Bitcoin new assault to the $7K level, altcoins in bull mode

During the weekend, Cryptocurrencies were moving in a tight range with low volume, but the beginning of a new trading week has brought buyers to the markets. Early morning has seen the main cryptocurrencies retake the bullish path, as Bitcoin (+2.46%) is making another attempt to cross the $7K and Ethereum (+3.76%) aims to cross the $150 level. Tron(+8.69, Monero(+7.64%) and ATOM(+6.34%) are the best 24-hour performers. Ethereum-based tokens are lagging the crypto coins, with MKR losing 4.4 percent.  That doesn't mean we cannot find good upward movers, such as QNT(+7.8%) or ZIL(+21.26%).

The market capitalization is currently $193.23 billion, a 1.73% change over its previous value. The traded volume in the last 24H increased by 0.92 percent to $31.08 billion. Finally, Bitcoin dominance has increased slightly and now is 65.64 percent.

 

Hot News

Stocks surge in the Asian markets, and U.S. Futures jump up as investors are looking that efforts to halt the coronavirus pandemic are showing its first results. The Nikkei 225 is up by 4.24%, Hong Kong's HSI is up 2.3$, and S&P/ASX200 moves up 4.38%. Reports showing that the number of patients dying from coronavirus in Spain, Italy, and New York City is decreasing is cheered by investors. 

On April 03, The Blockchain Association, a U.S. Based association in the crypto area, has filed a brief on the U.S. Court of appeals that accuses the U.S. Sec of backtracking its own guidance on digital assets. In the summary of the argument, it states that "Before filing this action, the Commission had provided limited guidance on how to fund and introduce blockchain networks. But what it had said differs drastically from its position in this case and the decision below."

Telegram had structured the fundraising for TON in two parts, the first of which was following the current exemptions for private placements, Whereas, the second involved the distribution of "functional assets."

"The district court erred by conflating Telegram's private placement and the future delivery of blockchain tokens. The two steps are legally and temporally distinct. Indeed, the tokens did not even exist at the time of the private placement. Treating the two steps as one defeats the purpose of the Commission's private-placement rules."

 

Technical Analysis - Bitcoin

Bitcoin's price has been held bu the $6,800 support, and early morning, coinciding with the surge of the Asian stock markets is advancing above the $7K level, breaking the triangular formation it was trading in.  The price moved above the +1SD line and up to the +3SD line, which shows a strong bullish impulse. If the candle holds, which seems to, given the upbeat sentiment of the investors today, we see bitcoin challenging the $7,400 level, and even move up to $7,700.

Support	Pivot Point	Resistance
6,550	6,800	7,400
6,180		7,700
5,850		8,050

 

Ethereum

Ethereum has broken the $150 level to the upside, with a good-looking candle that broke out the weekend's range. The price also shows strong bullish momentum, near its +3SD Bollinger line. Thus we see it approaching the $158 level.

Support	Pivot Point	Resistance
135.00	142.00	152.00
128.00		158.00
119.00		165.00

 

Ripple

Ripple has followed the path of Bitcoin and Ethereum, moving up in the last hours and breaking the weekend's range. Its technical indicators show it moves in a bullish trend, with higher highs and lows, its price above the +1SD line and MACD making a bullish crossover. The price still moves inside the upward wedge, and if it follows the past performance, its next target will be near $0.193.

Support	Pivot Point	Resistance
0.1700	0.1800	0.1900
0.1600		0.2000
0.1600		0.2070

 

 

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