It is thought that the sharp movements in the Bitcoin (BTC) price in recent days may cause leveraged positions in the derivatives markets to turn into cash. Because the open position of Bitcoin futures has reached $ 27 billion. The open position of Ethereum (ETH) futures has increased to $ 8 billion. Volatility in price can cause traders to close their positions.
On the other hand, Coinbase (COIN), listed on the Nasdaq exchange, can increase the adoption rate of cryptocurrency and enable new institutional investors to enter the industry. However, these are not expected to happen in the short term.
As reported by Cointelegraph, PlanB, the developer of the stock flow model, mentioned the possibility of Bitcoin price reaching $ 92,000 in late April.
The price movements of the largest cryptocurrencies of the market, especially Bitcoin, will affect the industry in general. Let’s examine the prices on the charts of the crypto currency, which is in the top 4 according to market value.
BTC / USDT – Bitcoin teknik analytics
Bitcoin price climbed above the strong resistance of $ 61,825.84 on April 13, signaling the beginning of the uptrend. The target formed by the reverse shoulder head and shoulders formation seen on the chart is around $ 69,500.
Daily chart of the BTC / USDT pair. Source: TradingView
The rising 20-day exponential moving average (EMA) ($ 59,140) and the relative strength index (RSI) above 64 show that the bulls are now dominating. However, the BTC / USDT pair is unlikely to rise vertically.
Usually, when a critical level is exceeded, the price retracts slightly and the level exceeded is retested. In this case, it should be considered natural for the pair to drop to $ 60,000. If the bulls can turn this level into support, the BTC price can continue its uptrend.
On the contrary, if the bears pull the price below the 20-day EMA, selling may intensify and the pair may even drop below the 50-day simple moving average (SMA) ($ 55,513). Such a move increases the likelihood of a deeper correction.
ETH / USDT – Ethereum price analysis
Ether price accelerated its uptrend on April 13 and comfortably climbed above the $ 2,200 resistance. The rising 20-day exponential moving average (EMA) ($ 2,092) and the relative strength index (RSI) above 73 signal that the upward movement will continue.
Daily chart of the ETH / USDT pair. Source: TradingView
Now the bulls’ goal will be to raise the ETH / USDT pair up to the level of $ 2,600.
Contrary to this assumption, if the pair goes down from its current level to the 20-EMA and rises above it, it will be revealed that the bulls are expecting further uptrend and increasing purchases in dips.
On the other hand, a break below the 20-day EMA will explain that traders are making profits quickly. In this case, the price may fall back to the trend line.
BNB / USDT – Binance Coin technical analysis
Binance Coin (BNB) price was traded at $ 233.81 on March 26, while it quickly hit a 173 percent rally and rose to $ 638.56 on April 12. Nowadays, it is in the correction process. The first support to be followed in this downward period is at the 38.2% Fibonacci retracement at $ 483.95.
Daily chart of the BNB / USDT pair. Source: TradingView
If the price drops to $ 483.95 and leaps up, it will be revealed that the market sentiment remains positive and the bulls are accumulating in dips. In this case, buyers will try to continue the uptrend by increasing the price above $ 638.56. If they are successful, the BNB / USDT pair can begin its journey towards $ 888.
The Doji candlestick pattern formed as of April 14 indicates indecision between the bulls and the bears. If this uncertainty resolves negatively and the bears drop the price below $ 483.95, this time the pair could fall to the 20-day exponential moving average (EMA) ($ 429.77), which is expected to work as a strong support.
XRP / USDT – Ripple price analysis
The strong rise in XRP price continued, with over $ 1.50 on April 13. It peaked at $ 1.96 as of April 14. However, the price has reversed sharply. However, the bulls’ purchases brought a balance. As can be seen from the long wick and tail of the candle on the chart, the days of high price volatility are over. The sales pressure of the bears strongly defending the $ 2 level brought the first correction move as of April 15.
Daily chart of XRP / USDT pair. Source: TradingView
Initial support on the downside is at the 38.2% Fibonacci retracement level calculated at $ 1.43. A leap from this support will reveal that the market sentiment is bullish. Bulls that will increase their buying will then try to restart the upward movement by raising the price above $ 1.96.
On the other hand, a breakout below $ 1.43 could pull the price to the 20-day exponential moving average (EMA) ($ 1.31). Such a deep decline will show that traders are leaving their positions in a hurry. If this happens, the next rally move will be delayed.
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