Price Analysis April 3: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

On Apr 2 the U.S. Labor Section reported that the U.Southward. weekly jobless claims skyrocketed to vi.6 million. In the previous calendar week, the claims stood at 3.3 million, meaning over the by two weeks the number of laid off American workers seeking unemployment benefits has reached 10 million. If the numbers continue to abound, the government and Federal Reserve is probable to denote some other circular of stimulus measures.

All the money printing is likely to erode the value of the U.s. dollar. In such a example, the investors will search for assets that tin protect their ownership power and add together value to their portfolio. Author of 'Rich Dad, Poor Dad' Robert Kiyosaki said that people should "save gold — god's money or Bitcoin — people's money."

Daily cryptocurrency market performance. Source: Coin360

Similarly, Max Keiser recently predicted that the current coronavirus pandemic will initially drive people into golden. However, afterwards, as gold faces supply issues due to mass purchases, people "will start flocking en masse into Bitcoin."

Bitcoin bull Mike Novogratz has reiterated his bullish stance on Bitcoin, projecting a retest of the all-fourth dimension highs past the stop of this year. In a recent interview, he said: "This is the yr of Bitcoin and if it doesn't go up now by the end of the year, I might just hang my spurs."

With Bitcoin having made a bullish move in the past two days, can information technology extend its rally and pull other cryptocurrencies along with it? Permit's analyze the charts.

BTC/USD

The bulls bought the dip on April 1 and that helped Bitcoin (BTC) calibration the 20-day exponential moving average (EMA) at $6,526. That was followed by another rally on the next twenty-four hour period that carried the price above the horizontal resistance at $7,000.

Although the bulls failed to sustain the price in a higher place $7,000, the positive affair is that they did not allow the cost to dip below the twenty-day EMA. This shows that the bulls are buying the dips.

BTC–USD daily chart. Source: Tradingview

The 20-mean solar day EMA has flattened out and the relative strength index (RSI) is close to the midpoint, which suggests a balance between buyers and sellers.

If the bears sink the BTC/USD pair below the twenty-day EMA, a drib to $five,660.47 is possible. A break below this level will be a huge negative and can effect in a driblet to the support line of the symmetrical triangle. We give this a low probability of occurring.

Conversely, if the bulls can propel the cost above $seven,000, it will signal strength. Though the 50-twenty-four hours unproblematic moving boilerplate (SMA) at $seven,704 is probable to deed as a resistance, nosotros look it to be crossed.

After crossing this level, a rally to $nine,000 is likely. For now, the traders can retain the stop loss on the long positions at $5,600.

ETH/USD

Ether (ETH) bankrupt higher up the 20-day EMA on Apr two only failed to climb above the horizontal resistance at $155.612. Nonetheless, if the price sustains to a higher place the twenty-mean solar day EMA, we anticipate another attempt by the bulls to scale above $155.612.

ETH–USD daily chart. Source: Tradingview

If successful, a new uptrend is likely. The 50-day SMA at $189 might offer resistance only we expect it to be crossed. The target objective is a movement to $250. Hence, nosotros accept retained the purchase suggested in an before analysis.

Contrary to our supposition, if the ETH/USD pair turns down from $155.612, a few more days of range-bound action is probable. The pair will turn negative on a break below the support at $117.09.

XRP/USD

XRP sustained higher up the overhead resistance at $0.17468 on April 1 merely the bulls could not drive the price in a higher place $0.18867. This shows that the bears are unlikely to give up without a fight.

XRP–USD daily nautical chart. Source: Tradingview

The 20-mean solar day EMA has flattened out and the RSI is shut to the heart, which suggests that the sellers are losing their grip.

Above $0.18867, the XRP/USD pair tin can motion up to the 50-day SMA at $0.21, which might offer resistance. Subsequently this level is crossed, the next move can exist to $0.25.

Our bullish view will be invalidated if the price turns down from the current levels and plummets below $0.16190. For now, the bulls tin can continue the stop loss on the long positions at $0.143. The stops tin exist trailed higher to $0.16 after the pair sustains higher up $0.nineteen for four hours.

BCH/USD

Bitcoin Cash (BCH) broke higher up the 20-day EMA on April two, which is a positive sign. This signals that demand is picking up. If the bulls can push the price in a higher place $250, we expect a movement to $350.

The 20-day EMA has flattened out and the RSI is at the midpoint, which suggests that the selling pressure has reduced.

BCH–USD daily chart. Source: Tradingview

Though the 50-day SMA might offer resistance, it is probable to exist crossed. Therefore, nosotros retain the buy suggested in an earlier analysis.

Yet, if the BCH/USD pair turns downwards from the electric current levels or the 50-twenty-four hours SMA and plummets beneath $197.43, a drop to $166 is possible.

BSV/USD

Bitcoin SV (BSV) has broken to a higher place the xx-day EMA just the bulls are facing resistance at $185.87. If this level is scaled, the side by side resistance is likely to be the 50-twenty-four hours SMA at $208 but we expect the level to be crossed.

BSV–USD daily chart. Source: Tradingview

Above this level, the BSV/USD pair is likely to pick up momentum and the upwardly move can extend to $260.

Contrary to our assumption, if the price turns downwards from the current levels or the 50-day SMA and plummets beneath $146.96, a drop to $120 is possible. For now, the stops on the long positions tin can be retained at $146.

LTC/USD

Litecoin (LTC) broke above the 20-day EMA at $40.69 on April 2 but the bulls could not scale the price higher up the horizontal resistance at $43.67. Notwithstanding, if the cost sustains higher up the 20-day EMA, we anticipate the bulls to make another effort to push button the price higher up $43.67.

LTC–USD daily chart. Source: Tradingview

If successful, we anticipate the starting time of a new uptrend. The first target to watch on the upside is $52.55 and if that is crossed, a move to $63.8769 is likely. Therefore, we retain the buy recommendation given in the previous assay.

Our bullish view volition be invalidated if the LTC/USD pair fails to suspension above $43.67. In such a instance, information technology might extend its stay inside the $35.8582-$43.67 range. The pair will turn negative on a pause beneath $35.8582.

EOS/USD

EOS broke above the overhead resistance at $2.4001 on Apr 2 but the bulls could not sustain the breakout. The price dipped back beneath the breakout level. Currently, the bulls are making another attempt to push button the price above $2.4001.

EOS–USD daily nautical chart. Source: Tradingview

If successful, the EOS/USD pair is likely to selection up momentum and move upwardly to the 50-day SMA at $3.08 and above it to $3.86. Therefore, the traders can buy equally suggested by us in an earlier analysis.

Conversely, if the pair turns downward from $2.4001, it is probable to extend its stay inside the range. The pair will turn negative on a break below $2.0632.

BNB/USD

Binance Coin (BNB) has reached the critical overhead resistance at $13.65. In a higher place this level, the bears are probable to defend the downtrend line aggressively. If the price turns down from the downtrend line and re-enters the $10.8427-$13.65 range, it will exist a huge negative.

BNB–USD daily nautical chart. Source: Tradingview

The twenty-day EMA is flat and the RSI is close to the midpoint. This as well suggests that the selling pressure level has reduced.

A trend alter will be signaled if the bulls can propel the BNB/USD pair to a higher place the downtrend line. In a higher place the line, a move to $21.80 is possible. Therefore, nosotros suggest a long position on a close (UTC fourth dimension) to a higher place the downtrend line with a cease loss at $10.

XTZ/USD

Tezos (XTZ) is attempting to rising above the 20-twenty-four hours EMA at $1.74. If successful, a move to $1.955 is possible. We anticipate the bears to defend the zone betwixt $1.955 and the downtrend line aggressively.

XTZ–USD daily chart. Source: Tradingview

If the XTZ/USD pair turns down from $1.955, it is likely to extend its stay within the $1.4453-$i.955 range for a few more days.

Conversely, if the bulls tin can push the price above the overhead resistance at $1.955 and the downtrend line, a new uptrend is likely. Though the 50-mean solar day SMA might offer some resistance, we expect it to be crossed.

The target objective to watch out on the upside is $two.75 and to a higher place it $3.20. Therefore, we have retained the purchase recommendation given in the previous assay.

LEO/USD

The bulls have not been able to start a new up motion following the breakout above $i.04. This shows a lack of buyers at higher levels. On Apr 2, Unus Sed Leo (LEO) dipped back below $1.04 but found support at the 20-day EMA at $1.019. This is a minor positive equally information technology shows buying at lower levels.

LEO–USD daily chart. Source: Tradingview

Currently, the bulls are attempting to maintain the LEO/USD pair in a higher place $1.04. If successful, we conceptualize the pair to option upwardly momentum on a break higher up $1.06.

Our bullish view will exist invalidated if the price again drops below $1.04 and slides below the 20-twenty-four hours EMA at $ane.021. Therefore, we suggest traders retain the stop loss on their long positions at $0.097.

The views and opinions expressed hither are solely those of the writer and practice not necessarily reflect the views of Cointelegraph. Every investment and trading move involves take chances. Yous should conduct your ain research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-april-3-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-leo

Posted by: thomasglat1937.blogspot.com

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