According to the bank, such a shift away from gold as an alternative currency means a big advantage for bitcoin in the long run.
JPMorgan thinks bitcoin’s declining volatility could help its acceptance by institutional investors. If that happens, the value of private investment in bitcoin could mirror the value of gold, giving bitcoin a long-term growth target of $130,000, the bank added.
Daily indicators for the crypto-currency market. Source : coin360
In other news, billionaire investor Mark Cuban said his crypto-currency portfolio is 30% Ether (ETH) because he believes it is the closest thing to a real currency. Cuban said the rest of his crypto portfolio is 60% bitcoin and 10% other crypto investments.
CryptoQuant CEO Ki Young Zhu recently pointed out that 400,000 Ether have left Coinbase, a sign that institutional investors may have started hoarding the top altcoin.
The growing use of cryptocurrencies by established financial institutions and investors is a positive sign, but will this news flow act as a tailwind and drive up the price of the top 10 cryptocurrencies?
Let’s analyze the charts to find out.
Bitcoin was formed on the 31st. March and 1. April a doji candlestick pattern, indicating indecision between bulls and bears. One positive sign, however, is that the bulls haven’t given up yet. The bulls are once again trying to push the price above the $60,000 resistance.
Daily chartBTC/USDT. Source: TradingView
A strong breakout above the upper $60,000 resistance zone at $61,825.84 would indicate that the bulls are regaining control. This could be the start of the next phase of the uptrend, with a price target of $69.279 and then $79.566.
Traders may want to keep an eye on the Relative Strength Index, as a break above the downtrend line would signal a resumption of movement.
Contrary to this assumption, the BTC/USDT pair could fall to the 50-day simple moving average ($53.362) upon further breakout of the overarching resistance area. A breakout below this critical support could produce gains for short-term traders and push the price to $50,460.02 and then to $43,006.77.
The ether broke on the 31st. Mars exited the symmetrical triangle and continued its journey upward. Today, the bulls pushed the largest altcoin above an all-time high of $2,040.77.
Daily ChartETH/USDT. Source: TradingView
The 20-day exponential moving average ($1,798) has risen and the RSI is in overbought territory, indicating an advantage for the bulls.
If buyers can keep the price above $2,040.77, the ETH/USDT pair could begin the next phase of upward movement. The price target for breaking through the triangle is $2,618.14.
Contrary to this assumption, if the price reverses from the current level, a return to the EMA 20 is possible. A strong rebound signals strength and the bulls will try to resume the uptrend.
This upside view will be negated if the bears allow price to fall below the trend line. Such a move could bring the price down to $1,289.
After some hesitation, the 31st. March, Binance Coin (BNB) crossed the 1. April resistance at $315 continued today with a breakout above the all-time high of $348.69. If the bulls manage to make a breakout, the altcoin could reach $400 and then $430.
Daily chart NBB/USDT. Source: TradingView
The moving averages and the RSI, rising into overbought territory, show that the bulls are in control.
However, if the bulls fail to defend price above $348.69, the BNB/USDT pair could fall to $315. If the bulls manage to turn this level into a support, it will increase the probability of a resumption of the uptrend.
This bullish view will be invalidated if the pair turns downward and breaks below the moving averages. Such a move would indicate that the current breakout was a bull trap.
Cardano (ADA) has been in a tight trading range for a few days now, but the positive sign is that the bulls have not allowed price to fall below the 20-day EMA ($1.17). This indicates a lack of buying power, but not an urgent need for traders to liquidate their positions.
Daily chartADA/USDT. Source: TradingView
The bulls may now try to push the price above $1.30. If successful, the ADA/USDT pair could reach $1.48. This is an important resistance level, as the price of 27. February and 18. The month of March slipped away from him.
If this happens again, the couple may extend their stay in the jet by a few days. However, if the bulls push the price above $1.48 per ounce, the pair could resume its uptrend and rise to $2. This bullish view will reverse the break and close below $1.03.
Polka dot (DOT) is at 1. April has broken out of its downtrend line, but the bulls haven’t given up. This shows that traders were in no hurry to close their positions. Buyers pushed price above the downtrend line today.
DOT/USDT Daily Chart. Source: TradingView
The 20-day EMA ($35.06) has begun an upward turn and the RSI is in positive territory, indicating an advantage for the bulls. If buyers can keep the price above the downtrend line, the DOT/USDT pair could challenge the all-time high at $42.28.
A breakout and close above $42.28 could restart the uptrend, with the next possible move to $53.50. This bullish view is no longer valid when the price falls from the current level or from the historical high and falls below the moving averages. This could bring the price down to $26.50.
With the price hovering around $0.60 in recent days, the bulls are now trying to push XRP towards the upper resistance of $0.65. This level is likely to act as a hard resistance, as the price has already conceded to the downside five times.
Daily chart XRP/USDT. Source: TradingView
However, the rising 20-day EMA ($0.53) and an RSI above 65 suggest that the path of least resistance is up. If the bulls manage to push and hold the price above $0.65, the XRP/USDT pair could climb to $0.78 and then $1.
This bullish view is invalidated when the price falls and breaks below the moving averages. Such a development would mean that operators would sell on acquisitions. This could keep the pair in a range of $0.42 to $0.65 for a few more days.
Uniswap (UNI) has been stuck between its two moving averages for the last few days. Bears failed to break and hold price below the 50-day MA ($27.59) on March 31, and bulls failed to break price on March 1. April to remain above the 20-day EMA ($29.13).
daily chart UNI/USDT. Source: TradingView
The 20-day flat EMA and the RSI just above the midpoint indicate a balance between supply and demand.
This neutral view could tilt in favor of the bulls if they push and support price above $30.31 today. If this happens, the UNI/USDT pair could be heading towards the overall resistance of $35.20.
However, should the price reverse and break below $25.50, selling pressure on the pair could increase and push the price towards $18.
Litecoin (LTC) has recovered significantly from the March 31 intraday low and has broken through the 1. The ADM at 50 days of April ($197). The bulls will now try to push price above the resistance line of the symmetrical triangle.
Daily chartLTC/USDT. Source: TradingView
If they do, the LTC/USDT pair could reach $230 and then $246.96. The price target for breaking through the triangle is $307.42. However, the slight rise in the 20-day EMA ($193) and the RSI on the downtrend line suggest little upside momentum.
If price drops from the resistance line, the pair could extend its stay within the triangle for a few more days. A breakout below the triangle trend line will allow the bears to retake the leading position.
Chainlink (LINK) reversed course from $26.18 on March 31 and moved above its descending triangle line. This move negates the bearish setup and the bulls will now try to push price above the overarching resistance at $32.
Daily chartLINK/USDT. Source: TradingView
If successful, the LINK/USDT pair could begin its advance towards an all-time high at $36.93. The 20-day EMA ($28.45) has begun to turn upward and the RSI is above 59, indicating a slight upward bias.
However, if the bulls fail to push the price above the $32 level, the pair could fall back to the moving averages. When the price bounces off the moving averages, it means traders are buying on small declines. The bulls will then make another attempt to push the price above $32.
Contrary to this assumption, the pair could be stuck in the $24-32 zone for a few more days if price reverses against upper resistance and breaks below moving averages.
THETA is currently in an upward trend. The price action of the past few days has formed a symmetrical triangle, which normally acts as a continuation.
Daily chartTHETA/USDT. Source: TradingView
Both moving averages slope upwards and the RSI is at 63, suggesting that the path of least resistance is upwards.
If the bulls can push price above the triangle, THETA/USDT could reach an all-time high at $14.96 and then a model target at $17.85.
This bullish view becomes invalid when the price falls and the triangle breaks. Such a move would increase the likelihood of a breakout below critical support at $10.35, which would signal a deeper correction.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every stage of trading involves risk. You should do your own research before making a decision.
Market data is provided by the HitBTC exchange.
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