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Thread: Cryptocurrency Analysis

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    Bitcoin's resurrection is still being postponed: the institutions did not pick up all the sold coins

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    It has already been almost two full days since the fall in BTC quotes on Sunday, and they are still declining. Albeit not too much, they are falling and trying to return to the support level of $50,770, which was worked out as part of the collapse last Sunday. Thus, in the coming days, it is possible to expect the number one cryptocurrency in the world to return to this level. As we have said many times before, a lot for bitcoin will now depend on whether institutional investors want to "pick up" all the bitcoin coins that are being sold. And do they sell the cryptocurrency themselves? The answers to these questions will determine the fate of bitcoin for the coming months, and maybe even years. Keep in mind that all forecasts from the category of "$100,000 per coin" are good and it is quite possible that bitcoin will cost exactly that much one day. However, this does not mean that bitcoin will not fall in value or frankly collapse from time to time. If the institutions get rid of bitcoin themselves instead of buying all the sold coins, the collapse of the cost of 70-80% can not be avoided. In principle, nothing extraordinary has happened for bitcoin so far.

    The total correction is currently $15,000. The two previous rounds of correction were from 10 to 14 thousand dollars, but then bitcoin was cheaper. To be more precise, for all the last three corrections, bitcoin lost about 20% of its value, after which the upward trend resumed. Accordingly, the level of $50,770 is now important, below which the correction will be more than 20% and, therefore, it will be possible to talk about a more serious fall in the "digital gold." It should also be noted that the level of $50,770 is the previous local low. And according to technical analysis, the probability of a further drop in quotes will increase greatly if the price manages to overcome the previous low. At this point, a new trend (a downward trend) just begins to emerge, and it becomes much more difficult for the bulls to return the instrument to the upward trend. Thus, we are watching the level of $50,770. It should be highlighted that the upward momentum is weakening, and this can be seen in the illustration below. No trend can last forever, and bitcoin has already been growing in price for a very long time.

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    In technical terms, bitcoin is fixed below the critical line, as well as below the ascending channel. Thus, according to all the canons of technical analysis and the Ichimoku indicator, a downward correction should now follow. However, we should also pay attention to one important fact: yesterday, BTC quotes fell exactly to the previous local low near the level of $50,770, and bounced off it. Thus, further downward movement is impossible without overcoming this level. Below, traders are waiting for the support of $43,850, but some analysts also consider the support level of $37,500 as a target for a possible fall in bitcoin.




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    Paolo Greco
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    Technical Analysis of BTC/USD for April 20, 2021

    Crypto Industry News:
    A recently released Glassnode chart shows that just ten minutes after BTC fell to $ 51,000 on Sunday, Binance was transferring $1.2 billion worth of bitcoins. Let's recall that bitcoin experienced a decline of nearly 20% yesterday from $60,000 to $51,000 in less than an hour.

    CIO Moskovski Capital released the above-mentioned chart about the huge decline in BTC. It has been speculated that there was a tweet behind the bitcoin price movement alleging that the U.S. Treasury Department was going to charge several financial institutions with cryptocurrency money laundering charges. Within an hour of this news, bitcoin created a large red candle. As the price of the king of cryptocurrencies fell, the rates of top altcoins fell. $ 288 billion disappeared from the market at that time.

    Lex Moskovski, who shared the chart, asked Binance for official comment. At the time of preparing this publication, no representative of the stock exchange responded to his request


    Technical Market Outlook:
    The BTC/USD bounce from the level of $50,313 had been capped at the level of $57,333, which is just below the 50% Fibonacci retracement of the last wave down seen at the level of $57,717. The market reversed and looks like is about to continue the correction towards the level of $50,313 again. The key short-term technical resistance is located at the level of $58,345 and the nearest technical support is seen at $55,501. The longer time frame chart still shows the up trend is intact.

    Weekly Pivot Points:
    WR3 - $77,128
    WR2 - $70,098
    WR1 - $62,765

    Weekly Pivot - $56,867
    WS1 - $48,657
    WS2 - $42,481
    WS3 - $34,723


    Trading Recommendations:
    The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $50,000 is clearly broken on the e daily time frame chart.

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    Sebastian Seliga
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    Technical Analysis of ETH/USD for April 20, 2021

    Crypto Industry News:
    The last one to join the "Dogecoin fashion" is a manufacturer of chocolate snacks from the well-known Snickers and Milky Way brands. Both brands are owned by the confectionery giant Mars Inc.

    According to data from Google Trends, the number of searches for "Dogeday" has increased significantly and the hashtag is gaining popularity on the social media platform. Social commitment for Dogecoin is currently 931% with social dominance above 536%. The sentiment Dogecoin is now enjoying is beyond all expectations, given that Elon Musk didn't tweet anything about Dogecoin last week.

    What sets DOGE apart from other alcoins is that 61% of DOGE HODLers hold this coin for over a year. This is probably not the case with most of the other top altcoins that offer two- and three-digit profits. Most alternative cryptocurrencies have a high, short-term ROI. It's quite interesting that the reverse is true for DOGE.

    The most interesting thing is that DOGECOIN is currently not correlated with bitcoin. Still, as bitcoin grows in popularity, DOGE grows with it, alongside the best altcoins.


    Technical Market Outlook:
    The ETH/USD pair has retraced more then 50% of the last wave down and made a local high at the level of $2,274 during the bounce. This level has been used to test the short-term lower channel line for a test and the higher prices were rejected as the Pin Bar candlestick had been made. The market reversed towards the technical support located at the level of $2,098 and is trading around this level currently. Any violation of this level would lead to another wave down towards the recent low located at the level of $1,941 or below.

    Weekly Pivot Points:
    WR3 - $3,314
    WR2 - $2,2828
    WR1 - $2,524

    Weekly Pivot - $2,211
    WS1 - $1,914
    WS2 - $1,617
    WS3 - $1,300


    Trading Recommendations:
    The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,500. The key long term technical support is seen at the level of $2,000, so only a weekly candle close below this level will invalidate the bullish scenario.

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    Sebastian Seliga
    Analytical expert
    InstaForex Group © 2007-2021

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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