Bitcoin Price Action Indicates New Record Highs Soon

Posted on April 8, 2024April 7, 2024 by Skerdian Meta

Bitcoin has shown incredible resilience in 2024 and the price action of recent weeks shows that BTC is poised to reach a new all-time high this month, with the potential for $100,000 later in the year, if stop orders get triggered above the current record high, which would also accelerate the bullish momentum. Continue reading “Bitcoin Price Action Indicates New Record Highs Soon” →

Forex Signals Brief April 8: 3 Central Banks and US CPI This Week

Posted on April 8, 2024April 7, 2024 by Skerdian Meta

Last week started positively with Chinese manufacturing PMMI coming out of contraction, while the services activity which was already in expansion improved further. The data from the US was also positive, with employment figures showing that the labour market is in solid shape, as highlighted in the NFP report on Friday, but the USD couldn’t benefit from it. Continue reading “Forex Signals Brief April 8: 3 Central Banks and US CPI This Week” →

XRP is Flat: Will Ripple Drive Prices Above $0.74?

Posted on April 8, 2024 by Dalmas Ngetich

XRP is moving sideways, acting like a stablecoin. There are hints of strength, but this needs to be confirmed in the next few trading sessions. As XRP prices stand now, risk-averse traders can adopt a wait-and-see approach until a clear trend is defined. Immediate resistance and support levels stand at $0.66 and $0.57 and $0.58.

At press time, XRP is stable and moving horizontally. Meanwhile, prices are up in the last trading week. However, looking at how price action is, these gains don’t mean much for traders accustomed to more volatility. Like other coins, the average trading volume is relatively higher, at over $1 billion.

In the coming sessions, XRP traders can watch out for the following events:

Though Judge Torres, in July 2023, said XRP sold to retailers shouldn’t be considered securities, the ongoing case is increasingly becoming complex. Presently, there is a chance that the United States SEC may win against the blockchain company, throwing prices into more turmoil.
Days after announcing plans to launch a USDT competitor, Ripple plans even more for the coin. Still, it remains to be seen whether they plan to release a marketplace or even partner with an eCommerce platform if a recent tweet by their CTO guides.

XRP Price Analysis

[[XRP/USD]] is moving sideways when writing, without generating any momentum.

So far, trading volume is lower, suggesting that traders are keeping off until there is more definition in the short term.

How the coin will pan off in future sessions remains to be seen.

For aggressive traders, a close above $0.62 might ignite demand, confirming buyers of April 4. This may set in motion a leg up to $0.66.

If not, if there is a demand below the $0.57 support level, XRP may shrink even more as we approach the Bitcoin halving event.

Ethereum Is Booming: Will Rising On-Chain Activity Pump Prices Above $3,700?

Posted on April 8, 2024 by Dalmas Ngetich

Ethereum is trading within a tight range, and is bearish at spot rates. Though prices moved slightly higher, the failure of traders to engage, driving volumes by higher margins over the weekend, should be a concern. Technically, ETH bulls have a chance, especially as long as prices are above $3,200. However, there might be clear entries above $3,700; pushing the coin above the current consolidation.

At spot rates, ETH is changing hands above $3,300, right in the middle of a protracted consolidation. On the last trading day, the coin is stable but down 4% in the past week. While Ethereum is under pressure, trading volume is picking up steam, adding 7% in the last day to $9.9 billion. This is still below average compared to historical levels of above $20 billion.

The following events might influence Ethereum prices in the short term:

The Dencun upgrade was a major enhancement for the smart contracts platform. Developers planned to further slash transacting costs via layer-2 channels like Arbitrum. Data shows that layer-2 platforms have been processing, on average, 32 million transactions every week since Dencun. This revelation is a massive endorsement for ETH bulls.
With rising transaction count and adoption, Ethereum generated $1.2 billion in revenue in Q1 2024, a 150% increase year-to-date. In Q1 2024, the network processed 107 million transactions as over 9.7 million unique addresses were created.

Ethereum Price Analysis

[[ETH/USD]] is within a bearish formation, looking at the formation in the daily chart.

Though prices are higher, they are trending within the bear bar of April 2. The bearish engulfing bar has yet to be reversed even after five trading days, which could suggest that buyers are finding it hard to absorb all positions.

Aggressive traders might sell on attempts higher below $3,500.

However, if there is a confirmation that sees Ethereum slide below April 2 lows and $3,200 with rising volumes, risk-on traders can hope in. In that case, ETH might fall to $2,600.

Any sharp breakout above $3,700 cancels this bearish forecast, paving the way for possible expansions to $4,000—or better.

Bitcoin “Kissed” $70,000: Will The Engagement Drive BTC To All-Time High?

Posted on April 8, 2024 by Dalmas Ngetich

Bitcoin is still gyrating, moving higher but below the $70,000. At spot rates, bulls expect to push prices higher in the coming sessions. However, how fast prices will move depends on the breakout, especially above the $71,700 to $72,000 zone. This is a resistance level, anchoring sellers in late March 2024.

At press time, sellers are in control in the short term, but buyers have a chance from a top-down preview. Bitcoin is stable in the past day and week of trading. At the same time, the average trading volume is up 4% on the last trading day, pointing to increasing participation.

Traders are watching the following Bitcoin news events:

The focus is on the upcoming halving event. Most analysts think the event will be different than past cycles. With the spot Bitcoin ETF in the picture, observers say institutions issuing shares backed by BTC will change the supply-demand dynamics of the coins. Still, whether this will influence prices, immediately after halving, remains to be seen.
Fed president Neel Kashkari believes Bitcoin is a fad. Following an interview, Kashkari thinks the coin is buoyed more by sentiment and can fall to zero.

Bitcoin Price Analysis

[[BTC/USD]] is recovering, at least looking at events in the daily chart.

Even though prices “kissed” $70,000 over the weekend before pulling back, the uptrend momentum remains.

Aggressive traders may search for entries above $64,500. The chart shows losses below this line may trigger a sell-off, pushing the coin back toward the $60,000 area—a psychological level.

Confident but risk-averse traders can wait for a comprehensive close above $72,000 and the immediate resistance level. If the breakout is with high trading volume, BTC may resume the uptrend, floating to $73,800 or better in the sessions ahead.

Bitcoin Spot ETF Not Halving is the Bullish Tsunami

Posted on April 6, 2024 by Olumide Adesina

Bitcoin is attempting to recover above $68,000 as the week that began with intense selling pressure to $65,000 ends. The market was affected by the sell-off in Bitcoin, which also affected significant altcoins like Solana. Recent blockchain data that sheds light on the fundamentals of Bitcoin has revealed that long-term investors sold around all-time highs to accommodate the growing demand for digital assets from younger investors, who currently own about 44% of BTC network’s total wealth.

The flagship crypto asset reaches an all-time high of above $73K in Q1 for a brief period following a decline to $60,000. Blockchain data suggest that whales have been selling to take advantage of the high prices and satisfy a surge in demand that the April halving may have brought in.

The realized profit/loss ratio of long-term holders has been rising, almost vertically, according to data from cryptocurrency analytics company Glassnode.

Bitcoin’s true volatility can be seen in the daily chart where the asset’s price exhibits notable ups and downs. Long wick candles capture this volatility, emphasizing the fierce tug-of-war between buyers pushing upward and sellers pulling down.

A bearish pattern or a drop below recent consolidation lows could signal an appropriate exit, while a bullish pattern or a close above previous highs could act as a beacon for entry.

The approval of spot exchange-traded funds (ETF) raises doubts about the market’s assessment of the significance of Bitcoin’s (BTC) halving, frequently viewed as a bullish catalyst for the price. As the iShares Bitcoin Trust (IBIT) continues to draw billions of dollars from investors, BlackRock added five more authorized participants, bringing the total to nine.

A prospectus filed with the U.S. Securities and Exchange Commission lists the Wall Street banking behemoths Goldman Sachs, Citadel Securities, Citigroup, and UBS among the new authorized participants, with clearing house ABN AMRO. They join JP Morgan, Virtu, Macquarie, and Jane Street Capital.

Halving is an event that happens every four years and halves the growth of bitcoin’s supply, which has historically driven up the price of the biggest digital asset. Previous halving cycles drove Bitcoin to all-time highs; this time, the spot ETF’s robust demand might provide even more impetus for the rally.

In contrast to past cycles, the increased liquidity and investor base linked to the Bitcoin ETFs indicate a revolutionary change in the crypto market’s market cycle, pointing to a more developed stage of market development.

These complex trends are also evident in the larger crypto and DeFi sectors; initiatives such as Maker’s Endgame initiative, while signaling rapid innovation, also invite scrutiny regarding governance and risk. The DeFi community’s continuous discussion, particularly concerning decentralized stablecoins, emphasizes the delicate balancing act that must be struck between innovation, market stability, and regulatory involvement.

Forex Signals Brief April 6: All Traders Locked and Loaded for the NFP

Posted on April 5, 2024April 4, 2024 by Skerdian Meta

Yesterday most of the day was pretty quiet, as the economic calendar was pretty light, with only the Swiss CPI inflation on the agenda during the European session. Inflation came below expectations in Switzerland, which gave the CHF another push lower, but at the end of the day it would make a total reversal and end up higher.

The NFP is expected to show lower jobs for March

Continue reading “Forex Signals Brief April 6: All Traders Locked and Loaded for the NFP” →

Ripple Launching Stablecoin: XRP Ready for Monster Gains Above $0.66?

Posted on April 5, 2024 by Dalmas Ngetich

XRP prices are technically moving horizontally, without a clear trend definition, though sellers appear to be in control. Even though prices are changing hands at around $0.58 at press time, it is within a broader bear formation. Ripple supporters are tracking multiple developments, hoping they will influence prices positively in future sessions.

Presently, XRP is up 2% in the past 24 hours. Even so, it is down 7% in the previous trading week. Meanwhile, engagement is also on the rise if the average trading volume is anything to go by. In the past 24 hours, this metric is up 42% to over $2 billion.

The following Ripple and XRP news dominated headlines:

Ripple, the blockchain company, plans to launch a stablecoin, taking on Tether and Circle. The latter are issuers of USDT and USDC, two of the world’s largest stablecoins that are more valuable than XRP. USDC recently flipped XRP to seventh, commanding a market cap of over $33 billion.
In the same vein, David Schwartz thinks the stablecoin launch will boost the XRP Ledger (XRPL). Eventually, developers plan to create an active DeFi ecosystem in the XRPL, competing with Ethereum and Solana.

XRP Price Analysis

News of the stablecoin launch is recharging the XRP ecosystem.

[[XRP/USD]] prices are firm at spot rates. Though positive, there must be a stronger push, following through on the gains of April 4.

Aggressive traders might look for entries on dips, targeting $0.66.

On the other hand, risk-off traders can wait for a comprehensive surge above $0.66, with rising volume, before picking out entries. Their target will be $0.74, aligning with the bull bar of March 11.

If the stablecoin launch news was a “sell event,” then XRP might contract below $0.57, and the coin might crash to as low as $0.50; confirming the double top formation evident in the daily chart.

Ethereum Bulls Have A Mountain To Climb: Will They Break $3,700?

Posted on April 5, 2024 by Dalmas Ngetich

Ethereum is firm at press time, attempting to shake off sellers of early April. Even though confidence is high, its impact is not visible on the daily chart. Sellers are in a commanding position, keeping prices way from the middle BB and the $3,700 level. Technically, bears remain in charge even with bulls attempting to wind up recent losses.

ETH is stable in the past hour and day. However, it is down 8% in the last week of trading. At the same time, participation has been decreasing. The average trading volume is around $15 billion, roughly half the average during the last bull cycle. Unless trading volume recovers, Ethereum prices will likely continue flat-lining.

Currently, traders are looking at fundamental factors as potential triggers of demand. Accordingly, the following Ethereum news event might influence price action in the short term:

Eyes are on Ethereum Layer-2 solutions, designed to scale the mainnet. VanEck predicts these chains, including Arbitrum and Optimism, will command over $1 trillion in valuation by 2030. At this level, these chains, despite the lower transaction fees, will be accruing more revenue than the mainnet. Layer-2 solutions are scalable, providing lower transaction fees.
JP Morgan thinks with the number of Ethereum validators crossing the 1 million mark, the risk of the United States SEC classifying it as a security is decreasing. The regulator is yet to provide clarity on the status of this coin. Accordingly, there are doubts on whether they will proceed approving a spot Ethereum ETF in May 2024.

Ethereum Price Analysis

[[ETH/USD]] is in green when writing but still boxed inside a wide-ranging bear candlestick.

While optimism runs high, buyers have a mountain to climb.

For the uptrend to remain, prices might surge above $3,700, reversing April 2 losses.

If not, Ethereum prices risk plunging, especially if recent gains are reversed with rising trading volume.

Bitcoin Pinned Below $70,000: Will Spot BTC ETF Rivalry Improve Sentiment?

Posted on April 5, 2024 by Dalmas Ngetich

Bitcoin is stable when writing. However, even with the confidence among traders, the coin is unable to break free from the grasp of determined sellers. Prices are still inside the bear bar of April 2, meaning BTC is within a bear breakout formation. This preview remains as long as prices are below the $68,500 and $70,000 resistance zone, clear in the daily chart.

In the past 24 hours, Bitcoin is steady, adding 2%. Looking at the previous week, the coin is down 5%. Still, the recovery in the past 48 hours is visible. So far, the average trading volume in the past 24 hours is up 20% to around $36 billion.

Traders are closely monitoring the following Bitcoin news events:

Rumors are that Morgan Stanley and UBS plan to list spot Bitcoin ETFs. With this, Morgan Stanley is reportedly keen to beat UBS. The stiff competition between these two players is very bullish for the broader crypto landscape.
Today, traders will be looking at job reports in the United States. If labor conditions improve, the position of the Federal Reserve on monetary policy will be swayed, impacting crypto prices.

Bitcoin Price Analysis

[[BTC/USD]] is bearish when writing.

Even though the uptrend remains, the path of least resistance in the short term is evident.

Resistance levels remain at $68,500 and the $70,000 level. However, Bitcoin bulls must break above $71,700 for the trend to be clear.

If gains of the past two days are reversed, BTC might glide to as low as $60,000 in a bear trend continuation pattern. This formation might offer aggressive traders an opportunity.