Cryptocurrency Analysis

[IFX_Selena]

Ethereum preparing for new all time highs

Ethereum bulls have managed to recapture the $1,900 level. Trend remains bullish as price continues to make higher highs and higher lows. There are some warning signals by the RSI but nothing more than a warning. As long as price continues to respect the support levels, trend will remain bullish.



Black line - support

Blue lines- bearish RSI Divergence

With price making a new all time high in closing prices, ETH/USD price pattern seems ready to explode higher. The RSI has a different opinion but as long as price is above the black trend line support, bulls have the upper hand. Support by the black trend line is at $1,660. Next upside target for ETH/USD is at $2,200.





Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for April 2, 2021

Crypto Industry News:
Bitcoin closed the sixth consecutive monthly candle in green for the first time since April 2013. If history repeats itself, a continuation of the bitcoin boom may await us this year.

In April 2013, bitcoin closed at around $ 140 after it saw six more - green monthly candles. While the market receded to less than $ 100 in the next two months, bitcoin surged 700% in the next six months and hit the price above $ 1000 for the first time.

Bitcoin behaved similarly even before the parabolic spike in 2017, when the market saw five consecutive green monthly candles through September. While consolidation took place in September, bitcoin soared to a new all-time record in October and surged from $ 5,000 to nearly $ 20,000 by the end of the year.

Past trends do not guarantee future results, and the history of green candles is somewhat cloudy. Despite Bitcoin releasing five green monthly candles in a row at the end of 2015, BTC collapsed by 20% in the first weeks of 2016 before it entered a state of several months of consolidation.


Technical Market Outlook:
The BTC/USD pair has been consolidating in a narrow zone located between the levels of $58,223 - $60,100. It the level of $60,100 is violated finally, the road towards the ATH located at the level of $61,683 is very quick. The key technical support is seen at the level of $56,795. Strong and positive momentum supports the short-term bullish outlook for BTC.

Weekly Pivot Points:
WR3 - $66,270
WR2 - $62,632
WR1 - $58,882

Weekly Pivot - $54,425
WS1 - $50,791
WS2 - $46,464
WS3 - $42,622


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 $41,125 is clearly broken on the e daily time frame chart.






Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

BTC analysis for April 02,.2021 - Test of the major resistance at the price of $60.000 and potential for the downside rotation



Analyzing the current trading chart of BTC, I found that major resistance is on the tes at the $60.000t and that there is the chance for the downside rotation towards $54.925 and $51.000.

My advice is to watch for selling opportunities on the rallies with the downside target at $55.000.

Stochastic oscillator is overbought, which is another sign of weakness...

Additionally, there is the breakout of the rising channel in the background....


Key Levels:

Resistance: $60.000

Support level: $54.925 and $51.000.




Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for April 2, 2021

Crypto Industry News:
DOGE surged over 18% after Elon Musk tweeted about alleged intentions to take cryptocurrency to the moon.

Musk's tweet seems to be an obvious analogy to the slogan "To the Moon" popular among the cryptocurrency community. It is used to describe an asset in a strong uptrend that never seems to stop growing - going up the chart as if towards the aforementioned Moon. Every member of the cryptocurrency community hopes that the prices of digital assets he keeps in his wallet will someday go there. But Musk has gone one step ahead: he wants to put the real Dogecoin on a real moon, 384,400 km from Earth.

"SpaceX will literally put Dogecoin on the literal moon," Musk said in a tweet. SpaceX is one of Musk's companies in the field of rocket building and space exploration. Technically, such an undertaking would be perfectly feasible.


Technical Market Outlook:
The ETH/USD pair has hit a new all time high at the level of $2.008 (at the time of writing the article). The market is out of the main channel, so the up move can accelerate. The immediate technical support is seen at the level of $1,963 and $1,941.The strong and positive momentum supports the short-term bullish outlook for ETH with a longer-term target at $2,035.

Weekly Pivot Points:
WR3 - $2,053
WR2 - $1,922
WR1 - $1,793

Weekly Pivot - $1,670
WS1 - $1,525
WS2 - $1,400
WS3 - $1,267


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 $2,100. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.






Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Bitcoin New Breakout Attempt!

Bitcoin trades at 59,622 level and it tries to take out a strong resistance area to be able to approach 61,788 all-time high. The bias is bullish, so the price could extend its gains soon.

BTC/USD failed to validate a larger correction, so the crypto could resume its major uptrend, upwards movement. Technically, the price moves higher within an up channel, so the outlook remains bullish as long as it stays within this pattern.


BTC/USD KEEPS RUNNING!


BTC/USD closed above the R1 (59,367) static resistance in the early morning signaling strong buyers in the short term. Now, 60,100 is seen as a strong resistance level, so only a breakout may signal a further increase.

The rate passes above the 150% Fibonacci line as well. Jumping, closing, and stabilizing above 60,100 could offer a new bullish signal.


BITCOIN OUTLOOK!

A bullish closure above 60,100 could be seen as a bullish signal with an upside target at the R2 (62,950).





Ralph Shedler
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Ethereum breaks $2,000 barrier after billionaire Cuban's comment on his investment portfolio. New target seen at $2,500



Ethereum has gained popularity among investors and billionaires since it is one of the most demanded cryptocurrencies after bitcoin. As a guest on a recent episode of the Delphi podcast, Dallas billionaire Mark Cuban revealed that he owns a lot of Ethereum in his portfolio.

Cuban's investment portfolio is "60% bitcoin, 30% Ethereum, and 10% the rest." He sees Ethereum as "adaptable over time" because developers can improve its capabilities. "That is more life-like, and so, I have a lot of Ethereum as well," Cuban stated. "I wish I had bought it sooner, but I started buying it four years ago, simply because I think it's the closest we have to a true currency."

Consequently, Ethereum broke the $2,000 bullish target and closed above it. It is the highest daily close in Ethereum's history. The digital asset is expected to hit $2,500 by the end of the month. This means that the bullish trend may well extend with targets equal to the duration of the bullish trend. In the short-term, ETH/USD may even reach $3,000.




Vitaly Kolesnikov
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Ripple shows promising price behavior

XRP/USD is trading once again near $0.60. Price briefly moved above $0.60 today and is now trading just below it. Short-term trend remains supported as any pull back has been met by strong buyers and price is starting to make higher highs and higher lows.



Yellow rectangle- resistance

Blue lines- support trend lines

XRP/USD is breaking above key short-term resistance levels that has been testing for the last 11 sessions. Recapturing $0.60 and staying above it is crucial if price is to move towards the major resistance area of $0.70-$0.80. As long as price is below this resistance level is still vulnerable to another move towards $0.40-$0.30. For now there is no sign that such a pull back is coming. For now price is slowly and steadily moving higher. Short-term support is at $0.54. Bulls do not want to see this level broken as this will imply more selling is coming most probably to push price towards the first blue trend line support at $0.47.




Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Ethereum makes new all time highs

Ethereum as per our last analysis is expected to move towards $2,200 level. This is our next target. Price remains in a bullish trend and as we said yesterday, as long as price is above the black trend line support trend is bullish.



Red lines- Fibonacci extension target

Black line - support trend line

ETH/USD has broken above the recent highs and is now at $2,050. The RSI in the Daily chart is providing another bearish divergence which is just a warning. This is not a reversal signal. Bulls need to be cautious and protect their gains. Trend changes only on a break below $1,660-80 area. Buying now ETH/USD is very risky because price is well above the support trend line. If price pulls back towards the support trend line then this could be another opportunity to go long. This is not the time to be very optimistic.





Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Triangle pattern in Litecoin

LTC/USD price has formed a triangle pattern and price now challenging important resistance levels. Price is right below the upper triangle boundary. A rejection here could push price back towards $185. A break out of the triangle could lead price to $280-$300.



Green line - medium-term support trend line

Blue lines- triangle pattern

Resistance is strong at current levels of $215. There is still room inside the triangle pattern so a rejection here and a pull back towards the green support trend line is not out of the question. I believe because to the medium-term bullish trend the chances of a break out favor bulls for an upward triangle break out. A pull back towards $185 and the support trend line and lower triangle boundary would be the last chance for a bullish trade in LTC/USD. As long as price is above the green trend line chances favor bulls and a move towards $280-$300.




Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

High chances of a deep Bitcoin pull back

Bitcoin is trading just below $60k. Despite the bullish momentum in most cryptocurrencies, Bitcoin is not making a new all time high. This might be bearish for the short-term and traders need to be very cautious.



Blue line - support trend line (broken)

Red line -expected path

Green lines- bearish RSI divergence

Bitcoin is bouncing higher and has already reach previous all time highs. However there are some warning signals that should not be taken lightly. First of all we have the bearish divergence in the RSI. Price is making new highs and the RSI is not following. This is an important warning. Secondly price has broken below the blue trend line support and is now hitting it from below. A rejection here and a push below $56,000 would increase chances of a deeper pull back and a test of at least $50,325. BTC/USD I believe has more chances of starting a deep pull back towards $40,000 than to continue now towards $75,000. If price breaks to new highs and the RSI also breaks above the green line resistance and above the 70 level, then our bearish reversal scenario will be canceled.





Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021