Cryptocurrency Analysis

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BTC analysis for April 13,.2021 - Intraday overbought condiiton and potential for downside rotation towards $61.300

Further Development



Analyzing the current trading chart of BTC , I found that BTC reached daily extreme levels and that upside movement started to slowdown in tempo, which is sign for potential downside rotation.

Due to extreme condition watch for potential intraday selling opportunities with the downside target at $61.300.Stochastic oscillator is overbought, which is another sign of potential downside rotation....





Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2021

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Trading plan for Bitcoin for April 13, 2021



Technical outlook:

Bitcoin has achieved its first projected target above $63,000! This was in line with our discussions over the last 2 weeks. The crypto had dropped through $55,000 levels and resumed its rally towards fresh highs today. It is time to take profits off the table and remain flat. Aggressive traders might initiate fresh short positions.

Bitcoin is seen to be trading around $62,900 levels at this point in writing and bears might remain poised to come back strong now. Immediate resistance is just above $63,300 mark, while interim support comes in around $59,000 levels respectively. High probability remains for a meaningful pullback from here that could drag prices towards $43,000 levels at least.

The overall uptrend still remains very much intact but a corrective drop is due towards $43,000 and $40,000 respectively. We cannot rule out the possibility of yet another high towards $64,000/65,000 mark but stakes remain high for a correction. A break below $59,000 from here will confirm that a meaningful top is in place and bears are back in control.


Trading plan:

Book profits in long positions taken @ 55,000

Aggressive traders sell @ 63,000/300, stop @ 65,000, target @ 43,000 and 40,000

Good luck!




Oscar Ton
Analytical expert
InstaForex Group © 2007-2021

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Technical analysis of Ripple for April 13, 2021



On the way higher we should expect temporary tops near 1.60 and 1.92, but they should only prove to be temporary as Ripple continues higher towards the 2.75 target and eventually above here too.


Trading recommendation:

Ideally buys already has been realized, but buying on possible set-backs offers the best opportunity at the moment.




Torben Melsted
Analytical expert
InstaForex Group © 2007-2021

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Technical analysis of Litecoin/USD for April 13, 2021



Litecoin is break above the pitchfork resistance-line indicating strength. The long-term target is seen at 324 close to the 2017 peak at 357. Ultimately a break above here is expected too, which will call for 690 but we will look deeper into that scenario once we are close to the 357 peak. For now our focus should be on the expected rally towards 324.

Support is seen at 261 which ideally will be able to protect the downside as Litecoin continues higher towards the 324 target.


Trading recommendation:

Buy Litecoin and place your stop just below 261.





Torben Melsted
Analytical expert
InstaForex Group © 2007-2021

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Ethereum forecast for April 13, 2021

1. Volume analysis of ETH/TUSD from Binance

The analysis is based on the traded volume data from the Binance exchange on the daily chart. The analysis is carried out based on the footprint-profile theory. According to the theory, the movement of the level of the highest traded volume intraday can indicate the likely direction of the trend. The highest trade volume is the level with the largest number of transactions carried out. That is, it is the level of major market players. Accordingly, if the highest traded volume goes up, it indicates an upward trend. Otherwise, if the level goes down, it indicates a downward trend. Chaotic movements signal that the market is flat.

11.04.21 – the level of the highest traded volume (POC – PointOfControl) – 2149.91
12.04.21 – the level of the highest traded volume (POC – PointOfControl) – 2149.91

The POC remains at the same level. The price is in line with the POC. The market is in the sideways trend. Therefore, you can enter long and short positions.


2. Long-term trend analysis

A trend is your friend. Many traders know this saying but do not know how to use it. The answer is simple: to trade only with the trend. Thus, your trades will be more profitable and less risky. According to the classic Dow theory, there are three main trends:

-long-term
-medium-term
-short-term

These trends should be analyzed before you enter the market. Now, let's take a look at them.

The long-term trend is the daily trend. In this case, trades are conducted in the daily time frame and are held for several days. The analysis of the daily trend is made with the help of the 48-period exponential moving average. If the daily candlestick closes above EMA 48, it will indicate the upward trend. You should enter long positions. Otherwise, if the daily candlestick closes below EMA 48, then it is the downward trend and you should enter short positions.



The price is above EMA 48. It is an upward long-term trend. That is why you should consider entering long positions.


3. Mid-term trend analysis

The mid-term trend is the trend on the 4-hour chart (H4). In this case, we will also turn to EMA 48. If the candlestick closes above EMA 48 on the H4 chart, it will indicate the upward trend. Thus, you should enter long positions. Otherwise, if the candlestick closes below EMA 48 on the H4 chart, it will indicate the downward trend. Consequently, you should enter short positions.



The price is above EMA 48. It is an upward mid-term trend. Thus, you can buy the instrument.


4. Short-term trend analysis

A short-term trend is the trend in the H1 time frame. Moreover, it can show an entry point into the market. We turn to EMA 48 again. If the candlestick closes above EMA 48 on the H1 chart, it will indicate the upward trend. Thus, you should enter long positions. Alternatively, if the candlestick closes below EMA 48, it will indicate the downward trend. Consequently, you should enter short positions.



The price is above EMA 48. It is an upward short-term trend. You can enter long positions. The long-term trend, the mid-term trend, and the short-term trend are in line.


5. Japanese candlestick analysis

A classic Japanese candlestick analysis is applied to the daily time frame. The daily candlestick is analyzed.



The white daily candlestick closed upward. Its high is above the high of the previous candlestick. It is a Doji candlestick pattern with a short body and long shadows. Based on Japanese candlestick analysis, the sideways trend is likely. That is why you can open long and short positions.


6. Conclusion

Volume analysis – BUY/SELL.
Long-term trend analysis – BUY.
Mid-term trend analysis – BUY.
Short-term trend analysis – BUY.
Japanese candlestick analysis – BUY/SELL.

Conclusion: You can buy and sell ETH/TUSD on April 13, 2021, since various analysis provide different forecasts.


7. Statistics

To analyze how effective this approach is, the data on completed transactions is tracked. The forecast is made for four instruments: Bitcoin, Ethereum, Litecoin, BCH/USD.


Statement:


A Stop Loss is moved below yestreday's low.

The risk per deal is 1% from the deposit. A Stop Loss for new trades is placed beyond the daily extreme points. We do not set a Take Profit because we will continue to move the Stop Loss above the extreme points of the upcoming sessions.

Since trading is carried out on daily charts, this recommendation is relevant throughout the day.

Trade with the trend and you will generate profits!




Maxim Petrov
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Ethereum Upside Continuation!

Ethereum (ETH/USD) is trading at$2,151 at the time of writing and it could resume its upwards movement if it makes a new higher high. The price consolidates in the short term after taking out the immediate obstacles.

ETH/USD may continue to increase as long as the price of Bitcoin extends its bullish movement. Technically, the bias is bullish, so we could expect the major crypto to approach and reach new highs.


ETH/USD POISED TO JUMP HIGHER!



As you already know from my analysis, ETH/USD should resume its upside journey if it jumps and stabilizes above the first warning line (WL1) of the ascending pitchfork.

It has moved sideways in the short term and it continues to stay right below the daily R1 ($2,192). Jumping and closing above this level could bring a new long opportunity. The bias remains bullish as long as ETH/USD stays above the weekly pivot ($2,092), above the daily S1 ($2,090), or beyond $2,040 static support (resistance has turned into support).


FORECAST!

The breakout above the WL1 signals more gains ahead. A bullish closure above $2,200 immediate high is seen as a bullish signal. The R2 ($2,357) and R3 ($2,520) could be used as upside targets.





Ralph Shedler
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of BTC/USD for April 13, 2021

Crypto Industry News:
According to the documents filed yesterday with the Securities and Exchange Commission (SEC), Galaxy Digital has officially joined the race for the regulator's permission to launch a bitcoin ETF in the US.

The documents say that the Galaxy Bitcoin ETF indicates NYSE Arca as the planned trading venue. The company has not yet appointed a depositary, administrator or transfer broker. The submitted application will probably be updated with these data as soon as the cast of the above roles is announced to the public.

Galaxy is listed in Canada and acts as an advisory body to the Canadian bitcoin ETF CI Galaxy Bitcoin project. This particular product hit the Toronto Stock Exchange last month.

CI Galaxy Bitcoin ETF uses the Galaxy Bitcoin Index, which is owned and calculated by Bloomberg services. The Galaxy Bitcoin ETF, if approved, would use exactly the same index as a valuation mechanism.


Technical Market Outlook:
The BTC/USD pair has broken above the level of $60,000 again and made a local high at the level of $61,271. The momentum is still strong and positive, so the bulls might try to attack the ATH at the level of $61,632 soon. The immediate support is seen at the level of $60,000 and $58,522, but the key short-term technical support is located at $54,719. The weekly time frame trend remains up.

Weekly Pivot Points:
WR3 - $68,058
WR2 - $64,489
WR1 - $62,269

Weekly Pivot - $58,989
WS1 - $56,726
WS2 - $53,045
WS3 - $51,108


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 $54,719 is clearly broken on the e daily time frame chart.







Sebastian Seliga
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Technical Analysis of ETH/USD for April 13, 2021

Crypto Industry News
Kasikornbank, or KBank, one of the largest banks in Thailand, began experimenting with DeFi services as part of a business expansion plan.

According to the Thai press, the exploration of the bank's decentralized finance is led by KBank's technology subsidiary Kasikorn Business Technology Group, or KBTG. Commenting on KBank DeFi's plans, the president of KBTG Ruangroj Poonpol said:

"DeFi is a key exploration for KBank this year [...] The project is being studied by KBTG as part of the second phase of the company's digital transformation program."

According to Poonpol, DeFi could be the key to improving the financial integration of people in Thailand through access to innovative financial services, adding: "With this asset-based form, DeFi can also create economic value for Thailand."

Asset-backed DeFi has regulatory hurdles given their interaction with real-world assets. Industry players such as MakerDAO's Rune Christensen have already begun to demand engagement between DeFi stakeholders and regulators if decentralized finance is to continue to mainstream.

With the adoption of DeFi, KBank is looking to expand its presence in Southeast Asia, especially in countries like Vietnam, where around two-thirds of the population is left without banking services.


Technical Market Outlook:
After the ETH/USD pair has made a new all time high at the level of $2,201, the market has been consolidating for some time now in a narrow zone between the levels of $2,098-$2,201. The next target for bulls is seen at the level of $2,500. The momentum is strong and positive, so the up trend might be continued with occasional pull-backs. The larger time frame trend is up as well and there is no indication of the up trend termination. The immediate technical support is located at the level of $2,149 and $2,084.

Weekly Pivot Points:
WR3 - $2,536
WR2 - $2,369
WR1 - $2,274

Weekly Pivot - $2,100
WS1 - $2,008
WS2 - $1,819
WS3 - $1,739


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 $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]

Will BTC break out?

During the weekend, bitcoin finally broke above the resistance zone of 58,340.66 - 59,517.79. The price has been unable to break through this zone since mid-March. After a breakout, the price returned to this zone and confirmed it as support. At the moment, it reached Saturday's highs.

As for historic highs, the world's first cryptocurrency may well reach them. However, based on technical analysis, it can be hard for bulls to break these barriers on March 13.

In the near future, bitcoin may trade in a new sideways range between the support zone of 58,340.66 - 59,517.79 and the resistance level of 61,759.10, which is also a historic high.

As for the record highs, there is an interesting tendency here if we draw resistance not by the shadows, but by the closing levels. The blue dotted level of 61,048.64 can already be considered as a key resistance level given that the price has tried to reverse from it over the last couple of days. Thus, to be more precise, the 61,048.64 - 61,759.10 range is seen as the resistance zone. In case of a breakout and consolidation above it, the upward trend may extend. So far, the targets are not clear. They will become more apparent after a breakout.

Now let us analyze the market situation as a whole. According to CoinMarketCap, the bitcoin dominance index fell to its lowest levels, unseen in two years. It is currently close to 54%. Thus, the market share of the world's top cryptocurrency is declining. Meanwhile, demand for altcoins is increasing.

During the weekend, Ethereum hit an all-time high although volatility and consolidation periods sometimes happened at the same time below this level. Binance coin also set another record and reached the level of $635 per coin.

According to BeInCrypto, it was the smallest increase in the value of bitcoin in comparison with other cryptocurrencies in the first quarter of 2021. Meanwhile, some altcoins grew sharply. For example, dogecoin skyrocketed by 863% in the first quarter of 2021, owing to Elon Musk. BNB soared by 610% and Cardano surged by 577%.

Comparing the bitcoin analysis with the above mentioned statistics, we can assume that market participants may shift their attention to cheaper coins for a while. The world's flagship cryptocurrency is expected to remain in the sideways corridors. Otherwise, a deeper correction may occur.

This is one of many possible scenarios. Alternatively, the upward trend may extend after a true breakout at the blue dotted level of 61,048.64 or if the price breaks through the 61,048.64 - 61,759.10 range and consolidates above it.






Ekaterina Kiseleva
Analytical expert
InstaForex Group © 2007-2021

[IFX_Selena]

Experts believe that the global introduction of bitcoin is the main prerogative for demand from investors and the global market



COVID-19 was the catalyst for launching the BTC global adaptation trigger. Bitcoin can play an important role in the future of the global economy and achieve global distribution. That is, the digital currency can become an intermediary in future global trade. Earlier this year, BNY Mellon announced that it would invest heavily in bitcoin on behalf of its customers.

The favorable environment makes cryptocurrencies an attractive investment for most. And accelerated adoption of digital currencies is just around the corner. At a time of pandemic and inflation, this is pushing investors to turn their eyes to BTC and other digital assets, as it provides higher returns compared to the returns offered by bonds and other investment vehicles.

More and more organizations are keeping up with the progress of bitcoin, so the price of BTC has increased by more than 95% since the beginning of the year. To be more precise, bitcoin prices have been going up again over the past few days and it is now trading at around $60,000 per coin.

According to many analysts, bitcoin will have to face major hurdles and corrections before it becomes truly globally popular. Instability and lack of regulation are still the main stumbling block.




Vitaly Kolesnikov
Analytical expert
InstaForex Group © 2007-2021