As the Crypto Markets Enter a Slumber, Bitcoin May be Gearing up For a Surge Back To 5,400

Despite witnessing some exciting price action over the past several weeks, the crypto markets are currently taking a slight breather as Bitcoin tepidly advances into the $5,200 region.
Although the recent upwards momentum appears to have fizzled out, analysts are now expecting Bitcoin to make another upwards push back up towards its strong resistance level around $5,400 – which could open the gates for significantly further gains, assuming that BTC is able to break above this level.
Bitcoin Finds Stability Above $5,200 As Crypto Markets Climb Slightly
 At the time of writing, Bitcoin is trading up 2.4% at its current price of $5,230 and is up slightly from its weekly lows of roughly $4,950. The recent price climb appears to be part of a larger consolidation pattern, as BTC has now been stuck between roughly $5,000 and $5,400 since early-April.
$5,400 was first established as a level of resistance one-week ago when Bitcoin surged to this price level before incurring a significant amount of selling pressure that sent it spiraling downwards to approximately $5,000 – a price level at which it found support.
Since then, BTC and the entire crypto markets have climbed slightly, but they have failed to gain any significant levels of upwards momentum, leading them to enter what one analyst describes as a “slumber.”
“Though we do seem to be in some sort of slumber, there’s really no telling how long this will last. It could take months to see another breakout, or it could happen between now and the time you read this message,” Mati Greenspan, the senior market analyst at eToro, said in a recent email, also pointing to declining trading volume the markets are experiencing.
Chonis Trading, another popular cryptocurrency analyst, also spoke about Bitcoin’s current price action in a recent tweet, noting that BTC’s EMA12 has been holding as a support level.
“$BTC – daily candle continues to close above EMA12 support on notable declining #bitcoin volume,” he noted.

$BTC – daily candle continues to close above EMA12 support on notable declining #bitcoin volume… pic.twitter.com/Wnz5QLScGl
— Chonis Trading… (@BigChonis) April 17, 2019

Analyst: Bitcoin May Soon Surge To $5,400… Again…
Despite the current lull in the crypto markets, analysts do believe that Bitcoin may be gearing up for another upwards swing.
UB, another popular cryptocurrency analyst on Twitter, explained where he sees Bitcoin heading next, noting that its ability to treat $5,182 as a level of support is positive, and could lead it to climb back into the $5,400 region.
“$BTC – As Long as Red ($5182) continues to act as support, a move up to Blue seems likely. PA shows a long setup but a few other systems I use on the side show a short setup. One of which is a strong sell $5202. Bullish argument invalid if the Range High flips into Resistance,” he explained in a recent tweet.

$BTC – As Long as Red ($5182) continues to act as support, a move up to Blue seems likely.
PA shows a long setup but a few other systems I use on the side show a short setup. One of which is a strong sell $5202.
Bullish argument invalid if the Range High flips into Resistance pic.twitter.com/qS7TWjs3tI
— UB (@CryptoUB) April 17, 2019

Assuming that the markets truly have found a long-term bottom that is currently set at their late-2018 lows, it is highly likely that 2019 will prove to be a very positive year for Bitcoin and the crypto markets.
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XRP Community Celebrates as Ripple Surges After Holding Support: Could 0.48 Be Next?

Although Ripple’s performance over the past few weeks has been dismal to say the least, and holders of the cryptocurrency have missed out on many of the massive gains that other cryptocurrencies have been experiencing, XRP incurred a sudden burst of buying volume today that has allowed it to surge 4%.
Now, analysts are setting their sights on further gains for the embattled cryptocurrency, with one analyst setting a target of $0.48 – assuming XRP is able to follow through with its current surge.
Ripple (XRP) Reverses Downwards Trend After Holding Above Support
At the time of writing Ripple is trading up 3.4% at its current price of $0.332 and is up its daily lows of $0.32 – a level at which XRP has found support over the past several days.
Although the crypto markets as a whole experienced some massive upwards swings over the past few weeks, with Bitcoin climbing from lows of $4,000 to highs of $5,400, XRP only briefly surged to highs of $0.37 from lows of $0.30, before settling down towards its current price levels.
This dull price action was certainly disappointing to Ripple investors, as the crypto has previously incurred massive gains during market surges.
While looking towards XRP’s Bitcoin trading pair (XRP/BTC) many analysts had noted that the cryptocurrency was reaching a “make or break” price level that could have led to significantly further downside for the digital asset, had it broken down further.
Cryptorangutang, a popular cryptocurrency analyst on Twitter, spoke about this price level in a tweet made just prior to today’s surge, noting that Ripple will either “jump here or the drop will be brutal.”
“I’ve seen people trying to buy $xrp’s bottom for a month now, but this is the first time imo it’s worth it. Steadily declining volume on that drop, important level, bullish divs. Either jump here or the drop will be brutal,” he explained.

I've seen people trying to buy $xrp's bottom for a month now, but this is the first time imo it's worth it. Steadily declining volume on that drop, important level, bullish divs.
Either jump here or the drop will be brutal.
I'm in #xrpthestandard pic.twitter.com/YEQe43vLrk
— #DYORangutang (@cryptorangutang) April 16, 2019

Analyst: XRP May Surge as High as $0.48 in Near-Future
Because this upwards move firmly established XRP’s support level around $0.32, one analyst believes that it may continue surging towards $0.48 in the near-future.
Ryan W, another popular cryptocurrency analyst, spoke about this possibility in a recent tweet, noting that Ripple does face resistance levels at $0.38, $0.44, and $0.50, but also explaining that he expects the crypto to garner enough upwards momentum to break above at least two of these resistance levels with a price target set at $0.48.
“We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView,” he explained.

We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView. #XRPcommunity pic.twitter.com/6qCfPTG0L4
— Ryan_W (@RyanICNN) April 17, 2019

Although many crypto enthusiasts dislike XRP for a plethora of reasons, it has built up a strong investor base that may ultimately help propel it higher as the overall crypto market conditions continue to improve.
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Bitcoin SV Continues to Plummet Amidst Delisting Trend: Bitcoin Cash Hodlers Celebrate

The recent Bitcoin SV (BSV) imbroglio first began when those backing the cryptocurrency took legal action against popular figures within the crypto community who had been outspoken against both BSV and its mastermind, Craig Wright – who is widely seen as a charlatan who incessantly claims that he is the true Satoshi Nakamoto.
BSV, which was just recently delisted from the world’s largest cryptocurrency exchange, Binance, has since been delisted by other major exchanges as well and has found itself caught in a downwards tailspin that has sent it spiraling down to set fresh year-to-date lows.
Bitcoin Cash the Big Winner of the BSV Imbroglio
This recent price drop and the growing trend of major exchanges delisting BSV – although devastating for those invested in the cryptocurrency – has been very positive for Bitcoin Cash, which has incurred decent price gains in the time since Bitcoin SV was delisted from Binance.
Bitcoin Cash – which underwent a hard fork in late-2018 that resulted in the creation of BSV – has surged from weekly lows of $260 to highs of nearly $330, before settling at its current price of $318.80.
Bitcoin SV, on the other hand, has plummeted over the past several days, and is currently trading down over 12% at its current price of $55. BSV has plummeted from its one-week highs of roughly $85, which were set last Wednesday.
Although Bitcoin Cash may directly benefit from Bitcoin SV’s tailspin, analysts still expect it to possibly see further downside in the near-term.
The Cryptomist, a popular cryptocurrency analyst on Twitter, shared her thoughts on where BCH is heading next, noting that a bear division on its RSI may signal that further downside is imminent, despite its recent strength.
“$BCH This has been one of my biggest winners in the last couple months! I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a little retracement,” she said.

$BCH
This has been one of my biggest winners in the last couple months! I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a little retracement. Ignore the diagonal line on chart, experimental for now pic.twitter.com/FMQd982xpL
— The Cryptomist (@TheCryptomist) April 16, 2019

Bitcoin SV May Continue to Plunge as More Exchanges Delist it  
BSV’s recent drop is directly linked to Binance choosing to delist it from their platform – a decision that led other exchanges to follow suit.
Shortly after Binance made the announcement, Erik Voorhees, the CEO of cryptocurrency exchange ShapeShift, tweeted that his exchange would also be delisting BSV from their platform.
“We stand with @binance and CZ’s sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs,” he concisely noted.

We stand with @binance and CZ's sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs.
— Erik Voorhees (@ErikVoorhees) April 15, 2019

Blockchain.com also announced that they would be delisting BSV by May 15th.
“In the next thirty days, we will end even close out support for #BSV transactions. To use #BSV, go somewhere else!” Peter Smith, the CEO and co-founder of Blockchain.com, explained in a tweet.

In the next thirty days, we will end even close out support for #BSV transactions. To use #BSV, go somewhere else! https://t.co/PCsbtn3MHG https://t.co/oSN19wIWre
— Peter Smith (@OneMorePeter) April 15, 2019

The latest cryptocurrency exchange to announce that they would be delisting BSV is Kraken, which recently tweeted that “the people have spoken” adding that they would be delisting Bitcoin SV, marking another significant blow to the embattled cryptocurrency.

The people have spoken. Kraken is delisting BitcoinSV: https://t.co/8lSUfEYUYr#delistBSV
— Kraken Exchange (@krakenfx) April 16, 2019

As more exchanges jump on the band wagon and delist Bitcoin SV, it is highly likely that Bitcoin Cash will continue to reap the rewards and may see significantly further gains in the near future.
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Is the Bitcoin Rally Now in Jeopardy? Why Traders Are Aiming $4,600

The large upwards momentum that Bitcoin incurred over the past couple of weeks appears to have petered out as BTC has failed to advance past $5,400 since surging from lows of roughly $4,000 last month.
Despite the dwindling momentum, the rally that brought the enduring “Crypto Winter” to an end may not be over yet, as analysts believe that Bitcoin may be able to surge well into the $6,000 region in the near future as long as it is able to advance higher within the $5,000 region.
Bitcoin (BTC) Advances Past $5,200 
At the time of writing Bitcoin is trading up 2.4% at its current price of $5,220, up from its 24-hour lows of $5,030.
Early yesterday, Bitcoin incurred relatively large selling pressure that pushed its price from nearly $5,200 to nearly $5,000, which appeared to put Bitcoin’s position within the $5,000 region in jeopardy as the cryptocurrency’s bears garnered growing strength.
Despite this, BTC has held firmly above $5,000 – which has since turned into a level of support – and now appears to be forming a fresh trading range between $5,000 and $5,400.
The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s current strength from a technical perspective, noting that she is closely watching the RSI for greater insight into where BTC is going next.
“$BTC The .236 on the fib was rejection as mentioned yesterday! The next step is for the candle to follow this break. Once this does, I am sure the RSI support that needs to break will. We then can explore if the bottom can be found,” she explained in a recent tweet.

$BTC
The .236 on the fib was rejection as mentioned yesterday! The next step is for the candle to follow this break.Once this does, I am sure the RSI support that needs to break will. We then can explore if the bottom can be found pic.twitter.com/fHG3bSFb6x
— The Cryptomist (@TheCryptomist) April 16, 2019

Analysts Waiting for BTC to Pullback Towards $4,600 Before Entering New Positions
Because the recent slowdown of the crypto market’s upwards surge has left many investors and analysts keen on discovering where the markets are heading next, many analysts are advocating for investors to slow down and wait for a further pullback before entering fresh long positions.
Luke Martin, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he sees the $4,600 to $4,800 region as an “attractive” level to enter fresh positions, but also noted that Bitcoin may be able to surge past $6,000 if it can move into the mid-$5,000 region in the near-future.
“After an exciting start to April for $BTC, price has stalled right around 5k. If price can close above 5600 I would expect 6k to be reached quickly. I believe the pullback area of 4600-4800 is a more attractive buy than the current level. Move slow. Wait for your play,” he explained.

After an exciting start to April for $BTC, price has stalled right around 5k.
– If price can close above 5600 I would expect 6k to be reached quickly– I believe the pullback area of 4600-4800 is a more attractive buy than the current level
Move slow. Wait for your play. pic.twitter.com/GaymZU2FRf
— Luke Martin (@VentureCoinist) April 16, 2019

As the week continues on and as Bitcoin further establishes fresh trading ranges, investors will discover whether or not the recent upwards surge is simply a temporary occurrence, or if it is a lasting movement that will help lead Bitcoin to surge significantly higher in the near-future.
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Analysts Expect Bitcoin to Climb Higher as BTC Forms Upwards Parabola Pattern

After picking up some steam this past Sunday, Bitcoin was able to approach the $5,200 level before dropping slightly. Although the previous drop – which sent BTC reeling back towards the lower-$5,000 region last week – seemed to mark the end of the surge, it now appears that the markets have further room to climb before they face any significant resistance levels.
Analysts now expect Bitcoin to continue surging higher in the coming days and weeks, as it has formed an upwards parabola pattern that will likely aid in its upwards ascent for the foreseeable future.
Bitcoin (BTC) Continues to Find Support in Low-$5,000 Region
At the time of writing, Bitcoin is trading down roughly 1.5% at its current price of $5,050. BTC is up from its seven-day lows of just below $5,000 but is still down from its weekly highs of $5,400.
Because $5,400 has proven to be a strong level of resistance for the cryptocurrency, it is likely that BTC will require a significant influx of buying volume to propel it above this level.
Thomas Lee, the head of Fundstrat Global Advisors and a notable Bitcoin bull, recently spoke to MarketWatch about what may lead Bitcoin to surge higher in the near future and explained that risk appetite for cryptocurrencies is growing as more traditional equities investors look for assets with higher potential returns.
“Risk appetite is positive for bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for [volatility], that’s building a base case for bitcoin,” he explained, further adding that he expects BTC to break above $10k at some point this year.
BTC Forms Parabolic Pattern That May Allow it to Continue Surging
Because 2019 has proven to be a somewhat positive year for the cryptocurrency markets thus far, and the general consensus amongst analysts and investors alike is that the persisting bear market has finally concluded, it would not be surprising if the markets incurred significant gains as the year drags on.
Lisa N. Edwards, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s price action in a recent tweet, explaining that BTC has formed a parabolic formation that does not leave much room for further downside. If this pattern holds over the coming months, the crypto could easily surge towards the $7,000 level.
“$BTC small bounce in the right direction, lots of people still calling extreme lows at the moment – I would like to bring your attention to the PURPLE PARABOLA…. not much room for correction… it’s possible BUT unlike IMO,” she explained.

$BTC small bounce in the right direction, lots of people still calling extreme lows at the moment – I would like to bring your attention to the PURPLE PARABOLA…. not much room for correction… it's possible BUT unlike IMO #thankmelater pic.twitter.com/k214822jqJ
— Lisa N Edwards (@LisaNEdwards) April 15, 2019

As the week continues on and Bitcoin begins establishing fresh levels of support and resistance, investors and analysts alike will most likely gain some better levels of understanding as to whether or not BTC is truly able to continue climbing higher in the near-term.
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PayPal Board Member: Bitcoin (BTC) Value May Surge By 250x if it Succeeds

Although in many ways Bitcoin (BTC) and other cryptocurrencies could pose significant competition to PayPal, one member of the company’s board of directors recently laid out a case for where he sees the cryptocurrency heading next, notably saying that he believes there is a good chance Bitcoin succeeds and garners widespread adoption within the next decade.
Wences Casares, the CEO Xapo – one of the largest cryptocurrency custodian solutions – and a PayPal board member, laid out this overwhelmingly bullish case for Bitcoin in a recent blog post, noting that its value could surge by as much as 250x in the future.
Casares: Bitcoin (BTC) Has At Least a 50% Chance of Succeeding
Casares, who has been outspoken about his support for Bitcoin and the crypto markets in the past, shared his thoughts on where he sees the nascent technology heading next in a recent post on the Kana and Katana blog, laying out a strong case for why most portfolios should allocate up to 1% of their holdings to Bitcoin.
In this post, he points to growing adoption, a constant influx of new investors, and a significant surge in transaction volume since its inception as just a few reasons why the digital asset has at least a 50% chance of succeeding.
“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding. In my (subjective) opinion those chances of succeeding are at least 50%,” he explained.
Despite this, Casares also explained that despite the strong fundamentals surrounding Bitcoin, he does believe that the chances of it failing are at least 20%.
“Bitcoin is a fascinating experiment but it is still just that: an experiment. As such it still has a chance of failing and becoming worthless. In my (subjective) opinion the chances of Bitcoin failing are at least 20%,” he said.
If Bitcoin Succeeds, Its Value May Surge to As High as $1 Million
Although he remains clear in his assessment that Bitcoin is still in an experimental phase, and as such there remains significant risk in investing in it, Casares also notes that if the cryptocurrency does succeed and reaches its full potential, its value may surge, bringing the price of each BTC to over $1 million within the next decade.
“In my (subjective) opinion those chances of succeeding are at least 50%. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years,” he noted.
Considering this analysis and the massive potential Bitcoin has of garnering widespread adoption and surging in value, embattled investors may take some solace in the strong possibility that BTC will one day surpass its all-time-highs.
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Bitcoin (BTC) Advances to Above 5,100 as Overall Crypto Market Trading Volume Plummets

Bitcoin (BTC) and the crypto markets have continued to express increasing stability and have not yet made any large price movements despite it being a weekend trading session with lower-than-average trading volume.
It is important to note that Bitcoin and the aggregated markets have seen continuously declining trading volume over the past seven days, which may signal that the markets are gearing up for a large price swing in the near future.
Bitcoin (BTC) Slowly Advances Past $5,100 as Volume Declines
At the time of writing, Bitcoin is trading up marginally at its current price of $5,115, up from its 24-hour lows of $5,050. It is important to note that BTC is currently trading at its daily highs, but declining trading volume may jeopardize the strength of any further upwards movements.
Bitcoin’s trading volume is currently at under $10 billion, down from its weekly highs of nearly $20 billion. This declining volume may lead to greater levels of volatility in the near future as BTC appears to be forming a consolidation pattern around its current price levels.
The overall crypto markets have also witnessed declining trading volume over the past week – dropping to its current levels of just over $30 billion from its seven-day highs of over $60 billion.
Analyst: BTC Likely to Continue Leading Crypto Markets in Near Term
Josh Rager, a popular cryptocurrency analyst on Twitter, contrasted Bitcoin’s chart and the overall crypto market cap chart in a recent tweet, explaining that he looks towards BTC’s chart over the total market cap chart when assessing possible trades, as it currently dominates the majority of the markets.
“Therefore, when it comes to market forecast, I look at the Bitcoin chart first before serious investments & trades (it makes up 50%+ of the MCAP atm.) Then research Ethereum, followed by altcoin charts/volume (ETH chart is relative at times as it can lead Alts but not always,)” Rager explained.

Therefore, when it comes to market forecast, I look at the Bitcoin chart first before serious investments & trades (it makes up 50%+ of the MCAP atm)
Then research Ethereum, followed by altcoin charts/volume (ETH chart is relative at times as it can lead Alts but not always)
— Josh Rager (@Josh_Rager) April 14, 2019

Moreover, Rager later explained that the spike in volume in the total crypto market cap last week does not appear to be bullish, but it does seem to show a renewed interest in the markets from individual investors and traders.
“Currently, don’t see the extreme bullishness in Total MCAP setting record volume considering the record number of shit coins in the market along w/ BTC at 54% dominance. But it does show a renewed interest from investors/traders,” he explained.

Currently, don't see the extreme bullishness in Total MCAP setting record volume considering the record number of shit coins in the market along w/ BTC at 54% dominance
But it does show a renewed interest from investors/traders
Some will disagree & this is solely my opinion
— Josh Rager (@Josh_Rager) April 14, 2019

As a fresh trading week kicks into gear, traders and investors will likely gain greater insight into which direction the markets are heading next as the market’s trading volume will likely pick back up.
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Binance Research Report Claims That Less Than 7% of Crypto is Owned by Institutions

There has long been a belief amongst cryptocurrency investors that the entrance of institutional capital into the nascent crypto markets would be the event that triggers the next bull market, as institutions have access to investment capital that far exceeds that of a cumulative group of individual investors.
A recent report from Binance Research – the market analysis arm of the world’s most popular cryptocurrency exchange, Binance – explained that an estimated 7% of all cryptocurrencies are already owned by institutional investors, signaling that the crypto markets have a long way to go before they are flush with institutional capital.
Crypto Markets Still Dominated by Retail Investors
One important piece of information found within the comprehensive report is regarding just how involved institutional investors already are in the crypto markets.
The report explains that the large amount of retail investors currently dominating the markets may be one factor that is leading to high levels of correlation between various digital assets, as institutions may account for as little as 7% of the entire markets when taking into account both Bitcoin and various altcoins.
“From data collected by cryptofundresearch.com, around 700 crypto funds operate…today, representing a total of just under $10 billion in assets… With a conservative assumption that they all hold solely Bitcoin, this would account for an upper bound of only 14% of the total market value of Bitcoin; If Altcoins are included in the assumption of their holdings… the ‘institutional proportion’ overall could be less than 7% for the cryptoasset market,” the report notes.
Comparing this involvement to that of the traditional equities market, Binance Research elucidates that the institutional participation rate “represents only one-thirteenth of that for the U.S. stock market.”
When considering the fact that institutions currently account for a minute portion of the overall markets, it is clear that there is still a significant amount of capital sitting on the sidelines just waiting to be invested.
Cryptocurrency Markets May Have Already Found a Bottom
Aside from a plethora of data regarding the massive potential the crypto markets still have to garner greater institutional investment rates, the Binance Research report also demonstrates that there is a strong likelihood that the cryptocurrency markets have already established a long-term bottom.
The report notes that the most recent period of high correlation between Bitcoin and the aggregated altcoin markets lasted 90 days until March 14th, marking the longest period of “peak correlation” in crypto-history.
As for what this means for the markets, Binance Research states that market sentiment likely found a local maximum during this period, which means that a “trend reversal may…ensue.”
“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the cryptomarket has already bottomed out,” they explained.
The recent statistics and data shared by Binance Research ought to be overwhelmingly positive for embattled crypto investors, as it demonstrates that the markets are still in the early stages of wide-spread adoption, and that they have already established a bottom that will ultimately lead to a trend reversal.
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Analyst: Ethereum (ETH) Likely to Surge to 200 Despite Recent Downwards Pressure

Although the crypto markets have lost the upwards momentum that they incurred over the past few weeks that sent Ethereum (ETH) and other cryptocurrencies skyrocketing, the markets have been able to find some buying pressure at their current levels that has prevented them from dipping lower.
Analysts now believe that Ethereum may be mustering up more buying pressure that will allow it to surge towards $200 in the near-future.
Ethereum (ETH) Finds Stability Above $160
At the time of writing, Ethereum is trading down marginally at its current price of $164.70, up slightly from its daily lows of $161.
Over a one-week period, ETH has surrendered all of the gains it incurred, as it is currently trading just slightly above its weekly lows that were set last weekend. Despite this, the cryptocurrency is up significantly over a one-month period, as it is currently trading up from monthly lows of just over $130.
Hsaka, a popular cryptocurrency analyst on Twitter, shared his thoughts on Ethereum’s current price action, explaining that its strong reaction to an incredibly brief drip below $160 is bullish, but further adding that ETH still faces resistance at approximately $169.
“$ETH target hit. Strong reaction to the 158 level (previous resistance + low of rangebound zone.) 169 and 174 are intraday resistances I’m watching. Covered half of my 184 short, letting the rest run in case we sweep 155 and then continue up,” he explained in a recent Tweet.

$ETH target hit
• Strong reaction to the 158 level (previous resistance + low of rangebound zone) • 169 and 174 are intraday resistances I'm watching.
Covered half of my 184 short, letting the rest run in case we sweep 155 and then continue up. pic.twitter.com/Gn1inmgTLX
— Hsaka (@HsakaTrades) April 12, 2019

It is highly likely that Ethereum’s price action in the near-term remains dependent on which direction Bitcoin heads next, as it has been dictating the direction of the general crypto markets over the past several weeks.
Analyst: ETH Likely to Retest $200 After Brief Pullback
Although Ethereum is presently attempting to find stability and greater support at its current price levels, the recent pullback may have been just what it needs to surge higher and retest $200 in the near-future.
The Crypto Monk, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that Ethereum’s current pullback appears to be over, and that it may surge to $200 next.
“$151 is the maximum I could see for this pullback. Next leg up, $ETH will retest $200,” he explained, further adding that the “pullback seems over.”

$ETH pullback seems over. pic.twitter.com/Yh09NTTFgv
— The Crypto Monk Hodlonaut (@TheCryptoMonk) April 12, 2019

It is important to note that the recent price surge only brought ETH as high as $183, which means that the low-$180 region will likely continue to be a strong level of resistance that will require a significant amount of buying pressure to be broken above.
As the crypto markets head into the weekend trading session, it is highly probably that traders will gain a greater understanding of whether or not ETH will be able to maintain its upwards momentum regardless of how Bitcoin trades.
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Bitcoin Fear Index Signals that BTC is Likely to Surge Higher in Coming Days

The age-old trader’s adage of selling when people are greedy and buying when people are fearful has proven to be empirically accurate, and the same credo applies to Bitcoin (BTC) and the general crypto markets, as upwards price surges typically come about when market participants grow increasingly weary of the market conditions.
Now, Bitcoin’s fear index is signaling that traders are more afraid of an imminent pullback at BTC’s current price levels than during the asset’s previous pullback that sent it down to $3,900 after it sharply rose to $4,200 in late-February.
Bitcoin Stable Above $5,000 as BTC Forms Fresh Support Levels 
At the time of writing Bitcoin is trading up nearly 1% at its current price of $5,090, just a hair below its daily highs of roughly $5,100.
Earlier this week, the upwards momentum that Bitcoin and the entire crypto markets had incurred was put into jeopardy after BTC quickly surged to highs of just over $5,400, where it incurred a significant amount of selling pressure that sent it reeling down to lows of nearly $4,900.
This drop instantly shifted the sentiment of the market participants from being highly bullish to overwhelmingly bearish, but some notable traders had predicted the drop and acted accordingly.
Red, a popular cryptocurrency trader on Twitter, spoke about how he traded the recent price action, noting that he shorted the top and subsequently added to his BTC position after it reached the $4,900 region.
“Comments as if I hadn’t planned for this since you were euphoric when I shorted the top. Excellent reaction exactly where I wanted it. Price visited my level, and I bought. Simple enough. Now comes flexibility; I will flip bear if need be,” he explained.

Comments as if I hadn't planned for this since you were euphoric when I shorted the top. Excellent reaction exactly where I wanted it. Price visited my level, and I bought. Simple enough.
Now comes flexibility; I will flip bear if need be. $btc pic.twitter.com/gcth5UYDEO
— red (@redxbt) April 12, 2019

BTC Fear Index Signals Further Price Surge Could be Imminent 
Bitcoin’s fear index, which is an indicator of the general sentiment surrounding Bitcoin, currently signals that traders are fearful that it will drop lower, which likely means that further gains are imminent.
Mr. Anderson, a popular cryptocurrency analyst on Twitter, spoke about this index and what it could mean, noting that traders are currently more fearful about a pullback than they were while BTC was resting in the low-$4,000 region, which means that the cryptocurrency will likely climb higher before dropping lower.
“$BTC FEAR (BEAR CONTAGION DISEASE) There is more FEAR currently at the pullback to $4900 than there was at the previous pullback to $3900. Disbelief is a Bull’s friend. The sentiment is saying she’ll go higher before she goes lower,” he said in a recent tweet.

$BTC FEAR (BEAR CONTAGION DISEASE)
There is more FEAR currently at the pullback to $4900 than there was at the previous pullback to $3900
Disbelief is a Bull's friend. The sentiment is saying she'll go higher before she goes lower pic.twitter.com/JglQoXIpCX
— Mr. Anderson (@TrueCrypto28) April 12, 2019

Because the markets have found stability at their current price levels, and because traders are expressing increasing fearfulness regarding a pullback, it is likely that BTC will surge higher in the coming days.
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Crypto Markets Shed Nearly 20 Billion as Bitcoin and Major Altcoins Plunge

The crypto markets have followed Bitcoin’s lead and spiraled downwards over the past day, with many major altcoins facing significant levels of selling pressure that have sent most of them down 5% or more.
Today’s drop has led the crypto markets to shed nearly $20 billion from its weekly highs, sending the overall crypto market cap from seven-day highs of $187 billion to its current levels of $170 billion.
Bitcoin Leads Crypto Markets to Drop 
The recent drop in the markets was first brought about yesterday after Bitcoin quickly surged to highs of $5,400, at which point the cryptocurrency faced a significant amount of selling pressure that sent it reeling down to its current price levels of roughly $5,050.
Bitcoin’s descent – which sparked today’s market drop – has altered the technical strength of the aggregated crypto markets, which were incurring growing bullish momentum over the past several days and weeks.
Now, analysts believe that Bitcoin could drop as low as $4,200 in the near-future, which would undoubtedly lead major alts to surrender an even larger portion of their recent gains.
The Cryptomist, a popular cryptocurrency trader on Twitter, spoke about the possibility of a further retrace in a recent tweet, explaining that she believes BTC could fall to as low as $4,200 before it finds a significant amount of support.
“$BTC There is the start of the drop I have been saying. RSI channel MUST break. Evaluating the RSI again, I do believe we could go low as $4390 (.5 fib) $4.2 (.618 fib) level. I’d be surprised if we go lower (will re-evaluate when levels reached.) 48 & 39 RSI I’m watching,” she explained.

$BTC
There is the start of the drop I have been saying
RSI channel MUST break. Evaluating the RSI again, I do believe we could go low as $4390 (.5 fib) $4.2 (.618 fib) levelI'd be surprised if we go lower (will re-evaluate when levels reached)
48 & 39 RSI Im watching pic.twitter.com/YJNCIcNmt9
— The Cryptomist (@TheCryptomist) April 11, 2019

It is important to note that today’s sell-off has been perpetuated by an increase in trading volume, which has climbed to over $63 billion from its weekly lows of $48 billion.
Most Major Altcoins Drop Nearly 10% 
Bitcoin’s drop has led most major cryptocurrencies to spiral downwards today, with many dropping nearly 10%.
At the time of writing, Ethereum is trading down just under 9% at its current price of $165, down from its daily highs of $183. Although today’s drop is negative, it is important to remember that ETH is still up significantly from its monthly lows of $130.
XRP has also dropped today and is trading down nearly 8% at its current price of $0.33. This drop has led XRP back towards its monthly lows of approximately $0.30.
Litecoin has been one of the worst performing altcoins today, as it has dropped over 11% to its current price of $78.90. Today’s plunge has led Litecoin to set a fresh weekly low around its current price levels.
The general crypto markets will be closely tracking Bitcoin’s price action over the next few days, and whether or not BTC is able to hold above $5,000 will likely signal whether the bulls are able to maintain the market’s recent upwards momentum.
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Analyst: Despite Today’s Drop, Bitcoin (BTC) Not Likely to Retrace To 4,000

Following Bitcoin’s overwhelmingly positive price action over the past couple of weeks, the cryptocurrency has finally hit a strong level of resistance that sent it spiraling downwards. Now, BTC is beginning to establish fresh levels of support and resistance, which may lead to the formation of a fresh trading range.
Although today’s drop has allowed Bitcoin’s bears to take control of the cryptocurrency, analysts are now explaining that BTC does have multiple levels of strong support formed throughout the $4,000 region, which means that a drop back to the lower-$4,000 level is highly unlikely.
Bitcoin (BTC) Fails to Break Above $5,350 
At the time of writing, Bitcoin is trading down over 4% at its current price of $5,060 and is currently trading near its daily lows.
Today’s drop was brought about yesterday after Bitcoin swiftly surged from roughly $5,300 to $5,350, where it faced significant levels of selling pressure that sparked the sell-off that sent the cryptocurrency down to its current price levels.
Importantly, BTC’s downwards descent was halted when it reached the $5,000 region, signaling that a significant amount of support exists at this price level.
Mati Greenspan, the senior market analyst at eToro, spoke about the market drop in a recent email, designating yesterday’s upwards surge as a “fake breakout” that sparked today’s drop.
“We’ve been tracking a new resistance level on Bitcoin at $5,350 (dotted white line). Last night, it managed to break this level, but not in a good way. As you can see, the move higher was quickly followed by a move lower, making this a false breakout,” he explained.
Analyst: BTC Has Significant Support Throughout $4,000 Region
Although many traders and investors were quick to shift their bias back to being bearish after today’s drop, one prominent cryptocurrency analyst recently explained that Bitcoin has multiple levels of support that exist throughout the $4,000 region.
Alex Krüger, an economist who primarily focuses his attention on cryptocurrencies, discussed where BTC’s next levels of support exist in a recent tweet, noting that a drop below $5,000 will likely lead the crypto down towards $4,780.
“Coinbase high was $5489. Don’t expect a pullback to $4000. Too deep. Support: 5000, 4780-4680, 4550 (200DMA), 4400, 4200. Resistance: 5350, 5500, 5750 (weak), 6000, 6400,” he explained.

Coinbase high was $5489. Don't expect a pullback to $4000. Too deep.
– Support: 5000, 4780-4680, 4550 (200DMA), 4400, 4200– Resistance: 5350, 5500, 5750 (weak), 6000, 6400 https://t.co/IbAe07wTEZ
— Alex Krüger (@krugermacro) April 11, 2019

Moreover, Krüger also explained that his ideal target exists at the $4,750 area, and that he does not see Bitcoin making a move below $4,400.
“This is a pullback. Setup is complete. I’m looking for 4750 area, that’d be ideal. Surprised to see price move beyond 4400. Though I rather trade price action and blood than levels,” he said while responding to a tweet asking about how deep the pullback will likely be.

This is a pullback. Setup is complete. I'm looking for 4750 area, that'd be ideal. Surprised to see price move beyond 4400. Though I rather trade price action and blood than levels.
— Alex Krüger (@krugermacro) April 11, 2019

As the crypto markets near the upcoming weekend trading session, crypto traders and analysts alike will likely gain a greater understanding of were BTC’s strongest levels of support exist.
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Bitcoin Could be Forming a “Golden Cross” Pattern, Is the Next BTC Bull Run Imminent?

Bitcoin has been able to continue inching higher after dropping below $5,200 earlier today, and is now approaching $5,300, which appears to be a slight level of resistance for the cryptocurrency. BTC’s upwards ascent has continued to allow many major altcoins to surge, with many cryptos trading up over 2% today.
Although Bitcoin’s price is only tepidly advancing today, its large surge over the past few days has brought it closer to forming its first-ever 20-200-day simple moving average (SMA) crossover since October of 2015 – a formation that is typically proceeded by a massive price surge.
Bitcoin (BTC) Stable Above $5,200 
At the time of writing, Bitcoin is trading up over 1% at its current price of $5,280. Earlier today, BTC briefly dipped below $5,200, where it found some levels of buying support that pushed its price back towards $5,300.
It is important to note that over the past week, Bitcoin has been rejected at $5,300 on multiple occasions, signaling that this price is a level of resistance that may require a significant surge in buying pressure to be broken above.
The recent crypto market surge appears to have drastically shifted the overall market sentiment, as many investors who were previously looking to sell their crypto late last year are now looking to buy back in.
“We have seen a lot of interest in people buying and holding of late. In Q4 [2018] a lot of people were dumping assets and liquidating their holdings, that has definitely shifted this year,” Lennon Sweeting, the director and head trader at Coinsquare Capital Markets, explained while speaking to MarketWatch.
Famous Technical Formation May Signal that Bull Run is Imminent
Bitcoin’s recent price surge has brought its 20-day and 200-day SMA close to crossing each other, which is a slightly faster version of the highly bullish technical formation commonly referred to as a “golden cross.”
Jonny Moe, a popular cryptocurrency trader on Twitter, spoke about this crossover in a recent tweet, explaining that he does believe that there is a strong possibility that the bottom is in for the markets.
“$BTC about to have its first bullish 20-200 SMA cross since Oct 2015. Note that it took 2 of these crosses before the uptrend began. I’m not usually one to try and call out absolutes like “THE BOTTOM IS IN!!!”, but it’s certainly shaping up like that could be a real possibility,” he explained.

$BTC about to have its first bullish 20-200 SMA cross since Oct 2015. Note that it took 2 of these crosses before the uptrend began.
I'm not usually one to try and call out absolutes like "THE BOTTOM IS IN!!!", but it's certainly shaping up like that could be a real possibility. pic.twitter.com/AG1L2CUmhq
— Jonny Moe (@JonnyMoeTrades) April 10, 2019

Moe further explained the significance of this recent technical formation in a later tweet, noting that the standard “golden cross” occurs when the 50-day SMA crosses the 200-day SMA, and that Bitcoin’s recent SMA cross is simply a “slightly faster version of the famous ‘golden cross.’”
“This is a slightly faster version of the famous ‘golden cross,’ which is typically a 50-200 cross. This is what that looks like. Still a ways away, but getting closer. This also took 2 bullish crosses before the full uptrend in 2015,” he noted.

This is a slightly faster version of the famous "golden cross," which is typically a 50-200 cross. This is what that looks like. Still a ways away, but getting closer.
This also took 2 bullish crosses before the full uptrend in 2015. $BTC pic.twitter.com/PrnzEF3ddj
— Jonny Moe (@JonnyMoeTrades) April 10, 2019

If this formation – which has previously been highly bullish – still holds its clout as an indicator of an imminent bull run, then embattled crypto investors may soon be able to recover much of the losses that they have incurred over the past year.
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Technical Indicator Signals That Crypto Markets are Highly Overbought

The crypto markets appear to have found some stability at their current prices, as many altcoins have been able to continue climbing higher while Bitcoin further solidifies its footing at just under $5,300. The market’s recent price action has been widely viewed as being bullish by analysts and traders alike – many of whom believe that the markets have found a bottom and that the persisting “Crypto Winter” has come to an end.
Despite the bullish buzz surrounding the markets, a technical indicator that has empirically been accurate is now flashing a signal that cryptocurrencies are highly overbought, which could mean that a significant retrace is imminent.
Crypto Markets Continue to Inch Upwards Following Recent Surge
At the time of writing, the overall cryptocurrency market capitalization is $182.8 billion, which is up from its daily lows of $179.4 billion.
Over the past few weeks, the markets have surged in value, climbing from one-month lows of $130 billion to highs of $186 billion. This surge was brought about when Bitcoin began an upwards ascent from the upper-$3,000 region to the lower-$5,000 region.
Many cryptocurrencies have been able to incur massive gains during the market’s recent climb, with Bitcoin Cash surging from monthly lows of under $130 to highs of nearly $340. Litecoin has also posted some large gains that harken back to the days of the parabolic bull run, jumping from roughly $55 to highs of just under $100, before settling to its current price of just below $90.
These price gains have brought about a significant amount of trading volume, with the crypto market’s 24-hour volume skyrocketing from approximately $30 billion in early-March to a high of nearly $90 billion in early-April.
Technical Indicator Spells Trouble for the Markets
Although the recent gains have sparked confidence amongst many traders and analysts alike, the GTI Global Strength Indicator is currently signaling that the markets are highly overbought. It is also important to note that the last time this indicator signaled that the markets were this overbought was in early-January of 2018 when the markets had reached the peak of their parabolic ascent.
Bloomberg, who first reported about the GTI Global Strength Indicator running into highly oversold territory, notes that the indicator is tracking the Bloomberg Galaxy Crypto Index, which is mainly composed of Bitcoin, Ethereum, and XRP – the three largest cryptocurrencies.
Bloomberg Intelligence analyst, Mike McGlone, spoke about this technical indicator, explaining that the declining volume the markets have faced over the past week or so may be part of the reason that the current crypto rally could be fleeting.
“A highly speculative market rallying on declining volume is not healthy. Typically you need good, strong volume and transactions to indicate an enduring trend. Bulls appear to be grasping at straws or what best fits their more emotional less rational views, positions. The emotional enthusiasm the past week appears too extreme,” he explained.
As the week drags on the strength and endurance of the current rally will likely grow more apparent to cryptocurrency investors and analysts.
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Bitcoin Finds Stability Above 5,200 as Analysts Claim BTC is Likely to Continue Surging

Bitcoin (BTC) has been able to continue maintaining stability in the lower-$5,000 region after experiencing some large and overwhelmingly positive volatility over the past couple of weeks. This price action has allowed most major cryptocurrencies to see major price gains that harken back to the massive gains seen in late-2017, with many cryptos surging 50% or more.
Although this type of positive price action has typically been preceded by large retracements, one analyst believes that Bitcoin has further room to climb, which means that most cryptos may be able to continue recovering.
Bitcoin (BTC) Stable Above $5,200 
At the time of writing, Bitcoin is trading up marginally at its current price of $5,230 and is only down slightly from its daily highs of $5,300.
While looking back towards Bitcoin’s November drop that sent it from over $6,000 to the low-$3,000 region, BTC is still well below this price level, which may prove to be the point at which BTC faces strong resistance that requires significant buying pressure to push it above.
DonAlt, a popular cryptocurrency trader on Twitter, spoke about Bitcoin’s current price action in a recent tweet, explaining that he does not believe BTC will retrace in the near-future and that it still has further room to climb.
“$BTC consolidated for 150 days at 6000 before breaking down. Once it did it went down more than 50% in a month. $BTC consolidated for 130 days at 4000 before breaking up. We’re currently up 25%. I don’t really see the rush to short. Even if we get rejected it’ll take a while,” he explained.

$BTC consolidated for 150 days at 6000 before breaking down.Once it did it went down more than 50% in a month.$BTC consolidated for 130 days at 4000 before breaking up.We're currently up 25%.
I don't really see the rush to short.Even if we get rejected it'll take a while. pic.twitter.com/esXIvTyv1n
— DonAlt (@CryptoDonAlt) April 8, 2019

DonAlt further added in a separate tweet that he expects BTC to form a fresh trading range between roughly $4,560 and $5,690, which will likely persist until the end of April.
“And no I’m not putting out hopium. New swing positions at this price level, in general, are incredibly risky. Be it long or short. I personally think BTC will form new range to fill in the void from the 6000 breakdown. I’d be surprised to see any major moves till end of April,” he said.

And no I'm not putting out hopium.New swing positions at this price level, in general, are incredibly risky.Be it long or short.
I personally think BTC will form new range to fill in the void from the 6000 breakdown.I'd be surprised to see any major moves till end of April. pic.twitter.com/qk5tigyuGu
— DonAlt (@CryptoDonAlt) April 8, 2019

Fresh Load of China FUD Doesn’t Impact the Markets
Earlier today, news broke that the Chinese government is continuing to put pressure on the cryptocurrency industry and is now looking at restricting or eliminating cryptocurrency mining.
Although this does appear to be negative on a surface level, it is important to note that this is simply one of many actions China has taken against the crypto markets in recent times – many of which have had nearly no impact on the markets.
Mati Greenspan, the senior market analyst at eToro, even believes that this revelation could be bullish for the crypto markets, as it will eliminate that cheap electricity that Chinese mining groups use to mine Bitcoin, which would be net positive for Bitcoin’s price.
“If this ban does end up happening its more likely to push BTC prices up than down. The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price. It would also serve to kill the FUD that Bitcoin mining is centralized.”

If this ban does end up happening its more likely to push BTC prices up than down.
The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price.
It would also serve to kill the FUD that Bitcoin mining is centralized.https://t.co/OhVh8fUaXv
— Mati Greenspan (@MatiGreenspan) April 9, 2019

As the week continues on, traders and analysts alike will likely garner more insight into where the upper and lower bounds of Bitcoin’s next trading range will exist.
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