Yesterday's strong bullish move has paused near the resistance level, as profit-taking has dragged the action following the upward thrust. Still, cryptos are advancing steadily, as Ethereum (+1.45%) continues bullish, and Bitcoin(+0.83%) buyers don't allow drops below $7,000.  Among the leading coins, Tezos(+6.01%) us the best performer of the last 24 hours, with a special mention to DigiByte's 17 percent gain. Among the leading Ethereum-based tokens, ChainLink(+3.87%) continues growing, followed by MKR (+2,21%), with special mentions to NEXO(+6%) and WTC(+28.68%).

24-hour Crypto Sector Heat Map

The Market capitalization of the cryptocurrency sector has moved slightly above the $200 billion, breaking the descending channel.

The volume traded in the last 24 hours is 39 billion, 20 percent less than yesterday's 45.75 billion. Still, Bitcoin dominance stays stable at 64.22%.

Total Market Chart

 

Hot News

Dow Futures sprang up after a study by a Chicago hospital indicated that Gilead's Remdesivir trial sowed rapid recovery from severe symptoms on 125 SARS-CoV.2 patients. Gilead shares surged over 16%.

Binance is going to launch a new Ethereum-compatible blockchain. The blockchain's native token will be BNB in a move qualified as an Ethereum competitor, as it will support smart contracts besides BNB staking.

Bitcoin could be holding up to 5 percent of the BTC current supply, or about 360,000 BTC, according to the data supplied by a crypto blogger.

The Libra Association made new updates to the white paper with amendments to the original concept, including the introduction of stablecoins pegged to different currencies, to avoid interfering with the monetary sovereignty of the countries.

 

Technical Analysis - Bitcoin

Bitcoin 4H

On Thursday's morning, Bitcoin has bounced off the lower side of an ascending linear regression channel, after the corrective action made in the past days. The movement created an engulfing figure in the daily chart and a Morning Star pattern in the 4H chart. The rest of the day and early morning today has been spent consolidating levels around 7,100, after being rejected by the $7,200 level.

The price moved away from overbought levels and is now moving along the +1SD Bollinger line, confirming the upward trend. MACD is also bullish. The price needs to break the $7,200 level soon to continue and test the $7,400 level that many traders eye as the next target.

 

Standard Pivot Points

Support

Pivot Point

Resistance

6,625

7,041

 

 

7,330

6,344

7,740

5,934

8,028

 

Ethereum

Ethereum 4H

Ethereum's reversal action has been quite bullish in the last 24 hours. After a strong Morning Star figure, the price continued moving upwards to challenge the 174 level. After being rejected there, ETH has been moving in a tight range its action approaching the +1SD Bollinger line on decreasing volume. The $174 Breakout will signal its next challenge towards the $180 and 194 targets. $164 may act as support.

 

Standard Pivot Points

Support

Pivot Point

Resistance

142

159

 

 

175

125

193

108

209

 

Ripple

Ripple 4H

Ripple has been following the overall crypto market trends, but behaving weaker. XRP is having difficulties to cross the $0.19 level. Nevertheless, the asset has managed to create a new consolidation above the previous one, but limited to the upside by $0.193. 

After the bounce to the upper limit of the descending channel, XRP has crossed it and currently moves near the+1SD Bollinger line, as the bands spread and move slightly up, which is my definition of an uptrend. Buyers may consider entering positions on the breakout of the $0.193 level with a potential target at 0.205 level, the last swing high made on April 07.

 

Standard Pivot Points

Support

Pivot Point

Resistance

0.1770

0.1910

 

 

0.2030

0.1650

0.2170

0.1500

0.2300

 

 


 

Try Secure Leveraged Trading with EagleFX!


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


Recommended Content

Editors’ Picks

Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

More Ethereum News
Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.

More Bitcoin News
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD. 

More Ripple News
Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.

More Bitcoin News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP