Cryptocurrency Analysis

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Coinbase is listed on NASDAQ. A very important day for Bitcoin!



Yesterday, the bitcoin exchange rate failed to continue growing and slightly rolled back from its regular local and absolute highs. However, the key now is the ascending channel. As long as bitcoin quotes are not kept inside, the growth of the number one cryptocurrency will continue. And in order for the growth to continue, it is necessary that more new investments constantly come to bitcoin. The issue of bitcoin is limited and there is approximately the same, non-changing number of coins in the world. Thus, everything will depend solely on supply and demand. At the same time, even the fundamental background may or may not affect the bitcoin exchange rate. For example, the latest news that the companies Liberty Mutual and Starr Insurance invested on April 8 about $100 million in the investment fund New York Digital Investment Group, and on April 9, the American asset management company Millennium invested in bitcoin through Grayscale Bitcoin Trust could provoke the growth of bitcoin just on the basis of increased demand for cryptocurrency. That is to say, the rest of the market participants could not make any gestures at all, but two or three really large transactions for the purchase of bitcoin would already be enough for the growth of the exchange rate. Well, in order to determine the end of the upward trend, which we personally have been anticipating for a long time, an ascending channel is necessary, as well as the three support lines marked in the illustration. We continue to maintain the view that the bullish sentiment is weakening. Accordingly, if investors fail to organize a new powerful wave of purchases in the coming days, bitcoin will again seek to leave the ascending channel.

Meanwhile, the cryptocurrency exchange Coinbase was the first in the world to enter the stock market with the placement of its own shares. It happened yesterday, April 14. The starting price of the shares was $381, but within the first few minutes, it rose to $430. The total capitalization of the exchange, thanks to the placement of shares, exceeded $100 billion, making it the largest in the world. But not everything is so great. A little later, the share price fell to $310, and the first day of trading closed at $328, which is a decrease of 14% from the opening price. One of the company's founders, Fred Ehrsam, stated: "When we started Coinbase in 2012, bitcoin was worth $6 and no one in the world knew anything about it. Now, we are still at the beginning of the road. This is only 1% of the most important technology of the coming decades. Cryptocurrencies will change money and information, and the whole world will stand on them."



In technical terms, the overall picture remains the same. The upward trend continues and now bitcoin has another benchmark in the form of an ascending channel, and there are also two targets – the nearest resistance level of $65,400 and the next psychological level of $70,000 per coin. As well as three supports: $44,600, $52,300, and $56,000. The consolidation of quotes below the channel will be a signal for the beginning of a strong correction.





Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

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BTC hits all-time high after Coinbase listing on Nasdaq

Bitcoin reached the historical high, which was in line with our yesterday's forecast. Currently, bitcoin has all chances to continue its explosive growth.

Today the largest US cryptocurrency exchange's listing has occurred on the Nasdaq, which is considered a landmark victory for cryptocurrency enthusiasts. Bitcoin hit a record level of $62,741 a day before the listing of Coinbase shares. "When bitcoin markets create new highs, the price often range-trades and we witness a round of profit-taking," James Butterfill of digital asset manager CoinShares stressed.

Coinbase is a regulated US trading platform. It was founded in 2011 by Brian Armstrong, who previously worked at AirBnb, and Freed Airman, a former employee of Goldman Sachs.

Since 2013, Coinbase has been receiving large amounts of investment from venture capital investors such as Union Square Ventures, Andreessen Horowitz, and the New York Stock Exchange.

This is one of the very first US crypto exchanges licensed to operate in the United States. It is also one of the few crypto platforms that offer unhindered wire transfers. "The Coinbase IPO is a seminal moment for the digital assets industry. From tomorrow, there is an exchange tradeable instrument for [asset managers] to participate in this paradigm change, and this is having a big impact on Bitcoin's price," Pete Cheyne, founder of Bottlepay, a bitcoin-based payments app, said.

However, not everyone can get access to Coinbase. It is not available for investors from the CIS countries as well as for residents of regions that are included in the list of US sanctions. In addition, the crypto exchange has weak technical support, and it is still difficult to solve this problem. Technical problems on Coinbase occur quite often due to the volatility of bitcoin. The bitcoin rally turns into a real challenge for the platform as its capacities are not enough for such a flow of traders.

Notably, one significant feature of Coinbase's listing is that it is not an initial public offering (IPO). Coinbase chose to come to market via a direct listing. It differs from the initial public offering as Coinbase will sell its shares directly to market participants without resorting to financial intermediaries and without paying any commission to anyone.

Coinbase shares will start trading on the Nasdaq under the COIN ticker today. For the crypto traders, this is a landmark victory and a sign of recognition. Naturally, it attracts new investors to digital currencies.

I will talk in detail about listing in my next article. So, let's get back to bitcoin. In order to determine the possible all-time highs, the Fibonacci Expansion tool was used. It was placed at the lows of March 25 and April 7. On the chart, the new Fibonacci Expansion is purple.

At the time of writing this article, the bitcoin price broke through the level of 61.8 of the purple Fibo Expansion and after consolidation rolled back to it. Now on the chart the situation is twofold. Therefore, there are two scenarios for bitcoin. If the 61.8 Fibo Expansion support is not broken and the price bounces up from this level, BTC/USD will gain momentum. It may move to the next target level of the 100 Fibo Expansion, which is located just above $67,000.

There is an alternative scenario as well. BTC may break the level of 61.8 on Fibo Expansion and move to the area of 1048.64 - 61759, located at the previous historical highs. If it consolidates below these levels, it will signal the beginning of a significant correction of the number one cryptocurrency.







Ekaterina Kiseleva
Analytical expert
InstaForex Group © 2007-2021

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Finding out who's the creator of Bitcoin can lead to deflation and chaos



Nakamoto has the ability to negatively influence the crypto market and destabilize it, in case he wants to get rid of years of anonymity or sell his bitcoins, which are estimated to be more than $ 25 billion.

Bitcoin's total capitalization is more than $ 1 trillion and Satoshi Nakamoto was a pioneer in digital asset mining. It should be recalled that chaos and deflationary trends can affect the price of the main cryptocurrency. If more than a million BTC were sold at one point, the value of the asset would immediately collapse. The freedom-loving cryptocurrency does not depend on any financial institutions, nor from influencers.

But if Nakamoto revealed his true face, then there would clearly be many questions for him. Since Bitcoin is not traceable, this has led to the use of illegal products and transactions on the Internet. If he desires to get rid of anonymity, he would put the currency in one unit, which could be an annoyance for investors who bought the currency for decentralization.

The public disclosure of this person X goes against the fundamentals of Bitcoin, which was written in black and white in an official document. Its decentralized nature will be in great danger if Mr. Nakamoto decides to withdraw from the game and reveal all the cards. It is not known whether Nakamoto will decide to get rid of his fortune or reveal his true identity. Most likely, he will remain the X-man.




Vitaly Kolesnikov
Analytical expert
InstaForex Group © 2007-2021

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New all time highs for Bitcoin

Bitcoin made new all time highs today around $64,768. Price however is turning lower with Bitcoin now trading around $61,600. Price is still above the resistance that was broken which is now support. It is important for bulls for price to stay above the broken resistance and not fall below it.



Blue lines- bullish channel

Red rectangle - resistance (broken) now support

Bitcoin is still inside the medium-term upward sloping blue channel. As long as this is the case, trend will remain bullish. Price is pulling back now and looks ready to test the broken resistance and now support around $59,500-$60,000. Respecting this support level is key for the continuation of the up trend towards our next target of $75,000. If support fails to hold and price breaks below and out of the bullish channel, then we should expect a deep correction to follow that could last more than a couple of weeks and could bring price towards $40,000.





Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

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XRP/USD analysis for April 14th, 2021

XRP/USD came very close to the $2 price level as price made a high at $1.9617. Our target was at $1.97 and next target now will depend on the depth of the pull back. Price has turned lower after reaching $1.9617 and is now trading around $1.70.



Red rectangles - horizontal support levels

Blue lines- trend line support

Price remains in a bullish trend as it continues making higher highs and higher lows. The big question now is if the entire upward move from $0.45 is complete and we are correcting this move or we still have more upside and we should see a bigger correction later. Short-term trend remains bullish as long as price is above the blue trend lines. Closest support level is found at $1.60. Breaking below this level will open the way for a move lower towards $1.40. If this level fails to hold too then we should expect price to test the horizontal support at $1.06-$1.13. Below this last support things will get pessimistic for XRP/USD holders. A correction even towards $1.06 is justified. Not necessary for the uptrend to continue, but justified. Let's not forget that price has more than doubled the last few days. Pull backs and corrections are essential for the up trend to gather more strength and get fuel for more upside. Resistance is found at $1.87. Breaking above this level will increase chances dramatically for a move above $2.





Alexandros Yfantis
Analytical expert
InstaForex Group © 2007-2021

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Major altcoins have rewritten all-time highs

Over the past few days, the cryptocurrency market has been experiencing a real celebration. Over the past day alone, the total capitalization of all crypto assets increased by 3.7% and amounted to a cosmic $2.27 trillion. During a period of active growth, altcoins do not lag behind bitcoin that has gained momentum, and also rewrite historical highs.

Best of all, the main altcoin - Ethereum - has risen in price by 7.3% in 24 hours. As of April 14, ether is quoted at $2,386 and shows excellent dynamics of growth in daily trading volume - $40 billion. In addition to the general euphoria in the crypto asset market, the indicators of the ETH/USD pair went up significantly due to the increased interest of large companies, which supported the trend of the weekend rally organized by retail traders. The surge in activity was triggered by another step towards the expected Ethereum 2.0. Today, an update for the ether network called "Berlin" should take place, the main task of which is to adjust the algorithm for making commission Gas transactions. Considering the dynamics of the growth of quotes, the constantly increasing demand, as well as other positive news factors, the indicators of Ethereum will continue to grow. At this rate, the asset can swing to the important mark of $2,500 in the next few days.



The active growth of the Ripple token continues, which has risen in price by 6.6% in 24 hours, and in a week the growth amounted to a whopping 75%. As of April 14, the XRP/USD pair is trading at $1.81, and the asset continues to go up, as evidenced by the daily trading volume, which increased by 13% to $30.7 billion. In the litigation, Ripple is once again beating the SEC locally. Recently, the court rejected the regulator's petition to provide the company's directors with personal financial information. In addition, digital asset management firm CoinShares announced the launch of a physically-backed ETP in the form of XRP, which allows the coin to expect further capital inflows and growth to $2.



Litecoin also hit its all-time high, at $282 for the first time. Over the past day, the asset has risen in price by 1%, and the daily trading volume has remained practically unchanged for the entire period of growth - $10.8 billion. Considering the rather indifferent attitude towards the altcoin, the coin quotes began to decline after reaching another maximum and as of 12:00 UTC, the LTC/USD pair was trading at $265. Despite the lukewarm personal prospects for cryptocurrency, the market continues to skyrocket, which will allow altcoin to return to its previous positions.



In addition to the local success of individual altcoins, the market is still shaken by positive news. First of all, this is due to the start of trading in shares of the crypto exchange Coinbase on the NASDAQ platform. The performance of major cryptocurrencies rose significantly after the news that the assessed value of the crypto exchange was about $100 billion. In addition, the Japanese giant SBI Holdings has created its own fund to develop the cryptocurrency market through investments in blockchain startups. All this created a powerful impetus, which was supported by the growing performance of altcoins, as well as the completion of the consolidation of bitcoin prices. Thanks to a fortunate coincidence of circumstances in the stock markets, information space, as well as in BTC quotes, cryptocurrencies continue to grow steadily in value.





Artem Petrenko
Analytical expert
InstaForex Group © 2007-2021

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Trading Signal for Ripple XRP, for April 14 - 15, 2021: Buy above $1.5625



The Ripple (XRP) this morning of the American session is retreating from its new highs at $1.96, after having found resistance at Murray's 5/8, supported by the eagle indicator that showed an overbought signal.

Ripple XRP is a global settlement network that uses blockchain and distributed ledger technology. Ripple has great potential and could soon rival bitcoin.

The purpose that Ripple seeks to achieve is the speed and frictionlessness of sending money globally using the power of the blockchain.

The Ripple has also been adopted by various banks such as BBVA, the Royal Bank Of Canada, the Bank of America, and Standard Chartered. In fact, some rumors about Ripple indicate that it could have the potential to revolutionize the financial services sector.

In view of the Advantages of Ripple, without a doubt, we see its great potential, and it would be time to buy this currency in the medium term, because by the end of the year it is expected to reach the level of $10 x Ripple.

On the technical level, XRP is above the 21 SMA, which is a sign that there could be a strong bullish movement for the next few days.

At the level of $1.5625, the pivot of 4/8 Murray is located, if the Ripple remains above this level we hope that it will gradually appreciate, and reach $2.34, which is its short-term objective.

Our recommendation is to buy Ripple at current levels and hold the position for the long term.


Support And Resistance Levels For April 14 - 15, 2021

Resistance (1) 2.0141
Resistance (2) 2.2059
Resistance (3) 2.5292

Support (1) 1.4990
Support (2) 1.1757
Support (3) 0.9839




Dimitrios Zappas
Analytical expert
InstaForex Group © 2007-2021

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Cryptocurrency market pleases speculators day after day. Peak is yet to be reached

Another week has passed since our last article, and so much has happened that you do not know what to grab and where to run.

First, let's talk about the fact that All-Time High (ATH) updated many cryptocurrencies, including the leaders of the Bitcoin and Ethereum race. For a moment it may seem that this is the limit of the possible, and we are at the absolute maximum, but this is not so.

We owe the growth of the cryptocurrency market not to the hamsters passing by, but to serious uncles with large funds and capital, who are more actively interested in the new area of investment.

Of course, the hamsters also contributed to this, but their main influx will appear exactly in 2021, when from every yard it will be heard how much the crypto market has grown and how many millions can be earned.

We'll talk about the consequences of greedy hamsters later, but now let's look at interesting events that stimulate the excitement around the crypto market.

The main event is the listing of Coinbase shares on the Nasdaq, which is scheduled for April 14, at 13:30 UTC.

This isn't just another listing for the Nasdaq, it's a big opportunity for the entire crypto industry.

In simple words, although qualified market participants are now taking an active part in the life of the crypto market, it is still difficult for ordinary houseperson to build ways to invest in crypto. At this moment, shares of one of the largest crypto exchanges appear, which is understandable and accessible to many users. Investing and showing interest in the crypto market will take place through the Coinbase stock, but in the end, the entire crypto industry as a whole will benefit from this, precisely due to the growth of interest.



Bloomberg journalist Jon Erlichman has done a pretty interesting analysis, comparing stock market returns to investing in Bitcoin and Ethereum.

The task was straightforward, to invest $1,000 in an asset five years ago.

Ethereum: $273,716
Bitcoin: $148,194
Shopify: $41,662
AMD's: $28,639
Etsy: $26,388
Nvidia: $17,071
Tesla: $14,975
PayPal: $7,101
Amazon: $5,530
Netflix: $5,050
Apple: $4,799
Microsoft: $4,670
Salesforce: $3,055
Google: $3,016
Facebook: $2,803

Based on the analysis, an investment of $1,000 in Ethereum would generate $273,716 in revenue, which is about 55 times more than buying Netflix or Apple stock.

Now imagine that these statistics are seen by crypto hamsters who do not want to understand the details and only want to earn the same amount as quickly as possible.

As a result, we have an influx of new blood into the market, which pulls cryptocurrencies upward, updating the ATH.

What is happening in the market at the moment?

Bitcoin and Ethereum break through absolute highs, where traders are no longer afraid of stunning numbers, on the contrary, they are wondering why they stood still for so long.

The fact of further market growth is undeniable, and with a probability of 80% it will still surprise us at least x2, but with the influx of greedy hamster blood into the market, a rather serious correction is not ruled out.

Thus, moving along an upward trajectory, do not forget to take profits so that at the moment of correction you have the opportunity to regroup trade transactions and, possibly, buy cryptocurrency with a fairly good discount relative to the current price.

As for our expectations for bitcoin growth over the quarter, the $100,000 per 1BTC benchmark is still relevant among traders.

Ethereum has a chance to rise to the $3,000 mark in a period of 2 to 4 weeks. It is worth considering that the rate of change in the price of ETH was several times less than that of BTC, there is a power reserve.

Bitcoin Longs vs Shorts:
Longs (95.94%): $1,626,360,258
Shorts (4.06%): $68,798,940



General background of the crypto market

Analyzing the total market capitalization of the crypto industry, we see that since our last article, the volume of the cryptocurrency market has grown by $476 billion, which resulted not just by breaking the psychological mark of $2 trillion but flying much higher.

The Total Market is currently $2.236 trillion.

To thoroughly understand the scale of the growth of the crypto industry, it is worth remembering that at the beginning of the year the Total Market was approximately $800 billion, and exactly a year ago the total volume was only $195 billion.



The dominant position in the market, as before, is kept by Bitcoin 53.7% of the Total Market, where in terms of numbers it is $1,200,340,654,634.

An interesting fact is that the first cryptocurrency reached a $1 trillion market capitalization twice as fast as Amazon and three times as fast as Apple.

Pay attention to the index of emotions (aka fear and greed) of the crypto market, which at the time of the current ATH update is not at the FOMO* (Lost Profit Syndrome*) level, this is a very good signal that the market is not overheated yet.



Indicator analysis

Analyzing different sectors of time frames (TF), it can be seen that the indicators of technical instruments unanimously signal to buy Bitcoin, this is understandable, the market is at an absolute maximum.





Gven Podolsky
Analytical expert
InstaForex Group © 2007-2021

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BITCOIN. BTC rally driven by institutional investors. US inflation forces investors to seek high-yield instruments.



Over the last trading day, bitcoin has advanced by $3,100. Today, it has added another $1,100. Thus, it can be said that the price is moving in an uptrend, although we believe that there are signs of the waning upside momentum. In the meantime, many wondered what triggered a new round of gains in the world's biggest cryptocurrency's price. According to crypto experts, this is due to large institutional investors. Apparently, they continued to invest in bitcoin, which led to a new surge in its value. Small traders are now hardly ready to invest in bitcoin as it is too expensive. Moreover, there are ether, litecoin, and other cryptocurrencies that are much cheaper and are just gaining popularity. That is, demand for altcoins has been actively growing lately. In previous articles, we paid attention to the fact that the bitcoin dominance index is declining. Thus, experts recalled that on April 8, Liberty Mutual and Starr Insurance invested about $100 million in New York Digital Investment Group. Earlier, other major banks and companies also invested in that platform. On April 9, US asset management company Millennium invested in bitcoin through Grayscale Bitcoin Trust. Thus, institutional investors increased the demand for bitcoin again. As a result, the number one cryptocurrency gained in value. From our point of view, this is an important factor. When BTC was standing still during several weeks, we noted that an influx of new investors was vital for the cryptocurrency. Thus, new investors appeared, dragging the quote to new highs. Thus, if this influx of investors does not stop, bitcoin may well rise to $100,000 or even $1 million. The only question is how long this will go on.

In our opinion, yesterday's US inflation report helped bitcoin continue its rally. Given that inflation accelerated in March, a growing number of investors is expected to focus on risky assets in order to preserve their capital. Government bonds offer too low yields. As for stocks, the situation in most cases is the same, although investors can at least count on an increase in the value of shares themselves. True, despite the stable growth of key US stock indices, many experts believe that a stock market bubble has long been formed. The main reason for it is huge amounts that have been pumped into the American economy over the past year by the government and the Fed. As a result, this money migrated to the stock and cryptocurrency markets (not all, of course). Thus, the global crisis and the measures of the government and the Federal Reserve to save the US economy led to the fact that large companies became even more expensive, and bitcoin rose in price from $4,000 to $63,000. Investors fear not only high inflation but also its further acceleration in the coming months. After all, Jerome Powell has already made it clear that the Fed is not going to phase out its quantitative stimulus program as well as raise interest rates. This means that inflation will continue to rise. Thus, this factor could further raise demand for cryptocurrencies.





Paolo Greco
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

BTC analysis for April 14,.2021 - Buyers in control and potential for test of $66.500 and $71.000

Further Development



Analyzing the current trading chart of BTC, I found BTC got buyers in control today and that next level in play is set at $66.500.

Anyway, my advice is to watch for buying opportunities on the dips with the next upside target at $66.500 and $71.000..

There is still no signs of any reversal to the current upside trend.


Key Levels:

Resistance: $66.500 and $71.000

Support level: $61.000





Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2021