Bitcoin Grows, Knocking Down Obstacles One by One

bitcoin with us dollars and calculator

There are only 12 days left until the world’s most important crypto event. Halving-FOMO finally got the space to amplify its strength, and the digital currency market showed a rather impressive rally. The whole crypto market was comfortably in the green zone.

In the last 24 hours, the bitcoin grew by 16% or $1,300 and is trading around $9,200. The capitalization of the first cryptocurrency has increased by 16% or $24 billion with almost doubles the trade volumes over the last 24 hours. According to CoinMarketCap, this indicator reached a historical high at $71 billion compared to $20 billion on the price peak in 2017. In terms of investment opportunities, the market has grown dramatically.

Technical analysis is also on the bull’s side. From this point of view, the growth accelerated after reaching a level above the 50-day average. And the day before, the price crossed the 200-day average and fixed above it on Wednesday. The bulls may further target the February highs area at $10,400.

In a week, the first cryptocurrency shows a 30% growth. Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC) rose by 21%, 22%, 16% and 19% in 7 days, respectively. Altcoins always follow the first coin, but this time it is worth noting XRP, which began to grow before the Bitcoin rally. The cryptocurrency has been under severe pressure over the last few years and started to get a boost from buyers because of its deficient historical price level. Although this does not mean that XRP won’t face increased pressure from short-term speculators, as the fundamental basis for growth remains weak.

The approaching halving is mainly causing positive vibrations in the crypto market, but as always, there are supporters and opponents. During the last 24 hours, we have seen the support of the buyers. However, some believe that halving is already in the price. From this point of view, halving is a reason for current buyers to take profit from the rally. At the moment, the cryptocurrency may face selling pressure from short-term speculators who bought it in March after the market crash, as well as from miners to cover operational risks.

by Alex Kuptsikevich, the FxPro senior financial analyst. 

The Crypto Daily – Movers and Shakers -30/04/20

Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin surged by 13.26% on Wednesday. Reversing a 0.35% fall from Tuesday, Bitcoin ended the day at $8,778.7.

A particularly bullish day saw Bitcoin rally from an early morning intraday low $7,705.0 to a late intraday high $8,918.0.

Bitcoin broke through the major resistance levels to return to $8,000 for the 1st time since 12th March.

In spite of a late pullback, Bitcoin avoided a fall back through the third major resistance level at $7,971.87.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day for the pack on Wednesday.

Cardano’s ADA, EOS, and Ethereum rallied by 10.06%, 8.55%, and by 9.67% respectively to lead the way.

Binance Coin (+6.23%), Bitcoin Cash ABC (+6.26%), Litecoin (+6.68%), Monero’s XMR (+6.46%), and Tezos (+6.83%) also found strong support.

Bitcoin Cash SV (+5.11%), Ripple’s XRP (+5.60%), Stellar’s Lumen (+5.04%), and Tron’s TRX (+5.43%) trailed the front runners.

Through the start of the week, the crypto total market cap rose from a Monday low $220.56bn to a Wednesday high $251.11bn. At the time of writing, the total market cap stood at $250.15bn.

While Bitcoin’s dominance recovered to 64% levels following Wednesday’s breakout. At the time of writing, Bitcoin’s dominance stood at 64.8%.

24-hour trading volumes rose from sub-$130bn levels to an early Thursday high $211.32bn before easing back. At the time of writing, 24-hr volumes stood at $207.42bn.

This Morning

At the time of writing, Bitcoin was up by 1.53% to $8,912.6. A bullish start to the day saw Bitcoin rise from an early morning low $8,707.0 to a high $8,912.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day.

Bitcoin Cash ABC and Bitcoin Cash SV were up by 5.92% and by 10.58% to lead the way.

BTC/USD 30/04/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$8,500 levels to support a run at the first major resistance level at $9,229.47.

Support from the broader market would be needed, however, for Bitcoin to break through to $9,000 levels.

Barring an extended crypto rally, resistance at $9,000 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, the second major resistance level at $9,680.23 and $10,000 levels would come into play.

Failure to avoid sub-$8,500 levels could see Bitcoin struggle later in the day.

A fall back through to sub-$8,470 levels would bring the first major support level at $8,016.47 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$8,000 support levels.

Binance Coin Mid-Week Analysis – Resistance Levels in Play – 29/04/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin Price Resistance

 It’s been a mixed start to the week, with Binance Coin seeing 2 consecutive days in the green before seeing red on Tuesday.

The mixed start to the week saw Binance Coin fall to a Sunday current week low $15.91 before making a move.

Steering clear of the first major support level at $14.92, Binance Coin rallied to a Monday current week high $16.72 before easing back.

Falling short of the first major resistance level at $17.41, Binance Coin fell back to sub-$16.10 levels before finding support.

Following 0.81% and 0.34% gains on Sunday and Monday, a 0.31% decline on Tuesday limited the gains for the current week.

For the current week, Sunday through Tuesday, Binance Coin was up by 0.61% to $16.39.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by 20.07% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.28% to 16.34. It was a bearish start to the day on Wednesday. Binance Coin fell from an early morning high $16.73 to a low $16.18.

Binance Coin continued to leave the major support and resistance levels untested early on.

BNB/USD 29/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to avoid a return to sub-$16 levels to support a run at the first major resistance level at $17.41.

Support from the broader market would be needed, however, for Binance Coin to break out from last week’s high $17.24

Barring an extended crypto rally ahead of the weekend, resistance at $17 would likely leave Binance Coin short of the first major resistance level.

In the event of a breakout, Binance Coin could test resistance at $18 before any pullback.

Failure to avoid sub-$16 levels could see Binance Coin hit reverse.

A pullback through the current week low $15.91 would bring the first major support level at $14.92 into play.

Barring an extended crypto sell-off, however, Binance Coin should steer clear of the 23.6% FIB of $14.40.

Looking at the Technical Indicators

Major Support Level: $14.92

Major Resistance Level: $17.41

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 26/04/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

 Binance Coin fell by 2.46% in the week ending 25th April. Following a 20.48% rally from the previous week, Binance Coin ended the week at $16.25.

A particularly bearish start to the week saw Binance Coin slide from a Sunday high $16.77 to a Tuesday intraweek low $14.75.

In spite of a 3.4% slide on Sunday and 6.6% tumble on Monday, Binance Coin steered clear of the first major support level at $14.41.

Binance Coin also steered clear of the 23.6% FIB of $14.40.

Finding support through the 2nd half of the week, Binance Coin rallied to a Thursday intraweek high 17.24.

In spite of 3 consecutive days in the green, Binance Coin fell short of the first major resistance level at $17.87.

A pullback to sub-$16 levels was short-lived on Friday, with a bullish end to the week limiting the loss for the week.

For the week ahead

Binance Coin would need to break through to $16.50 levels to bring the first major resistance level at $17.41 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $17.24.

Barring a broad-based crypto rally, the major resistance level at $17.41 would likely cap any upside.

In the event of a breakout, Binance Coin could test resistance at $19 levels before any pullback.

Failure to move back through to $16.50 levels could see Binance Coin struggle in the week.

A fall back through to sub-$15.50 levels would bring the first major support level at $14.92 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels. The 23.6% FIB of $14.40 should limit any downside.

At the time of writing, Binance Coin was flat at $16.25. A range-bound start to the week saw Binance Coin rise from an early morning low $16.18 to a high $16.37.

BNB/USD 26/04/20 Weekly Chart

Litecoin

Litecoin rose by 0.43% in the week ending 25th April. Following on from a 3.76% gain from the previous week, Litecoin ended the week at $44.41.

Another bearish start to the week saw Litecoin fall from a Sunday high $44.39 to a Monday intraweek low $39.53.

Litecoin fell through the first major support level at $39.96 before rallying to a Saturday intraweek high $45.60.

In spite of the rebound, Litecoin fell short of the first major resistance level at $46.47 at the end of the week.

4 consecutive days in the green, before a Saturday pullback reversed 2 consecutive days in the red from the start of the week.

For the week ahead

Litecoin would need to move back through to $45 levels to support a run at the first major resistance level at $46.83.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $45.60.

Barring an extended crypto rally, the first major resistance level at $46.83 should limit any upside.

Failure to move through to $45 levels could see Litecoin come under further pressure.

A fall back through to sub-$43.20 levels would bring the first major support level at $40.76 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$40 support levels.

At the time of writing, Litecoin was up by 0.34% to $44.56. A bullish start to the week saw Litecoin rise from an early morning low $44.27 to a high $45.00.

Litecoin steered clear of the major support and resistance levels early on.

LTC/USD 26/04/20 Weekly Chart

Tron’s TRX

Tron’s TRX rose by 3.44% in the week ending 25th April. Following on from a 6.71% gain from the previous week, Tron’s TRX ended the week at $0.013897.

Tracking the broader market, 2 consecutive days in the red saw Tron’s TRX fall to a Monday intraweek low $0.012231.

Tron’s TRX fell through the first major support level at $0.012320 before rallying to a Friday intraweek high $0.014329.

The rebound saw Tron’s TRX break through the first major resistance level at $0.01403 before easing back.

Following 2 consecutive days in the red, a run of 5 consecutive days in the green delivered the upside for the week.

For the week ahead

Tron’s TRX would need to avoid sub-$0.01350 levels to support a run at the first major resistance level at $0.01474.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.014329.

Barring an extended crypto rally in the week, the first major resistance level at $0.01474 should limit any upside.

Failure to avoid sub-$0.01350 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01350 levels would bring the first major support level at $0.01264 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01139.

At the time of writing, Tron’s TRX was up by 0.89% to $0.014020. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.013981 to a high $0.014051.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 26/04/20 Weekly Chart

Trading in Turbulence: Why I Lost Touch with Bitcoin

Shiny golden bitcoin in front of trading market data background. Warm glow on bitcoin.

But how has Bitcoin become synonymous with the entire digital financial system?

Bitcoin has long been recognised as the king of altcoins, which is no doubt aided by its status as the earliest and most successful of its kind. This digital trendsetter has heralded a new wave of cryptocurrencies based on decentralised P2P networks and has led to numerous emulators and spin-offs. Given that Bitcoin has existed for over a decade now, many of its predecessors have made significant improvements in terms of stability, security and usability.

Can the grand old cryptocurrency keep up with the new kids on the block within an ever-developing landscape?

In Bitcoin’s defence, its cutting-edge infrastructure upon release has situated it in a dominant position in the altcoin world. Bitcoin can boast proven usage as a quantifiable unit of value. Its 10-year lifespan without major failure means Bitcoin has a considerable lead over the rest of the market and has withstood a rigorous test of time while more competitors have flooded the market. However, despite its healthy pedigree, the world’s most popular digital currency appears to be experiencing something of a decline – or at least is failing to expand alongside the rate of the market.

May 2019 saw Bitcoin slump by $1,000. Given its frequent market jitters and wild highs and lows, the seismic decline hardly caused a stir in financial news. Bitcoin is characterised by its ability to turn gigantic profits and losses for investors in a matter of hours.

(Despite large volumes of news coverage over the past 10 years, cryptocurrencies like Bitcoin remain mysterious to many. Image: Statista)

The chart above shows that 63% of respondents in the UK claim that they’re uninterested in using Bitcoin because they “don’t know enough” about the cryptocurrency. As a key player in shaping the crypto landscape and leveraging appeal for newer investors and users of the digital finance markets, Bitcoin has clearly failed in offering prospective buyers a healthy level of understandable and accurate information on the ins and outs of crypto usage.

Today Bitcoin finds itself immersed in an industry that’s evolving alongside newer and more efficient technology and forms of conducting transactions. Rivals in the world of digital currencies are becoming more efficient and technically able to support widespread usage. While in Bitcoin has offered very little in terms of solutions for the relentless volatility that drives the market, investors may be forced to pin their hope on a newer entity to provide a calming influence.

Market speculation typically drives the volatility that we see in cryptocurrency values. Demand spikes for certain coins are fuelled by trades and speculation rather than any external influences. It’s clear when we recognise that in 2018 the market capitalisation of cryptocurrencies hit an all-time high of over $800bn but hit an all-time low of $200bn just one year later.

Efforts to improve the conditions of the crypto market

Here is where the stablecoin enters the fray. Offering a fundamentally different structure to Bitcoin and its lineage, stablecoins have the potential to turn the crypto revolution on its head.

Stablecoins were developed as a means of tackling extreme crypto market volatility head-on. They aim to attain a level of stability by anchoring their values to tangible real-life assets. These assets can include fiat money like the US Dollar, exchange-traded commodities like gold, or even other cryptocurrencies.

While it’s hard to imagine a crypto market that’s free of erratic behaviour, the mass buying and selling of digital currency ultimately weakens the viability of what exists as a niche market.

The stabilising effects of stablecoins are two-fold. Asset-backed stablecoins like Digix Gold Token (DGX) have the ability to mitigate price volatility backed by exchange-traded assets, or by tethering to fiat currencies. While algorithmic stablecoins rely on computing logic to monitor the supply of currency to attain stability through mimicking the mechanisms of central banks.

Stablecoins are experiencing an exponential rise in popularity worldwide. CryptoCompare reports that the biggest market cap for a stablecoin already stands at $4bn.

The same report acknowledges that Bitcoin has pledged to develop a stablecoin solution within the coming years. However, their actions may prove too little too late, and with so much ground to make up on this side of the market we could be witnessing the first cases of Bitcoin losing key market territory to emerging rivals.

Some stablecoins like Tether (USDT), a digital currency that’s anchored to units of US Dollars, are often used to trade Bitcoins. One unit of Tether is designed to equate to $1 and should never deviate from this value – so far the cryptocurrency has delivered on this purpose.

So here we can see clear evidence that shows it’s possible for stablecoins to compliment Bitcoin as well as compete. In fact, they’re so versatile that they can provide a form of infrastructure from within the crypto market. As of yet, Bitcoin has been sluggish in its foray into the realm of the stablecoin – where its popularity would surely help to turn any entry onto the market into a pack leader – but emerging alternatives are continuing to thrive without such disruption.

Stablecoin developments are potentially vital for the future of the crypto market. Considering that currency is essentially a store of value, it should’ve been speculative so much as predictive and stable as a means of reaffirming investor confidence and establishing the ecosystem necessary to enter mainstream usage. The total stablecoin market value share has more than doubled over the past year and is only continuing to grow. Time will tell whether or not we could be about to witness the crypto-giant surrender its monopoly on a market that it’s ruled over the past decade.

The Crypto Daily – Movers and Shakers -23/04/20

Bitcoin 1

Bitcoin rallied by 4.13% on Wednesday. Following on from a 0.19% gain on Tuesday, Bitcoin ended the day at $7,133.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $6,826.2 before making a move.

Steering clear of the first major support level at $6,760.47, Bitcoin rallied to a late afternoon intraday high $7,164.0.

Bitcoin broke through the first major resistance level at $6,949.17 and the second major resistance level at $7,048.33.

In spite of a brief pullback to sub-$7,100 levels, Bitcoin held above the second major resistance level through the remainder of the day.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Wednesday.

Tezos (+8.94%), Stellar’s Lumen (+7.88%), Ethereum (+7.05%), and Cardan’s ADA (+6.24%) led the way.

Bitcoin Cash ABC (+5.73%), Bitcoin Cash SV (+4.98%), and EOS (+4.09%) also found strong support.

Binance Coin (+3.89%), Litecoin (+2.92%), Monero’s XMR (+3.15%), Ripple’s XRP (+2.74%), and Tron’s TRX (+3.92%) trailed the front runners.

Through the current week, the crypto total market cap fell from a Monday high $209.37bn to a Tuesday current week low $196.98bn. At the time of writing, the total market cap stood at $207.01bn.

Bitcoin’s dominance continued to hover at sub-64% levels following last week’s gains. At the time of writing, Bitcoin’s dominance stood at 63.4%.

24-hour trading volumes rose to a current week high $146.91bn on Monday before falling to sub-$120bn levels on Tuesday. While seeing a pickup on Wednesday, volumes failed to break through to $130bn levels. At the time of writing, 24-hr volumes stood at $124.73bn.

This Morning

At the time of writing, Bitcoin was up by 0.45% to $7,165.2. A mixed start to the day saw Bitcoin fall to an early morning low $7,110.5 before striking a high $7,177.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Stellar’s Lumen led the way, rallying by 3.46%. Binance Coin bucked the trend early on, however, falling by 0.27%.

BTC/USD 23/04/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,200 levels to bring the first major resistance level at $7,255.93 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,177.0

Barring another broad-based crypto rally, resistance at $7,200 would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rally, the second major resistance level at $7,378.87 would likely come into play.

Failure to move through to $7,200 levels could see Bitcoin hit reverse.

A fall through to sub-$7,040 levels would bring the first major support level at $6,918.13 into play.

Barring a crypto meltdown, however, Bitcoin should steer of the second major support level at $6,703.27.

Binance Coin Mid-Week Analysis – Support Levels in Play – 22/04/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Support

It has been a bearish start to the week, with 2 consecutive days in the red delivering heavy losses early in the week.

Binance Coin tumbled from a Sunday current week high $16.77 to a Tuesday current week low $14.75 before finding support.

A 3.42% fall on Sunday and a 6.61% slide on Monday were followed up with a 0.92% gain on Tuesday to stop the slide.

In spite of the sell-off, however, Binance Coin steered clear of the first major support level at $14.41 and 23.6% FIB of $14.40.

The start of the week high fell well short of the first major resistance level at $17.87.

For the current week, Sunday through Tuesday, Binance Coin was down by 9.00% to $15.16.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and mid-March’s swing lo $6.42.

It’s had been a relatively bullish start to the year before the current downtrend. Having been up by as much as 101% year-to-date, Binance Coin was up by just 11.06% year-to-date.

For the bulls, Binance Coin would need to break through the 62% FIB of $27.3 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 0.70% to $15.26. It was a mixed start to the day on Wednesday. Binance Coin fell to an early morning low $14.89 before striking a high $15.30.

Binance Coin continued to steer clear of the first major support level at $14.41 and 23.6% FIB of $14.40.

BNB/USD 22/04/20 Weekly Chart

For the remainder of the week

Binance Coin would need to break back through to $15.65 levels to support a run at the first major resistance level at $17.87.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $16.77.

Barring a broad-based crypto rally ahead of the weekend, resistance at $16 would likely continue to cap any upside.

In the event of a breakout, Binance Coin could test the first major resistance level before any pullback.

Failure to move back through to $15.65 levels could see Binance Coin fall deeper into the red.

A pullback through the current week low $14.75 would bring the 23.6% FIB of $14.40 and the first major support level at $14.41 into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

Looking at the Technical Indicators

Major Support Level: $14.41

Major Resistance Level: $17.87

23.6% FIB Retracement Level: $14.4

38.2% FIB Retracement Level: $19.4

62% FIB Retracement Level: $27.3

The Crypto Daily – Movers and Shakers -21/04/20

Bitcoin coin on white keyboard

Bitcoin slid by 4.14% on Monday. Following on from a 1.87% fall on Sunday, Bitcoin ended the day at $6,837.7.

It was a mixed start to the day, with Bitcoin rising to an early morning intraday high $7,236.3 before hitting reverse.

Falling short of the first major resistance level at $7,260.17, Bitcoin slid to a late intraday low $6,766.0.

Bitcoin fell through the first major support level at $7,031.67 and the second major support level at $6,930.03.

Steering clear of the third major support level at $6,701.53, Bitcoin recovered to $6,800 levels to limit the loss.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Monday.

Binance Coin (-6.59%), Bitcoin Cash ABC (-5.07%), Bitcoin Cash SV (-5.32%), and Tezos (-5.38%) led the way down.

Cardano’s ADA (-4.56%), EOS (-3.49%), Litecoin (-4.80%), Monero’s XMR (-3.75%), Ripple’s XRP (-3.95%), and Tron’s TRX (-3.38%) were close behind, however.

Stellar’s Lumen bucked the trend on the day, rising by 0.94%.

Through the start of the week, the crypto total market cap fell from a Monday high $209.37bn to a low $197.24bn. At the time of writing, the total market cap stood at $198.81bn.

Bitcoin’s dominance continued to hover at sub-64% levels following last week’s broader market gains. At the time of writing, Bitcoin’s dominance stood at 63.6%.

24-hour trading volumes rose from sub-$130bn levels to reach a current week high $146.91bn on Monday before easing back. At the time of writing, 24-hr volumes stood at $146.09bn.

This Morning

At the time of writing, Bitcoin was up by 0.41% to $6,866.0. It was a relatively bullish start to the day. Bitcoin rose from an early morning low $6,825.0 to a high $6,923.0 before easing back.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Tron’s TRX (-0.46%), Monero’s XMR (-0.40%), and Bitcoin Cash ABC (-0.14%) saw red early on.

The rest of the pack found early support, with Binance Coin (+2.00%), and Tezos (+1.99%) leading the way.

BTC/USD 21/04/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,950 levels to bring the first major resistance level at $7,127.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,000 levels.

Barring another broad-based crypto rally, resistance at $7,000 would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rally, the first major resistance level at $7,127.33 and $7,200 levels would likely come into play.

Failure to move through to $6,950 levels could see Bitcoin hit reverse.

A fall through the morning low $6,825.0 would bring the first major support level at $6,657.03 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$6,700 levels.

Crypto Demand has Increased but Fear is Still Here

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Bitcoin’s dominance index has dropped by almost a percent in the last 7 days. This indicates the interest of crypto market participants not only in the benchmark cryptocurrency but also in altcoins. Declining interest in Bitcoin also indicates growing demand for risk.

The RSI index is in a neutral zone, which indicates that the market can turn either side at any time. The Crypto Fear & Greed Index has been in the “extreme fear” zone for more than a month. Low index values often precede price reversals towards growth. But now we can say that this is only partially true.

The total capitalization of the crypto market has grown by $17 billion over the last 7 days. If you take the price statistics of the cryptocurrencies for the week, the indicators seem to be quite optimistic. Bitcoin grew by more than 6% over the week, almost doubling against a low of March 13. The leading altcoin Ethereum (ETH) jumped more than 19% over the week. Tezos (XTZ) was also among the record-breakers, climbing more than 20%. The largest anonymous coins DASH, Monero (XMR) and ZCash (ZEC) rose by 13%, 10% and 35% over the week, respectively.

The epidemic has opened up unprecedented opportunities to control all spheres of life, from independent reports of citizens on their movements to their actual place of residence and financial flows. There are fears that it will be very difficult for the authorities to give up such control after the epidemic is over. Under these conditions, anonymous cryptocurrencies may get their growth impulse, as the Bitcoin in the market is too closely monitored.

The epidemic will also make its own adjustments in the global labor market. There is already an unprecedented increase in layoffs. Some of the remaining workers are facing pay cuts, or are likely to face them in the future. Some of them will never leave the remote work, as it will be unprofitable for employers, as part of cost control, to maintain offices.

The impending crisis may prove to be something really new to the global economy, as leading central banks are close to depleting stimulus instruments. Anonymous cryptocurrencies have been in formation for 10 years since the last crisis, and a new financial meltdown may help them reach their potential in the coming years.

by Alex Kuptsikevich, the FxPro senior financial analyst.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 19/04/20

Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin rallied by 20.48% in the week ending 18th April. Following on from a 9.34% gain from the previous week, Binance Coin ended the week at $16.65.

A choppy start to the week saw Binance Coin fall to a Monday intraweek low $13.40, which came in spite of daily gains on Sunday and Monday.

Steering clear of the first major support level at $12.89, Binance Coin rallied to a Saturday intraweek high $16.86.

Binance Coin broke through the first major resistance level at $15.16 and second major resistance level at $16.50.

Of greater significance, however, was a move through the 23.6% FIB of $14.44.

While 5-days in the green delivered the upside for the week, a 6.84% fall in Wednesday limited the gains.

For the week ahead

Binance Coin would need to break through to $17 levels to bring the first major resistance level at $17.87 into play.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $16.86.

Barring a broad-based crypto rally, the major resistance level at $17.87 would likely cap any upside.

In the event of a breakout, Binance Coin could test resistance at $19 levels before any pullback.

Failure to move back through to $17 levels could see Binance Coin struggle in the week.

A fall back through to sub-$15.65 levels would bring the first major support level at $14.41 and the 23.6% FIB into play.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$14 levels.

At the time of writing, Binance Coin was down by 0.80% to $16.52. A bearish start to the week saw Binance Coin fall from an early morning high $16.69 to a low $16.32.

BNB/USD 19/04/20 Weekly Chart

Litecoin

Litecoin rose by 3.76% in the week ending 18th April. Following on from a 4.39% gain from the previous week, Litecoin ended the week at $44.20.

Another bearish start to the week saw Litecoin fall from a Sunday high $43.75 to a Thursday intraweek low $38.00.

Litecoin fell through the first major support level at $39.14 before rallying to a Saturday intraweek high $44.51.

In spite of the rebound, Litecoin fell short of the first major resistance level at $46.88 at the end of the week.

An 8.4% rally on Thursday reversed 4 consecutive days in the red to support the upside in the week.

For the week ahead

Litecoin would need to move back through to $44 levels to support a run at the first major resistance level at $46.47.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $44.51.

Barring an extended crypto rally, resistance at $45 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $44 levels could see Litecoin come under further pressure.

A fall back through to sub-$42.30 levels would bring the first major support level at $39.96 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$39 support levels.

At the time of writing, Litecoin was 0.79% to $43.85. A bearish start to the week saw Litecoin fall from an early morning high $44.39 to a low $43.61.

LTC/USD 19/04/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 6.71% in the week ending 18th April. Following on from a 3.91% gain from the previous week, Tron’s TRX ended the week at $0.013413.

A mixed start to the week saw Tron’s TRX rise to a Sunday high $0.013436 before sliding to a Thursday intraweek low $0.011842.

Steering clear of the major resistance levels, Tron’s TRX came within range of the first major support level at $0.01159.

Finding support on Thursday, Tron’s TRX bounced back to strike a Saturday intraweek high $0.013553.

Falling short of the first major resistance level at $0.01376, Tron’s TRX eased back to sub-$0.01350 levels.

The upside in the week came in spite of 4-days in the red.

For the week ahead

Tron’s TRX would need to avoid sub-$0.13 levels to support a run at the first major resistance level at $0.01403.

Support from the broader market would be needed, however, for Tron’s TRX to break out from last week’s high $0.013553.

Barring an extended crypto rally in the week, the first major resistance level at $0.01403 should limit any upside.

Failure to avoid sub-$0.13 levels could see Tron’s TRX struggle in the week.

A fall back through to sub-$0.01290 levels would bring the first major support level at $0.01232 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01123.

At the time of writing, Tron’s TRX was down by 0.91% to $0.013291. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.013436 to a low $0.013265.

TRX/USD 19/04/20 Weekly Chart