Daily insight into the cryptocurrency market examining crucial news highlights of the day. Following price actions of cryptocurrencies such as bitcoin and ethereum, and some of the other altcoins.
Bitcoin has recently begun a downside reversal after failing to settle above the $59,500 resistance. BTC traded below the $58,500 support level after breaching the $59,000 level.
However, near the $58,000 support and the 100 hourly simple moving average, the bulls were active. A low has emerged near $57,922, and the price appears to be trading in a narrowing range. It has now hit the $58,500 mark.
The recent fall from the $59,650 high to the $57,922 low was broken above the 50 percent Fib retracement mark. Bitcoin is currently experiencing resistance near the $59,200 mark.
On the hourly chart of the BTC/USD pair, a critical contracting triangle developed with resistance near $59,200. The 61.8 percent Fib retracement level of the recent fall from the $59,650 high to the $57,922 low is close to the triangle resistance.
A break above the triangle resistance could signal the start of a massive bullish wave. The next significant resistance zone is around $59,500, after which the stock is likely to rally above $60,000.
In other bitcoin news, U.S-based crypto exchange Coinbase revealed late Thursday night that it had obtained approval from the Securities and Exchange Commission to list its stock on the Nasdaq via a so-called direct listing on April 14 under the ticker "COIN." In retrospect, a direct listing necessitates a company's saving of the money it owes to investment banks rather than raising it.
Unlike bitcoin, Ethereum stayed well bid above $1,850 and traded to a new weekly peak. Near the $1,920 and $1,950 resistance stages, ETH broke through several significant barriers.
A spike above $2,000 occurred, and the price settled comfortably above the 100 hourly simple moving average. Near $2,008, a high was established, and the price began to consolidate gains. Near the $1,980 mark, there is some initial support to the downside.
On the hourly chart of ETH/USD, a main bullish trend line developed with support near $1,945.
The trend line is similar to the 50% Fib retracement stage of the recent rise from the swing low of $1,888 to the peak of $2,008. A good close above $2,000 may pave the way for a significant increase in the coming sessions. In the above example, the price could quickly increase to $2,080 and $2,100.
In other Ethereum News, ETH is only a smidgeon away from its all-time high of $2,050, set on Feb. 20, and analysts believe institutions are stocking up.
400,000 ETH poured out of Coinbase a few days ago, according to Crypto Quant CEO Ki-Young Ju, who added that “institutions are now buying” as a speculative guess.
Altcoins' market summary:
Bitcoin Cash's lowest point was at $531. It peaked at $552, and it is currently trading at $531.
Ripple's highest peak as at the time of writing this was at $0.592. Its intraday low level was below $0.552. It is still in an increase and is trading above $0.590
Litecoin reached an intraday low of $186. It hit a high of $199 and is trading around $189.
In conclusion, Ethereum seems prime to revisit its ally one high and probably go higher form there. It is currently outperforming bitcoin.
