubbed CI Wallet last month. The wallet provides key features such as Spot Trading, Futures, and Margins. For anyone interested in subscribing to the Centurion Invest Exchange services, the platform supports Visa, MasterCard, bank transfer, and also through top digital assets.
With Berlin looming, how is Ethereum’s price faring?
The 14th of April 2021 is a historic day for the crypto-community, with the Berlin ETH hard fork expected to go live, alongside a Coinbase IPO valued at over $100 billion. Ergo, it does not come as a surprise that altcoins in the top-25 are rallying, alongside Bitcoin’s run to its latest ATH on the charts.
A top metric that underlines how the current altcoin rally is in response to these two events is increased on-chain activity. For Ethereum, the top metric is the number of non-zero addresses, with the same climbing to touch a new ATH of 57 million recently, based on data from Glassnode.
Based on the attached chart, the number of non-zero addresses on the Ethereum network has increased consistently with the price and the trade volume. In addition to the number of non-zero addresses, there has been an increase in major activity and metrics on ETH’s network, just as it has been so on Bitcoin’s network.
As can be observed from the attached chart, despite a 63% correlation between ETH and BTC, on-chain activity has risen exponentially for both assets. The bullish sentiment among traders on top spot exchanges is visible in the Options market as well. ETH Option skews have been decidedly bullish with very little variability in Skew.
What’s more, the implied volatility is climbing steadily for ETH too. What these metrics highlight are a) The strong demand for Ethereum Options and, b) Large ETH call premiums were blocked in anticipation of the price rally post the hard fork.
And, it’s not just Ethereum. Besides ETH, top altcoins like ADA, XLM, LTC, and EOS are rallying in response to these updates and Ethereum’s price rally.
EOS’s trade volume, for instance, was up by nearly 50% in a 24-hour window, while the price was up by over 16%. One of the top EOS price drivers has been the fact that one of EOS’s top markets is Coinbase Pro.
Similar on-chain metric updates were noted for Cardano. On the back of two price rallies over the past month, Cardano’s price, at press time, was at a level where 100% of its HODLers are profitable. Similarly, in the case of XLM, the trade volume has been anticipated to increase since Bitcoin’s price rally gained steam. In fact, the trade volume was up by over 40%, with the price rallying with Ethereum. It is likely that the price rally driven by today’s events and Bitcoin’s run to its next ATH may leave the rally less than sustainable, however.
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