Insights > Technical analysis > New record for Bitcoin and important day for the cryptocurrency market

New record for Bitcoin and important day for the cryptocurrency market

14 April 2021

temps de lecture 3 minutes

avatar-auteur Julien Moretto


Bitcoin is up another 11% in a week and is trading around €53,000 ($64,000) on April 14. The overall market is continuing a solid uptrend with no short-term warning signs, while today marks an important milestone for the entire ecosystem: the largest U.S. cryptocurrency exchange platform will go public on the Nasdaq. At the same time, a major update, called ”Berlin”, is going to be made on Ethereum. This is a major step on the road to Ethereum 2.0. Against this very favorable context, we provide a comprehensive update in our detailed technical analysis, while high volatility is likely in the coming days. In particular, we highlight the price levels that need to be particularly monitored and that can cause significant price reactions.

The rise of the market is also supported by the interest of institutional investors, which has not waned. Ethereum specialist Consensys, for example, has announced a $65 million fundraising round, with JP Morgan, UBS and Mastercard among the investors. Bitcoin miners are also confident: the leading company in the sector in the United States has ordered equipment to almost double its mining capacity. This is good news for the entire ecosystem.

The macro-economic situation also seems to be calming down more. The major stock market indices continue to rise and are also setting records. More and more countries around the world are recovering from COVID-19. In a nutshell, as you can see, this week is painting a particularly optimistic picture. Does this mean that we have to take our eyes off the ball when it comes to managing our portfolio? Certainly not. Many events can occur at any time and change market psychology. In particular, regulatory issues, which can slow down the use of cryptoassets, come up regularly.

  • According to CoinGecko, the market capitalization is growing and now exceeds 2300 billion dollars.
  • Bitcoin’s dominance drops again, to 52% market share from 55% last week.
  • The best performance in the top 50 can be attributed to Dogecoin (DOGE) with +113% over one week.

We invite you to discover our video analysis (in French and dated April 13):

Bitcoin (BTC)

The Coinhouse recommendation :
Taking profits at $69,000

  • Bitcoin continues its impressive rise, gaining another 11% over the past week, to trade around €53,000 ($64,000) on April 14. The break of the previous high of mid-March, at $61,800, has given a new signal for continuation. In today’s very favorable environment, the odds are high that Bitcoin’s price will reach our profit-taking zone between €58,800 and €62,700 ($69,000 and $73,500). We do not change our feeling from last week, we advise taking partial profits in this area to protect against a possible correction that would last several weeks. If the downtrend starts without reaching our profit-taking zone, the passage of the price under the level of €50,100 ($60,000) will be an alert to reduce the positions.

Ethereum (ETH)

The Coinhouse recommendation :
Taking profits between $2,300 and $2,500

  • Ethereum (ETH) remains in the wake of Bitcoin and gains 10% to trade at €1,950 ($2,350). As announced last week, the price is now in our profit-taking zone between €1,930 and €2,100 ($2,300 and $2,500). We advise risk-averse investors to take partial profits in this area to protect themselves from a possible further correction. For those willing to take more risk, it is possible to wait and see if Bitcoin continues to pull the entire market higher by reaching the $70,000 area. In that case, Ethereum could approach $3,000, but we insist on remaining vigilant over the next few days in the face of a possible return of high volatility.

Ripple (XRP)

The Coinhouse recommendation :
Taking profits on the $2 level

  • XRP is up an impressive 60% to trade around €1.50 ($1.90). Most of the intermediate resistances that we had identified were quickly crossed. The price is now coming into an important area: the 50% to 62% Fibonacci retracements of the entire decline experienced by XRP since the 2018 crash. The area of $2 to $2.10 will therefore be watched. If the price stalls for a long time on these levels, a correction will be likely. On the other hand, if the price clearly breaks the $2.10 mark, there will be no real obstacles left for XRP to return to its historical highs around $3.

Tops & flops of the week (top 50 marketcap)


Tops

1- Dogecoin (DOGE) : +96%
2- Ripple (XRP) : +60%
3- VeChain (VET) : +43%


Flops

1- Holo (HOT) : -23%
2- BitTorrent (BTT) : -22%
3- Klaytn (KLAY) : -16%

All information in this article is provided for informational purposes only, although it has been compiled from reputable and reliable sources. It does not constitute an offer to buy or sell digital assets, nor does it constitute an offer to provide services in respect of digital assets, nor does it constitute advice, inducement or recommendation to deal in such digital assets. It constitutes simple information that is under the user’s absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale (https://bit.ly/2FGW2ek) and accept the various risks listed and defined on our legal warning page (https://bit.ly/3c4sQKc)

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