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Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 05

HitBTC exchange.” data-reactid=”28″ type=”text”>The market data is provided by the HitBTC exchange.Google searches for Bitcoin tripled as its price skyrocketed on Apr. 02. This shows that interest in cryptocurrencies is still high. If prices recover, a large number of traders sitting on the sidelines will jump onto the crypto bandwagon.Though the rebound is a bullish…

Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 05
HitBTC exchange.” data-reactid=”28″ type=”text”>The market data is provided by the HitBTC exchange.

Google searches for Bitcoin tripled as its price skyrocketed on Apr. 02. This shows that interest in cryptocurrencies is still high. If prices recover, a large number of traders sitting on the sidelines will jump onto the crypto bandwagon.

Though the rebound is a bullish sign, for it to be sustainable, Bitcoin needs to gain a wider adoption in day to day transactions. Andreas Antonopoulos, Bitcoin educator and entrepreneur, believes that the next generation of use cases will highlight the need of Bitcoin to the average customer. Bitcoin is currently limited only to the tech-savvy users due to the difficulty in transaction and storage. But with advances, it is likely to reach the masses that will increase its popularity.

In a report, software startup DataLight said that if Bitcoin continues to grow exponentially, the way it has in the past decade, then it will surpass the current leaders Visa, Master Card, and pay pal. While fundamentals determine the price in the long-term, short-term price is influenced by sentiment. Let’s analyze it with the help of charts.  

BTC/USD

We had been projecting a target objective of $5,273.91 on Bitcoin (BTC) for the past few days and on Apr. 02, it hit an intraday high of $5,273.35. However, the higher levels saw profit booking that dragged the price back towards the support of $4,914.11. On the downside, $4,775 provided support, which is a positive sign. This shows that the bulls are in no great urgency to book profits.

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BTC/USD

The BTC/USD pair is again attempting to resume the up move. If it scales above $5,273.35, a quick rally to $5,674 and above it to $5,900 is possible. Therefore, we had recommended to book only partial profits in our previous analysis. However, with the RSI deep in the overbought territory, the pair might spend some more time in consolidation close to the current levels.

Our bullish view will be invalidated if the digital currency turns down from the current levels and slides below $4,500. Therefore, traders can raise the stops on the remaining long positions to $4,400.

ETH/USD

Ethereum (ETH) could not close (UTC time frame) above $167.32 on Apr. 03. This shows selling at higher levels. However, the pullback found support close to $150 levels.  

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ETH/USD

Currently, the bulls are again attempting to scale above the resistance of $167.32. If successful, the ETH/USD pair will complete a bullish ascending triangle pattern that has a target objective of $251.64.

Contrary to our assumption, if the digital currency reverses direction from the current levels and plummets below $144.78, it can fall to the trendline of the ascending triangle. Traders can trail the stop loss on the remaining long position to $150.

XRP/USD

As expected, Ripple (XRP) pulled back to the breakout level on Apr. 02 and 03, which held. This is a positive sign. Currently, the price has bounced off the support and is on its way towards the first target objective of $0.40.

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XRP/USD

If the price sustains above the resistance line of the channel, it will signal the end of the downtrend. In the medium-term, the XRP/USD pair is likely to reach $0.60. Our bullish view will be invalidated if the pair slumps back below $0.33108. It will indicate a lack of demand at higher levels. We shall wait for the price to sustain above the channel for a couple of days before recommending any long positions.

LTC/USD

Litecoin (LTC) broke out of the overhead resistance at $91 on Apr. 03 but faced profit booking close to $100 levels. We expect $91 to act as a stiff resistance. The RSI had risen deep into the overbought territory, hence, we had proposed traders close their complete long positions in the previous analysis.

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LTC/USD

The pullback in the LTC/USD pair took support at $80.4193 and is currently again trying to breakout of $91. If the pair breaks out and sustains above $91, it will be on target to reach $159. Nevertheless, if the bears defend the overhead resistance, a fall to $77 is probable. We shall wait for another buy setup to form before suggesting long positions once again.

BCH/USD

Bitcoin Cash (BCH) soared to $363.30 level on Apr. 03, coming close to our target objective of $400. But higher levels attracted profit booking and the digital currency has given up some of its recent gains since then.

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BCH/USD

After rallying 117.57 percent in two days, the BCH/USD pair might consolidate or correct for a few days before attempting to rise to $400 once again. Support on the downside is at $265.14 and $241.97, being 50 percent and 61.8 percent Fibonacci retracement levels of the recent rally.

If the bears sink the price below $239, a fall to $208.99 and below it a full 100 percent retracement to $166.98 is probable. Therefore, traders can trail the stop loss on the remaining long positions to $230.

EOS/USD

EOS reached our target objective of $5.8370 on Apr. 03 but it could not sustain the higher levels. The ensuing pullback found support at $4.90. Currently, the bulls are again attempting to push the price back above $6 and towards the next target objective of $6.8299. The moving averages are sloping up and the RSI is in the overbought zone, which shows that the bulls are in the driver’s seat.

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EOS/USD

On the downside, any pullback might find support close to $4.4930, which is the previous resistance turned support. The 20-day EMA is also located just below this level. Hence, we expect the buyers to defend this level with force. If the level holds, the EOS/USD pair might remain range bound between $4.49 to $6.8299 for a few more days. But if this level breaks, it will indicate weakness. Traders can trail the stops on the remaining long positions to $4.8. We suggest tightening the stop loss to protect our paper profits.

BNB/USD

Binance Coin (BNB) is consolidating above $18 for the past two days, which is a positive sign. After the range expansion on Apr. 02, the range has shrunk for the past two days. The digital currency is taking a break after its stupendous run in the past few days.

If the bulls scale above the overhead resistance at $22, a retest of the lifetime highs at $26.4732350 will be on the cards. The digital currency remains in a strong uptrend with both the moving averages sloping up and the RSI close to the overbought levels. Traders can continue to trail the stops on the remaining long positions to just below the 20-day EMA.

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BNB/USD

The BNB/USD pair is currently trading inside the ascending channel. A breakdown of the channel and the 20-day EMA will be the first indication that the momentum is losing steam. A break below Apr. 02 intraday low of $15.5624721 can attract further selling and drag the price to the 50-day SMA. If this level also breaks, the trend will turn in favor of the bears.

XLM/USD

Stellar (XLM) is struggling to scale above the resistance line. The price turned down from the resistance on Apr. 03 but found support just above the 20-day EMA. Traders would have closed partial long positions as suggested in our previous analysis.

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XLM/USD

If the bulls succeed in breaking out of the overhead resistance, a rally to $0.14861760 is probable. This might act as a stiff resistance because the long-term downtrend line is also located just above this level. On the downside, the 20-day EMA will act as a strong support. Both the moving averages are trending up gradually and the RSI is close to the overbought zone. This shows that the bulls are in command. If the XLM/USD pair scales above the downtrend line, it might signal the end of this downtrend. Traders can keep the stops on the remaining position at breakeven.

ADA/USD

Cardano (ADA) witnessed profit booking above $0.094256 levels on Mar. 03, It fell to $0.081791 on the next day but quickly bounced back, which shows buying on dips. Currently, the bulls are attempting to push the digital currency above the overhead resistance once again.

If successful, a rally to $0.112598 is probable. Above this level, there is no major resistance until $0.20. We suggest traders trail the stop loss on the remaining long positions to $0.080.

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ADA/USD

The trend remains up with both the moving averages sloping up and the RSI in the overbought zone. But after the sharp rally, a pullback or a consolidation cannot be ruled out. The ADA/USD pair will enter a correction if the price plummets below $0.081791. The first support on the downside is at the 20-day EMA, which is likely to hold. Traders should look to buy on dips as long as the trend remains up.

TRX/USD

Tron (TRX) could not sustain the breakout above $0.02815521 on Mar. 02 and 03. However, on the downside, it took support at the 20-day EMA, which is a positive sign. Currently, the bulls are attempting to breakout of the overhead resistance once again. If successful, it is likely to start a new uptrend. Therefore, traders can wait for a breakout and close (UTC time frame) above $0.02815521 to initiate long positions. The stop loss can be kept at $0.024, which can be raised later.

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TRX/USD

The first target on the upside is $0.040. If this level is crossed, the rally can extend to $0.0480. With the 20-day EMA starting to slope up and the RSI close to the overbought zone, the path of least resistance is to the upside.

Our bullish view will be invalidated if the TRX/USD pair again fails to sustain above $0.02815521 and plummets below the moving averages.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.” data-reactid=”272″ type=”text”>The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Related Articles:

  • Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 3
  • Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 1
  • Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Cardano, Tron: Price Analysis, March 29
  • Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Binance Coin, Stellar, Cardano, Tron: Price Analysis, March 27

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Robinhood Opens Trading for 7 Cryptocurrencies in New York

news Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York. Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State. From the press release: Currently, you…

Robinhood Opens Trading for 7 Cryptocurrencies in New York

news

Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

From the press release:

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others,” according to NYDFS.

Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.

“Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk’s Consensus conference in New York.

Image courtesy of Robinhood

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 22

HitBTC exchange.” data-reactid=”19″ type=”text”>Market data is provided by the HitBTC exchange.Analysts believe that the rally in Bitcoin might witness a short-term blip but is likely to resume its up-move and reach $9,659 by year’s end. The reason for the rise can be attributed to various positive developments in the crypto field and also to the ongoing…

HitBTC exchange.” data-reactid=”19″ type=”text”>Market data is provided by the HitBTC exchange.

Analysts believe that the rally in Bitcoin might witness a short-term blip but is likely to resume its up-move and reach $9,659 by year’s end. The reason for the rise can be attributed to various positive developments in the crypto field and also to the ongoing trade war between the top two economies of the world, China and the United States. Digital Currency Group founder Barry Silbert believes that Bitcoin is acting like a safe haven, as it has done in the past during Brexit and Grexit.

The current recovery from the lows was backed by strong institutional flows, as indicated by the record volumes on the Bitcoin derivatives exchanges. Along with the different cryptocurrencies, stablecoins are also being sought by traders. According to crypto research firm Diar, the market capitalization of stablecoins has topped $4 billion. Even with all the controversy surrounding it, Tether continues to be the leader with trading volumes in 2019 already exceeding that of the entirety of 2018.

Early backers of EOS are likely to make huge returns on their initial investments if they sell out in the buyback offer announced by Block.one. The seed round in 2017 had valued the company at $40 million, while the buyback offer values the company at $2.3 billion.

BTC/USD

Bitcoin (BTC) continues to be in an uptrend. Both the moving averages are sloping up and the RSI is in positive territory. This suggests that the bulls are in command. However, after a sharp rally, a minor correction or a consolidation is to be expected.

BTC/USD

The bulls are finding it difficult to breakout of the overhead resistance at $8,496.53, but on the downside, the bulls are buying the dips to the 20-day EMA. Until either level is crossed, the BTC/USD pair is likely to remain range bound for the next few days.

Contrary to our assumption, if the pair breaks out and closes (UTC time frame) above the overhead resistance, a rally to $10,000 will be in the cards. However, we do not expect this level to be crossed in a hurry.

On the downside, a break below the 20-day EMA and $6,933.90 support zone can plunge the pair to $5,900. This is an important level to watch on the downside because if it breaks, the trend will turn in favor of the bears. We will wait for a new buy setup to form before recommending a trade in it.

ETH/USD

Ethereum (ETH) has been trading in a tight range of $220–$270 for the past five days. The trend remains bullish as both the moving averages are sloping up and the RSI is close to the overbought zone.

ETH/USD

If the ETH/USD pair breaks out of $270, it can move up to $290.92. Above this level, a rally to the next resistance zone of $300–$322 is probable. The 20-day EMA will act as a strong support on the downside, below which, a dip to the 50-day SMA is likely. The bears have not been able to close (UTC time frame) below the 50-day SMA since breaking above it on February 17. Hence, a dip below this support will indicate weakness.

XRP/USD

The bulls are struggling to sustain Ripple (XRP) above $0.40. This shows profit booking at higher levels. A failure to break out of $0.45 will indicate a loss of momentum. A break below the 20-day EMA can result in a fall to $0.33108. If this support also gives way, the digital currency can slide to $0.27795.

XRP/USD

Conversely, if the XRP/USD pair rebounds off the 20-day EMA, it can rise to $0.45 and if this level is crossed, a new uptrend is likely. The level to watch on the upside is $0.60 with minor resistances at $0.50 and $0.55.

The 20-day EMA is trending up and the RSI is in the positive territory, which suggests that the bulls have a minor advantage. Therefore, traders can hold their long positions with the stops at $0.2750.

BCH/USD

Bitcoin Cash (BCH) turned down from close to $450 for the third time on May 21. The zone between $450 and the resistance line of the channel is likely to act as a stiff resistance. If the bulls scale this resistance zone, a rally to $600 is probable.

BCH/USD

On the other hand, if the bears sink the BCH/USD pair below the 20-day EMA, it can drop to the support line of the channel. A breakdown of the channel will signal weakness. Currently, bulls have the upper hand as both the moving averages are sloping up and the RSI is in the positive zone.  

EOS/USD

EOS has made an inside day candlestick pattern for the past two days. This shows indecision between the bulls and the bears. If the bulls reassert their supremacy, a rally to $6.8299 is probable. A breakout of this level can push the price to $9.00.

EOS/USD

Conversely, if the bears sink the EOS/USD pair below $5.78, a drop to the 50-day SMA is likely. If this level also fails to support the pair, it can drop to the critical level of $4.4930. We expect this level to hold. If that happens, the cryptocurrency will remain stuck inside the large range of $4.4930–$6.8299 for the next few days.

LTC/USD

Litecoin (LTC) has been trading close to the breakout level of $91 for the past two days. The small trading range of the past two days shows indecision. If the price bounces off $84.3439, it will again try to move up to $107. Above this level, the next target is $158.91

LTC/USD

On the other hand, if the LTC/USD pair fails to break out of the overhead resistance, it might remain range bound for a few days. The pair will turn negative if the $84.3439–$74.6054 support zone breaks down. Therefore, the stops on the long positions can be kept at $70.

Currently, with both the moving averages trending up and the RSI above 50, the advantage is with the bulls. However, the developing negative divergence on the RSI is a red flag.

BNB/USD

Though Binance Coin (BNB) did not breakout of the resistance line on May 21, it has not given up much ground. Both the moving averages are sloping up and the RSI is in the overbought zone. This shows that the bulls are firmly in the driver’s seat.

BNB/USD

A breakout of the resistance line can propel the BNB/USD pair to $40.2919564. But if the pair reverses direction from the current levels, it can dip to the 20-day EMA, which should provide support. Below this, the next strong support is at the 50-day SMA. A breakdown of this support will signal a deeper correction.

XLM/USD

Stellar (XLM) has turned down from the overhead resistance of $0.147620. It can now fall to the 20-day EMA, which is likely to offer some support. If the digital currency bounces off the 20-day EMA, it will attempt to ascend the overhead resistance once again.

XLM/USD

On the other hand, if the bears sink the XLM/USD pair below the moving averages, it can drop to $0.088542. The 50-day SMA is flat and the 20-day EMA is also flattening out. This points to a consolidation in the next few days.

The trend will turn bullish on a break out and close (UTC time frame) above $0.14861760. The next target to watch on the upside is $0.22466773. We will wait for the price to sustain above $0.14861760 before recommending a trade in it.

ADA/USD

Cardano (ADA) is trying to hold above the moving averages for the past five days. However, failure to rebound from the strong support shows a lack of demand at higher levels. If the bears break below the moving averages, the digital currency will weaken and can decline to the next support at $0.057898.

ADA/USD

Conversely, if the ADA/USD pair bounces off the moving averages, the bulls will again try to break out of the overhead resistance at $0.094256. If successful, it will complete the rounding bottom pattern that has a target objective of $0.161275. Hence, we retain the buy recommendation given in an earlier analysis.

TRX/USD

Tron (TRX) has been consistently rising above $0.02815521 for the past three days but is struggling to hold on to higher levels. The price is stuck at the breakout level. If the bulls succeed in sustaining the digital currency above $0.02815521, it can move up to the next target objective of $0.040. If this level is crossed, the next level to watch on the upside is $0.050. Therefore, traders can keep the stop loss on the long positions at $0.0209.

TRX/USD

Contrary to our expectation, if the TRX/USD pair breaks down of the moving averages, it will lose momentum and can drop to the support at $0.02094452. In such a case, the pair might remain range bound for a few days. The 20-day EMA is marginally sloping up and the RSI is just above 50, which suggests that the bulls have a slight advantage.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.” data-reactid=”170″ type=”text”>Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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  • Crypto Markets See Major Correction, BTC Below $7,350 as US Stock Futures Trade Lower

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