Cryptocurrencies are still moving in a corrective structure, although some movements show more upward bias than others. Bitcoin is virtually unchanged from its previous 24H value, while Bitcoin Cash is +1-67%, Litecoin +1% and Ethereum +0.4%. Stellar (XLM)(+9.13%) and Cardano (ADA) (+4.49%) are the best performers of the last 24 hours. The bitcoin dominance lowered a bit, to 69,7% due to a better performance of the altcoins.
On the news front, SEC Chairman Jay Clayton still concerned with issues regarding the BTC custody and also "unregulated exchanges" that might manipulate bitcoin prices. These were the reasons given to still keep on hold the Bitcoin ETF approval.
On the other hand, Harold J. Ford, a former Representative, thinks Congress should change its approach toward digital assets and create a new regulation. He is afraid the US is losing its competitive edge by letting crypto-related companies move to other jurisdictions such as Malta.
Technical Analysis
Bitcoin
Bitcoin is still moving sideways after the sharp upward candlestick made yesterday. Its last five 4H candles are small bodies with large wicks. That shows traders sell the tops and buy the bottoms. We can see also that the price is still obeying the ascending trendline. We can see also that it is following the descending trendline. Therefore the price is constrained inside a triangular structure, very much typical of corrective movements.
Another interesting fact is that the 50-period MA has just crossed over the 200-period MA. To counter this bullish signal, we have the price moving below the -1Bollinger line and the MACD still in a bearish phase.
Our final observation is that the 4H volume is shrinking, also common in triangular formations.
Overall, I'd be bullish if there is a 4H close above $10,426 and bearish if it happens below $10.147, and assign the odds of the price moving up/down 60/40.
Litecoin
Litecoin is bouncing off of the $73 resistance area, which also marks the level of the last sharp drop made on August 28. The price moves following the support of the Bollinger band mean line, which is very positive. We see that the lack of bullishness of the Bitcoin is hurting its price movement.
LTC latest key support as $70. The rest of the key levels are shown in the 4H chart, above.
Ethereum
Ethereum support at $180 has been holding after Monday's surge. The price is moving laterally for now. The 20-period average, which is the base for the Bollinger bands, is also supporting the price movements. On the other hand, the 200-period MA is still descending, and the price is below it, which still might influence the price for a while. To offset this view, we see also the price is above the 50-period MA.
Since the $187 has not been crossed with a convincing close, we need to see more evidence of bullish action before calling for a long position on Ethereum. However, an excellent bullish signal would happen when the 50-period MA crossed over the 200-period MA.
100% Anonymous Trading on EagleFX - Trade NOW!
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.