Bitcoin’s Weekend Decline Finds Support at Shallow Fibonacci Levels

The Bitcoin (BTC/USD) made a strong decline during the weekend. The price drop occurred after breaking the 60k resistance last week and reaching the first $65k target.

Although the bearish correction was impulsive, this article will analyse why the uptrend still has better odds than a reversal. Let’s start.

Price Charts and Technical Analysis

Bitcoin 19.04.2021 daily chart

The BTC/USD completed the wave 4 (orange) as mentioned last time. We considered the next push up as a wave 5 (orange):

  1. This wave 5 did not move up that far and high, but it is quite normal for the uptrend to lose some momentum in a wave 5 (purple line in the AO). There was a small rising wedge pattern that probably supported the slow move up.
  2. The wave 5 (orange) of wave 5 (grey) probably completed a larger wave 3 (pink). The wave 3 is showing overall a lot of momentum (strong AO bars).
  3. The bearish correction, even though price dropped a lot during the weekend, does not change the overall uptrend because price action is respecting the shallow 23.6 and 38.2% Fibonacci retracement levels (blue boxes).
  4. The bounce at the Fibs is typical for a wave 4 (pink). Another correction could take place via an ABC (grey) pattern.
  5. The first breakout above the 21 ema zone is therefore risky because price could make a higher low first. But a 2nd breakout above the 21 ema zone and the 60-62.5k resistance zone followed by the top at 65k should create another strong push up later in April, May or June.
  6. The next targets are located at the round levels of $70k, $75k, and even $100k.
  7. A break below the support at 50k would certainly place the uptrend on hold and perhaps even indicate an early end.

On the 4 hour chart, we can see the bearish correction took price action from the top of the channel back down to the bottom of the channel and the long-term moving averages:

  1. A bullish bounce could indicate that the bearish decline is just a correction.
  2. The uptrend, however, might take a small pauze as price action creates a potential wave 4 (pink).
  3. A retest of the previous top and bearish bounce could indicate a wave B (grey). An ABC (orange) correction could emerge within wave B (grey).
  4. If there is a 5 wave pattern moving up, then the uptrend might be immediately taking place.
  5. A retest of the support trend line could take place within wave B (orange) and after wave C (grey).This could indicate the end of the correction.

Bitcoin 19.04.2021 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

Asian Stocks Hit One-Month Highs, Bitcoin Climbs

By Swati Pandey

Indicators were positive for Europe as well with futures for Eurostoxx 50 up 0.2% and Germany’s DAX adding 0.1% though those for London’s FTSE were barely changed.

MSCI’s broadest index of Asia-Pacific shares outside Japan went as high as 699.70, a level not seen since March 18. It was last up 0.1% at 696.46.

The index jumped 1.2% last week and is up 5.1% so far this year, on track for its third straight yearly gain.

“The extremely supportive monetary and fiscal policy setting continues to provide a fertile environment for risk assets,” said Rodrigo Catril, senior forex strategist at National Australia Bank.

Australian shares finished unchanged from Friday’s close while New Zealand’s benchmark index gained 0.6% and South Korea’s KOSPI added 0.1%. Japan’s Nikkei turned around its losses to end flat.

Chinese shares, which started in negative territory, recouped losses with the blue-chip index up 2.2%. Hong Kong’s Hang Seng index rose 0.6%.

On Friday, the S&P 500 gained 0.4% to close at a new record high while clocking its sixth straight weekly gain. The Dow finished 0.5%, also at a record high while the Nasdaq climbed 0.1%.

The gains are unlikely to extend further with e-mini futures for the S&P 500 down 0.2%.

This week is off to a quiet start with no major data releases slated on Monday.

Investors will keep their eyes peeled for earnings from IBM and Coca-Cola later in the day. Netflix reports on Tuesday while later in the week American Airlines and Southwest will be the first major post-COVID cyclicals to post results.

The European Central Bank (ECB) meets on Thursday with no changes to rates or guidance expected while preliminary data on factory activity around the globe for April is due on Friday.

Elsewhere, Bitcoin, the world’s biggest cryptocurrency, reversed its losses after plunging as much as 14% on Sunday following speculation the U.S. Treasury may be looking at cracking down on money-laundering activity within digital assets, NAB’s Catril said.

Data website CoinMarketCap cited a blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

The retreat in Bitcoin also comes after Turkey’s central bank banned the use of cryptocurrencies for purchases on Friday.

Bitcoin was last up 1%. It has risen more than 90% year to date, driven by its mainstream acceptance as an investment and a means of payment, accompanied by the rush of retail cash into stocks, exchange-traded funds and other risky assets.

In currencies, the U.S. dollar loitered near a four-week low against a basket of currencies as investors increasingly bought into the Federal Reserve’s insistence it would keep an accommodative policy stance for a while longer.

The dollar index measuring the greenback against a basket of six currencies was unchanged at 91.567, not far from its lowest since March 18 touched on Friday.

Against the Japanese yen, the greenback was off 0.2% at 108.52. The euro was a tad lower at $1.1964 while the British pound gained 0.2% to $1.3854. [FRX/]

The risk-sensitive Aussie dollar climbed to $0.7740.

In commodities, oil prices were down with the Brent slipping 22 cents to $66.55 a barrel and U.S. crude falling 19 cents to $62.94.

Gold was up a tad at $1,776.7 an ounce.

(Editing by Michael Perry and Sam Holmes)

Dollar Pinned Near One-Month Low, Bitcoin Steadies Near $57k After Weekend Drop

By Ritvik Carvalho

The dollar was also held down by improved risk sentiment amid a rally in global stocks to record highs.

Bitcoin stabilized after losses from Sunday, when it plunged as much as 14% to $51,541, which a report attributed to news of a power outage in China.

The dollar index, which tracks it against six other currencies, was at 91.552, not far from last week’s low of 91.484, a level not seen since March 18.

The dollar bought 108.40 yen, its lowest against the Japanese currency since March 24.

“Following the decline since end-March, the dollar index has stabilized since mid-last week,” said Jussi Hiljanen, chief strategist, USD and EUR rates at SEB.

“The dollar is likely to remain counter cyclical until the dollar rates in the 2-5y sector take another leg higher. As we expect the dollar rates to move more or less sideways during Q2, EUR/USD has room to gain in the coming months, especially if vaccination speeds up in the euro area and the earnings season pushes the stock market even higher.”

The euro changed hands at $1.1985, flat on the day and near its highest against the dollar since March 4. The European Central Bank meets on Thursday with internal divisions over the pace of bond buying, extended COVID-19 lockdowns and potential delays to the EU recovery fund form the backdrop.

The 10-year Treasury yield sank as low as 1.5280% last week from 1.7760% at the end of last month, its highest in more than a year.

The S&P 500 closed at a record high on Friday, extending a rally in global stocks.

Fed Governor Christopher Waller said on CNBC on Friday that the U.S. economy “is ready to rip” as vaccinations continue and activity picks up, but a rise in inflation is likely to be transitory, echoing comments from other Fed officials, including Chair Jerome Powell, over the past week.

“With liquidity still abundant, we are going to hear more about the FX carry trade – which thrives in a low volatility environment,” said Chris Turner, global head of markets and regional head of research for UK and CEE at ING.

“This especially being the case if the Fed manages to make the April 28th meeting a non-event. With the SOFR overnight USD interest rate now at 0.01%, the dollar clearly doesn’t score highly on the carry front. And indeed a little more confidence in the European and global recovery stories may well see flows start to resume to EM – having been derailed by the Treasury sell-off in February and March.”

MSCI’s emerging market currency index traded 0.1% higher on the day, and is up 0.8% from the start of last week.

Bitcoin stabilized around $57,471 after a weekend plunge.

Data website CoinMarketCap cited a blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

Analysts at National Australia Bank cited “speculation in several online reports” that the U.S. Treasury may crack down on money laundering within digital currencies for the sharp move lower.

The bitcoin rout also followed a decision on Friday by Turkey’s central bank to ban the use of cryptocurrencies for purchases.

Despite recent weakness, the world’s most popular cryptocurrency remains up 97% in 2021, after more than quadrupling last year.

“We suspect the 15% weekend correction in Bitcoin will not have broader market ramifications,” ING’s Turner said.

(Reporting by Ritvik Carvalho; additional reporting by Kevin Buckland in Tokyo; editing by Larry King)

The ‘Metaverse’ Bet: Crypto-Rich Investors Snap up Virtual Real Estate

By Elizabeth Howcroft

That’s the question faced by the Singapore-based investor calling himself Metakovan, who made headlines last month when he bought the digital artwork “Everydays: The First 5000 Days” by the American artist Beeple at Christie’s.

The work is a non-fungible token (NFT) – a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing.

Metakovan, real name Vignesh Sundaresan, plans to put the artwork on display in four virtual world environments. He is working with architects to design gallery complexes that the public can enter via web browsers or virtual reality technology.

But art is just one part of a new economy of blockchain-based virtual worlds where land, buildings, avatars and even names can be bought and sold as NFTs, often fetching hundreds of thousands of dollars. In these environments, referred to as the metaverse, people can wander around with friends, visit virtual buildings and attend virtual events.

Metakovan’s plans are an ambitious undertaking, but he says he is the world’s biggest NFT investor. His collection of NFTs and other crypto assets, the Metapurse fund, is valued at $189 million, according to NonFungible.com, a site that aggregates sales history data from NFT marketplaces.

“The current Cambrian explosion of NFTs that you see is all about acquisition – people want to buy up NFTs, gobble as many of them as they can,” said Anand Venkateswaran, aka Twobadour, who runs the Metapurse fund with Metakovan.

“But it’s just the tip of the iceberg. The real explosion will happen when they’re able to … experience these NFTs as they were intended. If it’s a plot of virtual land, you ought to move around in it, have an immersive experience in it.”

In what will be one of the biggest names to join the party, videogame maker Atari told Reuters it planned to launch its own blockchain-based virtual world and would soon announce details.

Online environments are going to be “very very big”, regardless of fluctuations in the price of bitcoin, said Frederic Chesnais, head of Atari’s blockchain division and the company’s former CEO. NFT real estate could one day fetch millions of dollars, he added.

Investors caution, however, that while big money is flowing into NFTs, the market could represent a price bubble, with the risk of major losses if the hype dies down. There could also be prime opportunities for fraudsters in a market where many participants operate under pseudonyms.

chart

A PLOT OF VIRTUAL LAND: $500K+

The NFT frenzy has heightened interest in blockchain-based online environments. The best known are Decentraland, Cryptovoxels, Somnium Space and The Sandbox, where virtual real estate prices are hitting new highs.

Decentraland has seen more than $50 million in total sales, including land, avatars, usernames and wearables like virtual outfits. A patch of land measuring 41,216 virtual square metres sold for $572,000 on April 11, which the platform said was a record.

Another Decentraland plot sold for $283,567 on March 21, according to NonFungible.com, while Somnium Space said an estate on its platform fetched more than $500,000 on March 16.

Metaverse enthusiasts compare the rush to buy virtual land to the scramble for domain names in the early days of the internet. There are currently a few thousand unique landowners on each of the main blockchain-based platforms.

Their theory is that as more people congregate in these environments, plots of land in central locations will be highly sought-after because of the amount of visitor traffic.

“All of virtual land and these virtual spaces are basically real estate on which experiences will start to centre, on which attention will start to focus,” Twobadour said.

“That’s where all of the attention is and that’s monetisable in a million different ways.”

So far, it’s a relatively small number of people driving up land prices on these worlds.

In Decentraland there were 334 buyers in March, sending monthly land sales volumes past $4 million, from $767,400 in February with 184 buyers and $246,134 in January with 111 buyers, according to NonFungible.com.

An NFT investor called Whale Shark, whose collection was valued at more than $20 million by NonFungible.com in February, said he spent 200 of the cryptocurrency Ether on land in Cryptovoxels and another 200 in The Sandbox in 2018 and 2019.

Those estates cost around $60,000 each back then but are now worth more than $400,000 apiece, he added, speaking on condition of anonymity.

Some virtual worlds have their own cryptocurrencies: Decentraland’s MANA has skyrocketed more than 3500% over the past year, according to Coinbase.

chart

VIRTUAL FESTIVAL, ANYONE?

Some early virtual land investors who bought in early are now selling to companies, said Samuel Hamilton, community and events lead at the Decentraland Foundation.

Atari, ahead of its plans to open its own blockchain-based world, has licensed a retro arcade within Decentraland and is due to open a casino, while an area called “Crypto Valley” is home to various crypto companies.

Decentraland has hosted a virtual fashion exhibition in collaboration with Adidas, where designs were auctioned as NFTs. It is also attracting interest from musicians who can perform in the space, selling tickets and merchandise as NFTs.

“We’re going to have several well-known global festivals all doing stages, and when we get to that point we expect hundreds of thousands or even millions of people,” Hamilton said.

Last year, American rapper Travis Scott drew an audience of 27.7 million visitors to five concerts within Fortnite, the popular online game owned by Epic Games.

IS ‘CRYPTO WINTER’ COMING?

Sebastien Borget, co-founder of The Sandbox, described the commercial activity within virtual worlds as a new nation forming and said the NFT-based economy would outgrow the real-world one within a decade.

There are, however, many in the fledgling industry who warn of dangers ahead for investors.

“I expect that there’ll be a crypto winter in the next couple of months, the whole NFT boom will explode and then all the value will absolutely collapse,” said Ben Nolan, founder of the virtual world Cryptovoxels.

“Doing NFTs as an investment or as a way to make money is really ill-advised.”

However he does see a future for virtual worlds and NFTs.

“Do I think most people will use virtual worlds? Probably not, but I think a lot of people will and I think NFTs are a big part of that growth,” he said.

“Actually walking around with another person in a virtual space and looking at art together is a really nice way to spend time,” he added.

Whale Shark said the vast majority of NFTs had no commercial viability, and expects only a small number to emerge as winners.

But some investors such as Australia-based Mateen Soudagar, aka DCL Blogger, have little interest in moving back into real-world investments.

Soudagar says he has made millions of dollars through cryptocurrency and NFTs, but rather than cash out, he keeps around 75% of his money in crypto assets and reckons many of his peers do the same. Other than upgrading his laptop, he hasn’t changed his lifestyle.

“If you’re a believer in the movement then you think that the world will move into this space,” he said. “So when you’re putting it into fiat you’re going backwards.”

(Reporting by Elizabeth Howcroft; Editing by Pravin Char)

 

Pi Cycle Top Indicator Just Called the BTC Top

In fact, it’s gone up over 500% since October alone. This was the last time BTCUSD came anywhere close to testing its 20-week moving average, which has been one of the most historically reliable indicators regarding where the number one cryptocurrency currently finds itself in the market cycle.

In a bull market, it will typically remain above this 20-week moving average, testing and holding it as support as it sets higher-high after higher-low. During the bear phase, it tends to bump up against this moving average as resistance, failing to break above it as it sets lower-low after lower-high.

This past weekend saw the crossing of another milestone; bitcoin closed above $60k on the weekly chart (on some markets) for the first time in its storied history. As these new highs continue to be made on less volume and without significant follow-through and considering how far the price has already gone since mid-2020, many are starting to scout for the top.

Pi Cycle Top Indicator

In fact, an indicator that’s designed to do precisely this has just flashed a top signal for this specific bitcoin market cycle. The Pi Cycle Top Indicator uses a 111-day moving average and a 2x multiple of the 350-day moving average to predict market tops. When the 111-day moving average crosses above the 2×350-day moving average, it’s a signal that the top is in. The indicator takes its name from the fact that dividing 350 by 111 gives you 3.153, which is very close to Pi (3.142).

The image below plots the moving average crossovers mentioned above over a daily BTCUSD chart going all the way back to 2013. The vertical orange lines mark the points at which the two moving averages cross. They coincide with bitcoin’s last three peaks to within three days. On each occasion, a 60-80% correction ensued.

Pi Cycle Top Indicator plotted over daily BTCUSD chart, 2013-2021. Source: TradingView

The first two peaks on the above chart technically belong to the same bitcoin cycle as they occurred in April 2013 and November 2013, respectively. Bitcoin’s first halving event had only just taken place on November 28, 2012. Some of you will recall that the European debt crisis was in full swing during that first peak in April, specifically the bail-in of Cypriot banks. Then, the second peak marks the implosion of Mt. Gox, the biggest bitcoin exchange at the time.

It’s interesting to observe that the indicator still appears to work despite those first peaks taking place in a radically different crypto market than we have today. It misses a previous cycle top (not included in the above chart) due to there not being enough of a daily history to calculate the 2×350- day MA. As you can see on the far right of the chart, the two moving averages crossed again this past weekend. So, does this spell imminent doom for crypto holders, or will this time be different?

Back to the 20-Week Moving Average

The Pi Cycle Top Indicator is certainly compelling; however, it does conflict with what the 20-week moving average appears to be suggesting. What’s noteworthy about the moves viewed on the weekly chart below is that we’ve yet to retest the 20-week MA once since the price went parabolic in late October 2020, signalling the end of the previous bear market. As you’ll observe below, previous bull markets have used this level as a gauge of the ongoing health of the rally, routinely taking profits down to it and then riding it up as support.

Weekly chart of BTCUSD with 20-period moving average. Source: TradingView

This is most noticeable in the extended rally we witnessed from 2016 to 2017. The price action retested that 20-week MA at least five times before surging on to its then all-time high at around $20k. From this perspective, the move looks like it’s only just getting started. Keep in mind that each week that goes by without significant consolidation sees the weekly MA rising even further, providing a higher cushion, if you will. It’s currently above $40k.

To Wrap Up

The fundamental picture is the same kind of thing we’re hearing in US equities. Stocks are overvalued, we’re seeing all sorts of technical divergences, but the broader macro picture suggests that they have further to go, and no one is willing to call a top just yet. Those same factors are also supporting crypto prices. Regardless of whether the Pi Cycle Top Indicator has it right or not, it’s still a long way down to that 20-week MA, and that would favour further upside for now.

by Giles Coghlan, Chief Currency Analyst, HYCM

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Bitcoin and Ripple’s XRP – Weekly Technical Analysis – April 19th, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 6.43% in the week ending 18th April. Reversing a 3.08% gain from the previous week, Bitcoin ended the week at $56,172.0.

A bullish start to the week saw Bitcoin rise to a Tuesday intraweek high and a new swing hi $64,829.0 before hitting reverse.

Coming up against the first major resistance level at $64,631, Bitcoin slid to a Sunday intraweek low $50,500.0.

The sell-off saw Bitcoin fall through the first major support level at $56,644.

Finding support at the 23.6% FIB of $50,473, Bitcoin moved back through to $56,000 levels to reduce the deficit. The first major support level at $56,644 pinned Bitcoin back on Sunday.

5 days in the red that included a 6.27% slide on Sunday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $57,167 pivot to support a run the first major resistance level at $63,834.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s new swing hi $64,829.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $70,000 before any pullback. The second major resistance level sits at $71,496.

Failure to move through the $57,167 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $49,505 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $42,838.

At the time of writing, Bitcoin was up by 1.01% to $56,738.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $55,709.0 before rising to a high $57,200.0.

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

BTCUSD 190421 Daily Chart

Ripple’s XRP

Ripple’s XRP rose by 4.67% in the week ending 18th April. Following on from a 113.1% surge from the previous week, Ripple’s XRP ended the week at $1.41371.

A bullish start to the week saw Ripple’s XRP rally to a Tuesday intraweek high and a new swing hi $1.96598.

Ripple’s XRP broke through the first major resistance level at $1.6927 before sliding to a Sunday intraweek low $1.1500.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426 and the 38.2% FIB of $1.2807.

Steering clear of the first major support level at $0.8162, however, Ripple’s XRP found support to end the week at $1.41 levels.

Ripple’s XRP broke back through the 38.2% FIB to end the week in positive territory.

3-days in the green included a 22.32% breakout on Tuesday delivered the upside for the week. An 11.91% slide on Friday and an 8.33% loss on Sunday pared some of the gains, however.

For the week ahead

Ripple’s XRP would need to move through the pivot at $1.5099 and the 23.6% FIB of $1.5426 to bring the first major resistance level at $1.8698 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.80 levels.

Barring an extended crypto rally, the first major resistance level and last week’s swing hi $1.96598 would likely cap any upside.

In the event of an extended breakout, Ripple’s XRP could test the second major resistance level at $2.3259.

Failure to move through the pivot at $1.5099 and the 23.6% FIB would bring the first major support level at $1.0538 into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$1.00 levels and the 62% FIB of $0.8573. The second major support sits at $0.6939.

At the time of writing, Ripple’s XRP was up by 2.57% to $1.45001. A mixed start to the week saw Ripple’s XRP fall to an early Monday morning low $1.3600 before rising to a high $1.46.

Ripple’s XRP left the major support and resistance levels untested at the start of the week.

XRPUSD 190421 Daily Chart

Look Out: Inflation Impact on Earnings, Peloton Treadmills, Cryptocurrency Bubble Concerns to Drive Volatility

Corporate earnings will be the major focus in the week ahead, with investors especially zeroed-in on the impact of rising costs on margins. Investors will be looking for evidence that inflationary pressures are already having a negative influence on corporate profit margins.

CNBC is reporting that from Coca-Cola and IBM to Johnson & Johnson and Netflix, investors will hear from a broad swatch of corporate America. So far, with one week in, companies are beating earnings estimates by a wide margin of more than 84%, according to Refinitiv.

This three-month period is the first to be compared to year earlier profits that were affected by the pandemic. Profit growth for the S&P 500 is a stunning 30.2% for the quarter so far, based on actual reports and estimates. That makes it the best three-month period since the third quarter of 2010, according to FactSet.

In other news, the U.S. Consumer Product Safety Commission (CPSC) on Saturday warned consumers about the dangers of Peloton’s treadmill Tread+ after reports of multiple incidents of small children and a pet being injured beneath the machines.

The price of bitcoin tumbled over the weekend and was down as much as 19.5% from record highs posted by the popular cryptocurrency in the past week. The move comes after new concerns of a bubble in the cryptocurrency market.

US Regulators Warn Consumers on Dangers of Peloton’s Treadmill

Peloton shares could take a major hit on Monday after a warning from a key government safety agency.

“CPSC staff believes the Peloton Tread+ poses serious risks to children for abrasions, fractures, and death,” the safety regulator said in a statement, adding that consumers with children should stop using the product immediately.

Peloton in a response to the regulator’s statement said it was “troubled by the CPSC’s unilateral press release about the Peloton Tread+ because it is inaccurate and misleading.”

The company said there was no reason to stop using the Tread+, but children under 16 should not use the treadmill.

The regulator said it was aware of 39 incidents including one death and was investigating all known incidents related to the Peloton Tread+.

Bitcoin Tumbles from Recent High as Cryptocurrencies Take Weekend Hit

The price of Bitcoin dropped as low as $52,148.98 on Sunday morning, days after reaching an all-time high above $64,800. Ether and Dogecoin also saw their prices drop, following a week in which investors worried that the cryptocurrency market was in a bubble.

An unverified report on Twitter claimed that the U.S. Treasury Department could be looking to crack down on financial institutions for money laundering using cryptocurrency.

Coinbase shares could drop on the news since it could mean the cryptocurrency market could face tougher U.S. regulation. Last week, it became the largest cryptocurrency company to go public.

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – Movers and Shakers – April 19th, 2021

Bitcoin, BTC to USD, slid by 6.29% on Sunday. Following on from a 2.27% decline on Saturday, Bitcoin ended the week down by 6.43% to $56,172.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $60,279.0 before hitting reverse.

Falling short of the first major resistance level at $61,197, Bitcoin tumbled to an early morning intraday low $50,500.0.

The extended sell-off saw Bitcoin fall through the major support levels

Finding support at the 23.6% FIB of $50,473, Bitcoin broke back through the third major resistance level at $55,104 to end the day at $56,100 levels.

The near-term bullish trend remained intact in spite of the slide back to $50,500 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

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

Crypto.com Coin tumbled by 15.14% to lead the way down, with Bitcoin Cash SV sliding by 12.39%.

Litecoin (-8.92%) and Ripple’s XRP (-8.28%) also saw heavy losses.

Binance Coin (-6.24%), Cardano’s ADA (-6.50%), Chainlink (-2.17%), Ethereum (-3.35%), and Polkadot (-5.14%) saw relatively modest losses on the day.

It was also a mixed week for the majors in the week ending 18th April.

Binance Coin slid by 8.23%, with Crypto.com Coin falling by 5.08% to join Bitcoin in the red.

It was a bullish week for the rest of the majors, however.

Bitcoin Cash SV jumped by 25.25% to lead the way, with Polkadot rallying by 15.72%.

Cardano’s ADA (+1.32%), Ethereum (+4.23%), Litecoin (+8.68%), and Ripple’s XRP (+4.67%) also ended the week in positive territory.

In the week, the crypto total market rose to a Friday high $2,305bn before sliding to a Sunday low $1,755bn. At the time of writing, the total market cap stood at $2,019bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Saturday low 51.37%. At the time of writing, Bitcoin’s dominance stood at 52.52%.

This Morning

At the time of writing, Bitcoin was up by 0.81% to $56,625.1. A mixed start to the day saw Bitcoin fall to an early morning low $55,709.0 before rising to a high $56,666.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot (-0.77%) and Ripple’s XRP (-0.55%) saw red to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Chainlink was up by 3.69% to lead the way.

BTCUSD 190421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,650 to bring the first major resistance level at $60,801 into play.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $60,279.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $65,429.

Failure to avoid a fall through the $55,650 pivot would bring the first major support level at $51,022 and the 23.6% FIB of $50,473 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $45,871.

The Crypto Daily – Movers and Shakers – April 18th, 2021

Bitcoin, BTC to USD, fell by 2.27% on Saturday. Following on from a 2.98% decline on Friday, Bitcoin ended the day at $59,927.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $62,450.0 before hitting reverse.

Falling short of the first major resistance level at $63,226, Bitcoin slid to a late afternoon intraday low $59,662.0.

Bitcoin fell through the first major support level at $59,711 before briefly revisiting $60,900 levels.

A bearish end to the day, however, saw Bitcoin fall back to end the day at sub-$60,000 levels.

The near-term bullish trend remained intact supported by the latest move through to $64,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Polkadot rallied by 3.87% to lead the way, with Binance Coin rising by 1.08%.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV slid by 10.95% to lead the way down.

Cardano’s ADA (-3.18%), Chainlink (-4.89%), Ethereum (-4.45%), and Litecoin (-2.51%) also struggled.

Crypto.com Coin (-0.08%) and Ripple’s XRP (-0.62%) saw modest losses on the day, however.

In the current week, the crypto total market fell to a Monday low $1,959bn before rising to a Friday high $2,305bn. At the time of writing, the total market cap stood at $2,136bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Saturday low 51.38%. At the time of writing, Bitcoin’s dominance stood at 52.85%.

This Morning

At the time of writing, Bitcoin was up by 0.46% to $60,205.0. A mixed start to the day saw Bitcoin fall to an early morning low $59,934.0 before rising to a high $60,279.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Ripple’s XRP was up by 1.42% to lead the way.

BTCUSD 180421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $60,680 to bring the first major resistance level at $61,697 into play.

Support from the broader market would be needed for Bitcoin to break out from $61,500 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $62,450.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $63,468.

Failure to move through the $60,680 pivot would bring the first major support level at $58,909 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 levels. The second major support level sits at $57,892.

The Crypto Daily – Movers and Shakers – April 17th, 2021

Bitcoin, BTC to USD, fell by 2.98% on Friday. Reversing a 0.46% gain from Thursday, Bitcoin ended the day at $61,322.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $63,520.0 before hitting reverse.

Falling short of the first major resistance level at $64,027, Bitcoin slid to a late morning intraday low $60,005.0.

Bitcoin fell through the first major support level at $62,182 and the second major support level at $61,169.

Finding afternoon support, Bitcoin broke back through the second major support level to revisit $62,000 levels before easing back.

In spite of the pullback, Bitcoin avoided a fall back through the second major support level late in the day.

The near-term bullish trend remained intact supported by the latest move through to $64,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Bitcoin Cash SV surged by 17.73% to lead the way, with Litecoin rallying by 7.89%.

It was a bearish day for the rest of the majors, however.

Ripple’s XRP slid by 11.92% to lead the way down

Binance Coin (-6.15%), Cardano’s ADA (-4.51%), and Ethereum (-3.59%) also struggled.

Chainlink (-1.40%), Crypto.com Coin (-0.97%), and Polkadot (-1.84%) saw relatively modest losses on the day.

In the current week, the crypto total market fell to a Monday low $1,959bn before rising to a Friday high $2,307bn. At the time of writing, the total market cap stood at $2,177bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Friday low 51.50%. At the time of writing, Bitcoin’s dominance stood at 52.59%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $61,167.3. A mixed start to the day saw Bitcoin rise to an early morning high $61,675.0 before falling to a low $61,157.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-2.47%) and Crypto.com Coin (-0.64%) joined Bitcoin in the red to buck the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Litecoin was up by 2.09% to lead the way.

BTCUSD 170421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $61,616 to bring the first major resistance level at $63,226 into play.

Support from the broader market would be needed for Bitcoin to break back through to $63,000 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $63,520.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $65,131.

Failure to move back through the $61,616 pivot would bring the first major support level at $59,711 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $58,101.

The Crypto Daily – Movers and Shakers – April 16th, 2021

Bitcoin, BTC to USD, rose by 0.46% on Thursday. Partially reversing a 0.95% decline from Wednesday, Bitcoin ended the day at $63,196.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $62,000.0 before making a move.

Steering clear of the first major support level at $61,204, Bitcoin struck a late intraday high $63,845.0.

Falling well short of the first major resistance level at $64,727, Bitcoin eased back to end the day at sub-$63,200 levels.

The near-term bullish trend remained intact supported by the latest move through to $64,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Ripple’s XRP slid by 4.17% to lead the way down

Binance Coin (-1.36%) and Polkadot (-0.02%) also saw red to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Bitcoin Cash SV rallied by 12.38% to lead the way.

Chainlink (+3.18%), Crypto.com Coin (+3.20%), Ethereum (+3.49%), and Litecoin (+2.67%) also made solid gains.

Cardano’s ADA (+1.93%) and Polkadot (+1.87%) and trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,959bn before rising to a Wednesday high $2,259bn. At the time of writing, the total market cap stood at $2,214bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Thursday low 52.92%. At the time of writing, Bitcoin’s dominance stood at 53.53%.

This Morning

At the time of writing, Bitcoin up by 0.28% to $63,5.037. A mixed start to the day saw Bitcoin fall to an early morning low $63,083.2 before rising to a high $63,417.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.47%), Cardano’s ADA (-0.06%), and Polkadot (-0.05%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 1.68% to lead the way.

BTCUSD 160421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $63,014 to bring the first major resistance level at $64,027 into play.

Support from the broader market would be needed for Bitcoin to break back through to $64,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $64,859.

Failure to avoid a fall through the $63,014 pivot would bring the first major support level at $62,182 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $61,169.

Bitcoin Should Rally in an Overlapping Fashion to Around $72K

Early last week, I showed, using the Elliott Waves (EWP), “I prefer the larger ending diagonal (ED). EDs are hard to forecast price structures as they consist of five waves, which [in turn] most often are comprised of three overlapping waves to the upside and downside. BTC is most likely in wave-iii, subdividing into three (a, b, c) waves … [with] wave-c to ideally $66050-72175. … A daily close back above last week’s high ($60062) will favor the upside diagonal. A daily close below $53900 is needed to shift the odds in favor of the Bearish option (a diagonal to the downside).

The above “if-then” scenario is the power and beauty of the EWP as it allows for straightforward elimination of options and increases one’s trading success’ odds. BTC has rallied over the last nine days since my last update. With the additional available price data, I know the ED pattern to the upside is operable: blue lines in Figure 1 below, as so far BTC has done nothing to invalidate it. Please compare to the ED example inserted in Figure 1.

Figure 1. Bitcoin daily chart with detailed EWP count and technical indicators.

The Contracting Diagonal pattern suggests a choppy rally to around $72K.

As said before, EDs are choppy, terminal patterns, and the recent price action supports this notion as BTC is barely above its March 13 wave-i top of $61749. Because in contracting diagonals the 3rd wave cannot be longer than the 1st wave I find BTC should ideally top at a maximum of $69K. This level corresponds with the (red) wave-iii=i relationship, the (green) 1.382x extension for minor-c of wave-iii, and the (grey) c=a extension of grey minute-c of minor wave-c, exemplifying the fractal and complex nature of the internal waves of a contracting ending diagonal. Once wave-iii completes, wave-iv should drop to around the lower blue trend line, which should be around $62K. (Red) wave-v of (black) wave-5 of an even larger (blue) wave-III will target about $72K. From there, BTC should then fall back to the beginning of the ED pattern to complete wave-IV: the low $50Ks to the low $40Ks. Only then is BTC, IMHO, ready to set up for a rally into the six digits: blue wave-V.

What does it take to invalidate my preferred POV? A first warning will be on a daily close below $59K, with a “lights out” on a daily close below $55355. Why? Because if BTC drops that low from current levels, the ED pattern as shown will not complete. Please remember that BTC is, IMHO, in a larger-degree terminal pattern, and the price action over the next few weeks will not be as easy to trade, track and forecast as it was before. Thus, one has to “anticipate, monitor, and adjust” to allow for safe trading now more than ever.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Break Out: Where’s The Follow through?

Bitcoin pushed all time highs to 65K and is now showing signs of indecision. While there is no sell signal in place at the moment, here are some important considerations when it comes to judging momentum follow through. This is especially important if you bought into the recent break out.

The 61300 to 64250 area is another reversal zone relative to Bitcoin’s recent price structure. Price is now hesitating in this zone and a break of 61300 would constitute a new sell signal in terms of our swing trade strategy.

This sell signal is not what you want to see develop after such a break out. It can be met with more dramatic selling pressure thanks to all of the new longs lured into the market during the break out.

The first support is now around the 58K area (where price spent a lot of time lingering), and the second support is still around the 50K area. The next resistance is still around 66K (which was almost reached in the recent break out).

It is also possible to see a trend continuation pattern develop over the next day or so IF the 61300 low is NOT taken out. In the current market environment, which has been lacking any significant retracements, this patterns have been very common. This would be a good sign if you are still long.

Break outs are tough trades to take because of their highly random nature. The key to making such a strategy work is to be able to exit the trade quickly if the break out turns out to be false. Many small losses can accumulate this way, but that idea is to catch the broader move when one follows through.

If you would like to know more about how our swing trade strategy works, visit: https://greenbridgeinvesting.com/pricing

We offter a 7 day free trial to our signal service, and a chatroom.

Thank you for considering my analysis and perspective. I hope you find it helpful.

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – Movers and Shakers – April 14th, 2021

Bitcoin, BTC to USD, rose by 6.09% on Tuesday. Reversing a 0.26% decline from Monday, Bitcoin ended the day at $63,537.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $59,859.0 before making a move.

Steering clear of the first major support level at $59,131, Bitcoin surged to a final hour intraday high and a new swing hi $63,555.0.

Bitcoin broke through first major resistance level at $60,977 and the second major resistance level at $62,081.

While falling short of the third major resistance level at $63,927, Bitcoin held on to close out the day at $63,500 levels.

The near-term bullish trend remained intact supported by the latest move through to $63,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,750 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Binance Coin slid by 7.60%, with Polkadot falling by 0.07% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Ripple’s XRP jumped by 22.24% to lead the way, with Bitcoin Cash SV rallying by 12.66%.

Cardano’s ADA (+7.50%), Chainlink (+7.22%), Crypto.com Coin (+7.00%), Ethereum (+7.57%), and Litecoin (+8.56%) also made solid gains.

Early in the week, the crypto total market fell to a Monday low $1,959bn before rising to a Tuesday high $2,195bn. At the time of writing, the total market cap stood at $2,146bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Tuesday low 54.27%. At the time of writing, Bitcoin’s dominance stood at 55.22%.

This Morning

At the time of writing, Bitcoin down by 0.42% to $63,270.0. A mixed start to the day saw Bitcoin rise to an early morning high and a new swing hi $63,732.0 before falling to a low $63,166.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.40%), Ethereum (-0.08%), and Polkadot (-0.48%) also saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 2.97% to lead the way.

BTCUSD 140421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $62,317 to bring the first major resistance level at $64,775 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s new swing hi $63,732.0.

Barring an extended crypto rally, the first major resistance level and resistance at $65,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $68,000 before any pullback. The second major resistance level sits at $66,013.

Failure to avoid a fall back through the $62,317 pivot would bring the first major support level at $61,079 into play.

Barring another extended sell-off on the day, Bitcoin should steer well clear of sub-$60,000 levels. The second major support level sits at $58,621.

Higher CPI Should Boost More Than Just Gold Prices

BTC futures hit a high of $62,000 before backing off slightly. As of 4 PM, EST BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week’s end.

Mponday main image

The consumer price index is set to be released tomorrow at 8:30 EST, and the expectations are mixed, but it would make complete sense if it continued to climb. January 2021, the U.S. CPI was at 262.231. February was the last month to be released, and it hit an all-time high in the index of 263.161. With the March numbers set to be released tomorrow, we could see a BTC price spike if it continues its current trend higher.

Monday main image #1

Usually, a higher CPI rate was good for gold, and it still is; however, I believe we will see more capital move into Bitcoin than into gold on inflationary fears. So, a spike in the Consumer Price Index tomorrow could quickly catapult Bitcoin futures towards $65,000.

As ETH follows moves in Bitcoin, expect a rise in Ether also, so traders who took our call last week to buy should remain long with stops at $1,900.

btc vs eth MONDAY CHART

Part 2: Higher CPI Should Boost More Than Just Gold Prices

BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week’s end.

-excerpt from previous article on 4/12/2021.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. 20 of the 21 indexes rose compared to the previous month, most notable energy of which gasoline saw a 9% rise. Combined there was a 0.6% increase in the month of March. This beat out the increases seen over the last six months and brought the CPI up to a 2.6% increase over March 2020.

Tuesday main

This number came in above estimates and we did see a rise in the price of gold and silver but also Bitcoin and Ethereum. It looks like we will indeed see $65,000 in BTC as today’s record high came in about $500 short of that at $64,450. Where will Bitcoin go to from here?

Tues chart #2

My prediction of a new record this month in April is that we will reach at minimum $69,600 this is based on Elliot Wave models and Fibonacci extensions. Although it has the potential to go even higher. In tandem to this we will see Ethereum trade to the prices I mentioned yesterday, today we saw an equal rise of about 5% on the day. The month of April will be big for Bitcoin.

tuesday chrt 1

Bitcoin Finally Breaks Above $60k After Completing Lengthy ABC Correction

Bitcoin (BTC/USD) is breaking above the critical $60,000 resistance and previous top. Will the bulls be able to keep control today and this week? Or will the breakout turn out to be a false breakout.

We will review the key patterns for answering these questions. Plus we also analyse the potential support levels and upside targets.

Price Charts and Technical Analysis

BTC/USD 12.04.2021 daily chart

The BTC/USD is showing a bullish breakout above the key $60k resistance, finally after weeks of sideways price action:

  1. The sideways pattern is probably an ABC (orange) correction in wave 4 (grey).
  2. Price respected the shallow 38.2% Fibonacci retracement level, which is indicating the bulls are still strongly in control/
  3. The price action prior to the consolidation was bullish and impulsive, indicating an ongoing wave 3 (purple).
  4. Price action keeps respecting the 21 ema zone, which indicates a strong uptrend.
  5. Today’s daily candle is critical for the breakout. A strong bullish candle with a close near the high indicates that the bulls remained in control even as price action is reaching the top. A big wick, however, indicates a potential failed break and retracement.
  6. Any bearish pullback is still expected to find support at the Fibonacci levels. Only a deeper retracement places the uptrend in danger.

On the 4 hour chart, a 4 hour candle has broken above the $60k mark. There are a couple of scenarios that could take place now:

  1. An immediate bullish continuation could send the price higher right away (blue arrow). Considering the lengthy consolidation zone, this seems the least likely scenario because the breakout could take longer. A candle close above $61k, however, could indicate more upside.
  2. Some type of pullback is more likely. But as long as the retracement remains shallow (orange arrows), then a bullish breakout and continuation pattern is expected (green arrow).
  3. A deeper retracement places the uptrend on hold (yellow circle) or invalidates it (red circle).
  4. The main targets for upside are located at $62.5, $65, $70, and $75 for the moment.

BTC/USD 12.04.2021 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin and Ripple’s XRP – Weekly Technical Analysis – April 12th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 3.08% in the week ending 11th April. Following on from a 4.40% gain from the previous week, Bitcoin ended the week at $60,032.0.

A mixed start to the week saw Bitcoin rise to a Tuesday high $59,499.0 before hitting reverse.

Falling well short of the first major resistance level at $60,676, Bitcoin slid to a Wednesday intraweek low $55,555.0.

Coming within range of the first major support level at $55,317, Bitcoin rallied to a Saturday intraweek high $61,243.0.

Bitcoin broke through the first major resistance level at $60,676 to come within range of the March swing hi $61,699 before easing back.

5 days in the green that included a 3.84% rise on Thursday and a 2.89% gain on Saturday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $58,943 pivot to support a run the first major resistance level at $62,332.

Support from the broader market would be needed for Bitcoin to break out from the March 14th swing hi $61,699.0.

Barring an extended crypto rally, the first major resistance level and resistance at $62,500 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $64,631.

Failure to avoid a fall through the $58,943 pivot would bring the first major support level at $56,644 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $53,255.

At the time of writing, Bitcoin was down by 0.17% to $59,927.4. A mixed start to the week saw Bitcoin rise to an early Monday morning high $60,406.0 before falling to a low $59,667.0.

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

BTCUSD 120421 Daily Chart

Ripple’s XRP

Ripple’s XRP surged by 113.1% in the week ending 11th April. Following on from a 16.11% rally from the previous week, Ripple’s XRP ended the week at $1.35243.

A mixed start to the week saw Ripple’s XRP fall to a Monday intraweek low $0.62015 before making a move.

Steering clear of the first major support level at $0.5619, Ripple’s XRP surged to a Sunday intraweek high and a new swing hi $1.49667.

Ripple’s XRP broke through the week’s major resistance levels to wrap up the week at $1.35 levels.

4-days in the green included a 44.07% breakout on Monday and a 34.92% jump on Saturday delivered the upside for the week.

For the week ahead

Ripple’s XRP would need to avoid a fall through the 23.6% FIB of $1.1841 and the pivot level at $1.1564 to support a run at the first major resistance level at $1.6927.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s new swing hi $1.49667.

Barring another extended crypto rally, the first major resistance level and resistance at $1.70 would likely cap any upside.

In the event of another extended breakout, Ripple’s XRP could test resistance at $2.00 before any pullback. The second major resistance level sits at $2.0329.

Failure to avoid a fall through the 23.6% FIB of $1.1841 and the pivot level at $1.1564 would bring the 38.2% FIB of $0.9907 and the first major support level at $0.8162 and into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$1.00 levels, however.

At the time of writing, Ripple’s XRP was up by 0.69% to $1.36175. A mixed start to the week saw Ripple’s XRP rise to an early Monday morning high $1.36699 before falling to a low $1.31763.

Ripple’s XRP left the major support and resistance levels untested at the start of the week.

XRPUSD 120421 Daily Chart

The Crypto Daily – Movers and Shakers – April 12th, 2021

Bitcoin, BTC to USD, rose by 0.36% on Sunday. Following on from a 2.89% gain on Saturday, Bitcoin ended the week up by 3.08% to $60,032.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $60,722.0 before hitting reverse.

Falling short of the first major resistance level at $61,403, Bitcoin fell to an early afternoon intraday low $59,308.0.

Steering clear of the first major support level at $58,060, Bitcoin revisited $60,200 levels before easing back.

The near-term bullish trend remained intact supported by the latest move back through to $61,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Crypto.com Coin fell by 2.32% to lead the way down.

Litecoin (-1.49%), Polkadot (-1.02%), and Ripple’s XRP (-1.32%) also saw red.

It was a bullish day for the rest of the majors, however.

Binance Coin rallied by 11.55% to lead the way.

Cardano’s ADA (+3.81%) and Chainlink (+6.00%) also making solid gains.

Bitcoin Cash SV (+1.59%), and Ethereum (+0.82%) also joined Bitcoin in the green.

For the week, it was also mixed for the majors.

Polkadot slid by 9.51%, with Crypto.com Coin falling by 0.19% to buck the trend.

It was a bullish week for the rest of the majors.

Ripple’s XRP led the way, surging by 113.1%, with Binance Coin jumping by 50.6%.

Bitcoin Cash SV (+20.59%) and Litecoin (+24.81%) also made solid gains in the week.

Cardano’s ADA (+6.84%), Chainlink (+10.03%), and Ethereum (+3.58%) trailed the front runners, however.

In the week, the crypto total market fell to a Wednesday low $1,782bn before rising to a Saturday high $2,064bn. At the time of writing, the total market cap stood at $2,000bn.

Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Sunday low 55.13%. At the time of writing, Bitcoin’s dominance stood at 55.70%.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $59,738.1. A mixed start to the day saw Bitcoin rise to an early morning high $60,406.0 before falling to a low $59,669.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.41%), Cardano’s ADA (+0.86%), and Crypto.com Coin (+0.90%) bucked the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Litecoin was down by 1.08% to lead the way down.

BTCUSD 120421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $60,021 to bring the first major resistance level at $60,733 into play.

Support from the broader market would be needed for Bitcoin to break through Sunday’s high $60,722.0.

Barring an extended crypto rally, the first major resistance level and resistance $61,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at the March swing hi $61,699 before any pullback. The second major resistance level sits at $61,435.

Failure to move back through the $60,021 pivot would bring the first major support level at $59,319 into play.

Barring another extended sell-off on the day, Bitcoin should steer well clear of the second major support level at $58,607.

Bitcoin Above $60,000 Again on Talk of Reduced Supply

The world’s biggest and best-known cryptocurrency hit $61,222.22 on Saturday, its highest in nearly a month. It was slightly lower at $59,907 at 0500 GMT on Sunday.

Bitcoin (BTC) is up 116% from the year’s low of $27,734 on Jan. 4. It crossed the $60,000 mark for the first time on March 13, hitting a record $61,781.83 on Bitstamp exchange, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.

Justin d’Anethan, sales manager at digital asset company Diginex in Hong Kong, said investors had turned their attention to stock markets and other cryptocurrencies in the past couple of weeks, leaving Bitcoin idling in the upper 50-thousand dollar levels.

“That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,” he said.

Bitcoin’s stunning gains this year have been driven by its mainstream acceptance as an investment and a means of payment, accompanied by the rush of retail cash into stocks, exchange-traded funds and other risky assets.

It soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.

Big U.S. banks such as Morgan Stanley are also seeking to offer wealth management clients access to bitcoin funds.

(Reporting by Aakriti Bhalla in Bengaluru and Vidya Ranganathan in Singapore; Editing by William Mallard)