The last few days leave a mixed feeling on the cryptocurrency market. Bitcoin chart is doing sideways, down slightly by 1.5% over a week, hovering around €49,000 ($58,000) on April 7. At the same time, altcoins have been the best performers, with Ethereum gaining 13% on the week, and XRP with a sudden 75% increase in the space of a few days. Our detailed technical analysis shows once again that the major uptrend is not in question, but that the current movement is starting to show signs of exhaustion, especially on Bitcoin. You will find the key price levels on which to take partial profits if you have significant exposure to Bitcoin or Ethereum.
The news flow remains positive. Bitcoin-related financial products offer continues to grow for institutional investors, such as the latest offerings from Morgan Stanley Bank. Recent statistics also show that Bitcoin miners have stopped selling Bitcoins earned as a reward for their activity, whereas they were still doing so in January. A behavior that indicates a fairly strong confidence of these players on the future of the market
On the macro-economic front, equity markets continue to break records, as do the S&P500 and CAC40 indices. The operators seem to be playing for an exit from the crisis and an economic recovery, despite the recent announcements by the US Treasury Secretary, Janet Yellen, who announced a forthcoming increase in corporate taxes. In addition, the recent rise in bond interest rates now seems to be “integrated” by the market and is not, for the time being, causing further declines in equities. Finally, the development of the digital Yuan, which is making great strides in China, should also be kept under review, as the subject of cryptocurrencies may become eminently geopolitical in the future, which will not be without consequences for the price of various stocks.
- According to CoinGecko, the market capitalization increases and reaches the symbolic threshold of $2000 billion.
- Bitcoin’s dominance drops significantly, to 54% market share from 58% last week.
- The best performance of the top 50 is attributed to BitTorrent (BTT) with +94% over one week.
We invite you to discover our video analysis (in French and dated from April 6):
Bitcoin (BTC)
The Coinhouse recommendation :
Taking profits on resistance
- The price of Bitcoin is stagnating at around €49,400 ($58,000) on April 7, down 1.5% on the week. The time spent below $60,000 does not call into question the underlying trend, but the upward movement that began in October 2020 is starting to show some signs of exhaustion. It remains likely that Bitcoin’s price will soon offer another bullish phase to reach the area between €58,800 and €62,700 ($69,000 and $73,500). Taking partial profits in this area will be highly recommended to protect against a possible more severe correction. If the downside is triggered now, the price will have to stay above the €42,300 ($50,200) pivot. Otherwise, the signal for a longer correction will be given.
Ethereum (ETH)
The Coinhouse recommendation :
Taking profits on resistance
- Ethereum (ETH) had a better week than Bitcoin and gained 12% to trade at €1,730 ($2,050). The break of the major resistance of €1,600 ($1,900) was a good buy signal. Now the odds are good that the price will head to the €1,930-€2,100 ($2,300-$2,500) area. We advise taking partial profits if the price reaches this area in order to protect yourself, as with Bitcoin, from a more pronounced correction in the coming weeks.
Uniswap (UNI)
The Coinhouse recommendation :
Wait
- Uniswap (UNI), which is one of the major projects in decentralized finance, is up 5% for the week and is trading around €25 ($29.60). The asset has been consolidating since March after a strong rise at the beginning of the year. The underlying trend remains bullish but a major resistance between $34.50 and $37 is blocking the price. As long as the price remains above the 50-day moving average and above the uptrend oblique drawn on the chart, it is possible to look for purchases to play a continuation of the trend. On the other hand, a clear break of these dynamic indicators would imply caution and patience before intervening again on the Uniswap price. In case of a deeper correction, it is not impossible that the price returns to the area between $16 and $18.50. This would then be an area to watch for renewed medium to long-term buying.
Tops & flops of the week (top 50 marketcap)
Tops
1- BitTorrent (BTT) : +94%
2- Tron(TRX) : +73%
3- Ripple (XRP) : +72%
Flops
1- Hedera Hashgraph (HBAR) : -20%
2- Kusama (KSM) : -20%
3- Terra (LUNA) : -14%
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