Price Analysis 4/20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

WTI rough oil price today plunged over 92% to striking an intraday low of $1.1 per barrel at printing time, a level which none of u.s.a. would have fifty-fifty imagined to come across just a few months back. This year alone, the asset class is down by over 98%.

Excess production, a sharp drop in demand due to the ongoing pandemic, margin calls and the ascension popularity of electric cars are some of the factors that accept soured sentiment in the asset class.

Though the fiat currencies have held up well during the electric current crisis, the incessant money printing, loss of trust in the central banks and fiat losing value could lead to a currency crisis in the future. We already see many investors piling up on gilded to protect their purchasing power. In the time to come, as investors recognize the potential and advantages of crypto, huge money is likely to flow into the sector.

Daily cryptocurrency marketplace operation. Source: Coin360

Renaissance Technologies' Medallion Funds has received the green betoken from the regulator to invest in the Bitcoin futures market. Renaissance plans to trade but in the "cash-settled futures contracts traded on the CME." Renaissance's $10 billion hedge fund has been in the news this yr as it has been a huge outperformer, gaining 24% in 2022 when several funds are nursing huge losses.

In another positive, the regulators in Hong Kong take given permission to Arrano Capital, the blockchain arm of Venture Smart Asia, to launch a cryptocurrency fund. Venture Smart Asia targets $100 million nether management for the tracker fund, which will be buying and selling Bitcoin. Afterward in the year, the fund hopes to launch a second fund dealing with a basket of tokens.

BTC/USD

Though the bulls have not been able to propel Bitcoin (BTC) above the overhead resistance of $seven,454.17, they have maintained the price to a higher place the moving averages, which are on the verge of a bullish crossover.

BTC USD daily chart. Source: Tradingview

If the BTC/USD pair bounces off the electric current levels and rallies above $7,454.17, information technology is likely to option up momentum and speedily motion up to $viii,000. Subsequently a small consolidation or a dip at this level, we anticipate the rally to extend to $9,000 levels.

Even so, if the bears sink the cost below the moving averages, a drop to $half-dozen,471.71 is possible. If this level holds, the pair might remain range-bound between $6,471.71 and $7,454.17 for a few more days.

Our bullish view will be invalidated if the pair drops beneath $6,471.71. Therefore, the traders can protect the long positions with stops at $6,000.

ETH/USD

Ether (ETH) rallied and airtight (UTC fourth dimension) above the overhead resistance of $176.103 on April 18. This was a huge positive only the bulls take not been able to build upon this motion. This shows hesitation at higher levels.

ETH USD daily chart. Source: Tradingview

Withal, if the ETH/USD pair rebounds off $176.103 and rises above $189.402, a rally to $208.50 and then to $250 is possible.

If the bears sink the toll beneath $176.103, a driblet to the 20-day EMA is possible. The bulls accept been defending the twenty-mean solar day EMA for the by few days, hence, nosotros wait the ETH/USD pair to rebound off this support.

Contrary to our assumption, if the bears sink the pair beneath the 20-twenty-four hours EMA and the horizontal support at $148, the trend will turn in favor of the bulls. Therefore, the end loss on the long positions can exist trailed college to $145.

XRP/USD

XRP is trading close to the centre of the $0.20570-$0.17372 range. The flat moving averages and the RSI just above the 50 level suggests a balance betwixt the bulls and the bears.

XRP–USD daily nautical chart. Source: Tradingview

A break to a higher place $0.20570 will indicate that the bulls accept overpowered the bears. Above this level, the rally can reach $0.25. We anticipate this level to act as resistance. Only if crossed, the up motility tin extend to the long-term downtrend line at $0.28.

On the other hand, if the bears sink the XRP/USD pair below the back up at $0.17372, a drop to $0.145 is possible. The stops on the long positions can be trailed higher to $0.165.

BCH/USD

Bitcoin Cash (BCH) is facing stiff resistance at the overhead resistance at $250. The 20-twenty-four hour period EMA is apartment and the RSI is just below the midpoint, which suggests range-leap action for a few days. The level to watch on the upside is $250 and on the downside is $200.

BCH–USD daily chart. Source: Tradingview

A break above the $250-$280.47 resistance zone will be a huge positive. Above this zone, the BCH/USD pair tin rally to $350.

Conversely, if the bears sink the pair below the immediate back up at $200, a driblet to $166 is possible. Therefore, the traders can retain the stop loss on the remaining long positions at $197.

BSV/USD

Bitcoin SV (BSV) has been trading inside the $227-$170 range for the by few days. The bounce off the support of the range on April sixteen fizzled out at $209.580 on April xviii, which shows a lack of buyers at higher levels.

BSV–USD daily nautical chart. Source: Tradingview

Both the moving averages have flattened out and the RSI is close to the fifty levels, which points to a range-bound activity for a few more than days.

If the bears sink the BSV/USD pair beneath $170, a driblet to $146.20 is possible. Therefore, the stops on the long positions can be retained at $165.

On the other mitt, if the bulls can drive the cost above the overhead resistance at $227, the pair is likely to choice up momentum. Above this level, a rally to $268.842 and and so to $319.424 is possible.

LTC/USD

The bulls are struggling to propel Litecoin (LTC) above the $43.67-$47.6551 resistance zone. The xx-day EMA ($42) has flattened out and the RSI is simply beneath the l level, which suggests a remainder between the bulls and the bears.

LTC–USD daily chart. Source: Tradingview

If the LTC/USD pair dips below the 20-24-hour interval EMA, a drib to $35.8582 is probable. If this level holds, the pair is likely to remain range-bound for a few more days.

Conversely, if the pair bounces off the current levels and breaks above the resistance zone, a new uptrend is likely. Above $47.6551, a rally to $63 is possible. The traders can keep the stops on the long positions at $35.

EOS/USD

EOS has been trading between $2.3314 and $2.8319 for the by few days. The moving averages are on the verge of a bullish crossover and the RSI is just above the midpoint, which suggests that the bulls are at a marginal advantage.

EOS–USD daily chart. Source: Tradingview

A break out of $2.8319 volition point strength. Above this level, a rally to $3.1802 is possible. Though the bears might attempt to defend this level, nosotros await it to be crossed. If the momentum is strong, the up move can extend to $3.8811.

Opposite to our assumption, if the EOS/USD pair turns down from the current levels or $2.8319 and slips beneath $two.3314, the trend will turn negative. Therefore, the stops on the long positions tin be trailed to $ii.20.

BNB/USD

Binance Coin (BNB) has been trading inside a bearish rising wedge pattern for the past few days. If the bears sink the cost beneath the wedge and the horizontal back up at $13.65, it will be a huge negative. Therefore, the terminate loss on the long positions tin can be kept at $thirteen.

BNB–USD daily chart. Source: Tradingview

The twenty-day EMA is sloping up gradually and the RSI is just above the midpoint. This suggests that the bulls accept a slight edge.

The BNB/USD pair is likely to pick up momentum after information technology breaks higher up the rising wedge. The failure of a bearish pattern is a bullish sign. If the bulls can drive the pair above $17.50, a move to $21.fifty is possible.

XTZ/USD

Tezos (XTZ) broke above the overhead resistance of $2.185 on April xviii. Currently, the bulls are attempting to keep the price to a higher place the breakout level. If successful, an uptrend to $2.75 is likely.

XTZ–USD daily chart. Source: Tradingview

Notwithstanding, if the XTZ/USD pair dips below $two.185, a drop to the 20-day EMA is possible. The bulls have not immune the price to dip below the xx-day EMA since April seven, hence, nosotros expect the pair to rebound off information technology once once again.

The moving averages are on the verge of a bullish crossover and the RSI has been trading in the positive territory, which suggests that bulls have the upper hand. If the bulls can carry the price above $two.3756, the uptrend volition resume.

Conversely, if the bears sink the pair below the twenty-day EMA ($2), a drib to $one.8271 is possible. A break beneath this back up will exist a huge negative. Therefore, the traders can retain the terminate loss on the long positions at $one.75.

LINK/USD

Chainlink (LINK) broke above the overhead resistance of $3.6412 on April 18 but the bulls have non been able to capitalize on the breakout. This shows selling at higher levels.

LINK–USD daily chart. Source: Tradingview

If the LINK/USD pair dips below $3.447, it tin drop to the xx-day EMA ($3.16) where information technology is likely to find support. If the pair bounces off this level, the bulls will brand one more effort to push the price above $3.83. If successful, a rally to $4.2023 is possible.

The 20-day EMA is sloping up and the RSI has been trading in the positive territory, which suggests that bulls have the upper paw.

Contrary to our assumption, if the bears sink the pair beneath the 20-mean solar day EMA, it will betoken weakness. A break below $ii.945 will be a huge negative.

The views and opinions expressed here are solely those of the author and practice not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk. Yous should acquit your own inquiry when making a decision.

Market place data is provided by HitBTC commutation.

Source: https://cointelegraph.com/news/price-analysis-4-20-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-link

Posted by: micklethavite.blogspot.com

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