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Price Analysis 4/22: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

Price Analysis 4/22: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

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The bounce in most major cryptocurrencies shows demand at lower levels and also increases the possibility of an up move in the next few days.

The recent carnage in US crude oil futures and the selling in Brent affected the equity markets but did not cause any noticeable fall in the crypto markets. This is a positive sign as it suggests that the crypto markets are gradually decoupling from other assets that are perceived as risky. 

A recent Bloomberg report outlined several reasons to support their view that Bitcoin is ready for a bull run in 2020. According to Bloomberg, “the unprecedented monetary stimulus” in the wake of the COVID-19 crisis will benefit both gold and Bitcoin. It has said that Bitcoin will become digital gold in 2020. This suggests that mainstream media is also gradually recognizing the potential of Bitcoin, a point crypto enthusiasts have been proclaiming for a long time.

Daily cryptocurrency market performance. Source: Coin360

Being a new asset class, the transition from fiat to crypto will take time and this slow pace of change sometimes rattles investors. Veteran trader Peter Brandt recently asked whether Bitcoin was “actually living up to its high expectations?” He pointed out the low corporate interaction as the reason that made him voice his concern about Bitcoin adoption.  

While the world goes into a money printing spree, Bitcoin’s upcoming halving in the midst of the largest crisis in decades is a reminder of how it is different from fiat. Global events and political aspirations cannot tamper with it. Advantages such as these could gradually attract people towards crypto and the rate of adoption could increase due to the current crisis.

BTC/USD

Bitcoin (BTC) has been trading inside the $6,471.71-$7,454.17 range for the past few days, without a clear sense of direction. The 20-day exponential moving average ($6,931) is flat and the relative strength index has been hovering around the 50 mark, which suggests a balance between the bulls and the bears.

BTC–USD daily chart. Source: Tradingview

A symmetrical triangle, which usually acts as a continuation pattern, is forming inside the range. If the bulls can push the BTC/USD pair above the triangle, it will be the first indication that the bulls have overpowered the bears and an up move is likely.

On a break above $7,454.17, a quick move to $8,000 is possible. The bears might mount a defense of this level but it is likely to be scaled. Above this, the up move can reach $9,000 levels.

Conversely, if the bears sink the pair below the triangle, it will signal weakness. Below the triangle, a drop to $6,471.71 is likely but if this level also gives way, the pair is likely to drop to $5,600. Therefore, the stop loss on the long positions can be trailed higher to $6,200.

ETH/USD

Ether (ETH) is currently trading inside an ascending channel. On April 20, the bulls purchased the dip to the 20-day EMA ($162.60), which is a positive sign. This shows that the sentiment is to buy the dips.

ETH–USD daily chart. Source: Tradingview

The 20-day EMA ($165.23) is sloping up and the RSI is in the positive territory, which suggests that bulls have the upper hand. 

If the buyers can push the ETH/USD pair above $176.103, a move to the resistance line of the ascending channel is possible. This level might again act as a resistance but if the bulls can drive the price above the channel, a rally to $250 is likely.

The bearish scenario would come into play if the bears sink the pair below the ascending channel and the horizontal support at $148. If this level cracks, it could result in a deeper correction. Therefore, the long positions can be protected with a stop loss of $145.

XRP/USD

The bulls purchased the dip to the support of the $0.20570-$0.17372 range on April 20. While this is a positive sign, the failure of the bulls to carry XRP above the downtrend line could indicate a lack of demand at higher levels.

XRP–USD daily chart. Source: Tradingview

Currently, both moving averages are flat and the RSI is also close to the midpoint, which suggests a balance between the buyers and sellers.

The XRP/USD is likely to pick up momentum after the bulls propel the price above $0.20570. Above this level, a rally to $0.25 is possible. 

However, if the pair turns down from the current levels or from the downtrend line and breaks below $0.17372, it will indicate that bears have the upper hand. Therefore, the stop loss on the long positions can be kept at $0.165.

BCH/USD

Bitcoin Cash (BCH) has been trading below the moving averages since April 20, which is a negative sign. A bearish head and shoulders pattern is also developing that will complete on a break below $200. 

BCH–USD daily chart. Source: Tradingview

If the BCH/USD pair sustains below $200, the H&S pattern has a target objective of $119.53. Therefore, the long positions can be protected with a stop loss of $197.

This bearish view will be invalidated if the bulls can carry the price above the moving averages and the overhead resistance at $250. Such a move will indicate strength. The momentum could pick up above $280.47, opening the gates for a possible rally to $350.

BSV/USD

Bitcoin SV (BSV) is attempting to bounce off the support line of the symmetrical triangle. The next trending move could start after the price breaks out or breaks down from the triangle. Currently, the 20-day EMA ($187.95) is flat and the RSI is close to the midpoint, which suggests a balance between supply and demand. 

BSV–USD daily chart. Source: Tradingview

A breakout of the triangle will be the first indication that the bulls have gained the upper hand. The bears might again defend the overhead resistance at $227 but if this level is crossed, an up move to $268.842 is possible.

Conversely, if the bears succeed in breaking below the triangle and the horizontal support at $170, the BSV/USD pair could decline to $110. Hence, the long positions can be protected with a stop loss of $165.

LTC/USD

Litecoin (LTC) dipped below the 20-day EMA on April 20 but the bears could not sink the price to the horizontal support of $37.8582. The altcoin is attempting a bounce off $39.5823, which is a positive sign as it shows that the bulls have stepped in at a higher level instead of waiting to buy at the support.

LTC–USD daily chart. Source: Tradingview

If the LTC/USD pair breaks out of the $43.67-$47.6551 resistance zone, a rally to $52.2767 and then to $63 is possible.

On the other hand, if the pair turns down from the overhead resistance zone, it can drop to $35.8582. A break below this level could be a huge negative as it will indicate that the bears have overpowered the bulls. Therefore, the stop loss on the long positions can be kept at $35.

EOS/USD

EOS is range-bound between $2.3314 and $2.8319 for the past few days. The 20-day EMA ($2.54) is flat and the RSI is just above the midpoint, which suggests a balance between the buyers and sellers.

EOS–USD daily chart. Source: Tradingview

The advantage will tilt in favor of the bulls on a break above the overhead resistance at $2.8319. A breakout of the range gives the EOS/USD pair a target objective of $3.3324. If this level is also crossed, the next level to watch on the upside is $3.8811.

This view will be invalidated if the pair breaks down from the range at $2.3314. Such a move will give it a target objective of $1.8309. The stop loss on the long positions can be kept at $2.20.

BNB/USD

Though Binance Coin (BNB) broke below the bearish rising wedge pattern on April 20, the bulls held on to the 20-day EMA ($14.88). This is a positive sign as it shows that the bulls are buying the dips to the 20-day EMA. 

BNB–USD daily chart. Source: Tradingview

The gradually upsloping 20-day EMA and the RSI in the positive territory suggests that bulls have the upper hand. If the bulls can push the BNB/USD pair above the resistance line of the wedge, it will invalidate the bearish pattern. The next level to watch on the upside is $21.50.

However, if the current bounce fizzles out and the pair turns down and plummets below the 20-day EMA, it will signal weakness. A break below the horizontal support at $13.65 will indicate the likelihood of a deeper decline. Therefore, the protective stop loss on the long positions can be retained at $13.

XTZ/USD

Tezos (XTZ) dipped below the breakout level of $2.185 on April 20 but found support just above the 20-day EMA ($2). This is a positive sign as it indicates buying on dips to the 20-day EMA. 

XTZ–USD daily chart. Source: Tradingview

Currently, the bulls are attempting to push the XTZ/USD pair above the overhead resistance of $2.3756. If successful, a rally to $2.75 is likely. The upsloping 20-day EMA and the RSI in the positive territory suggest that bulls have the upper hand. 

This bullish view would be in danger if the pair turns down from the current levels and breaks below the 20-day EMA. A break below $1.8271 will shift the advantage in favor of the bears. Therefore, the stops on the long positions can be maintained at $1.75. If the price sustains above $2.40, the stops can be trailed higher to $2.

LINK/USD

The bulls repeatedly failed to clear the overhead resistance of $3.83 from April 18-20. This resulted in a drop to $3.3729, which was purchased by the bulls. Currently, the bulls are again attempting to propel Chainlink (LINK) above the overhead resistance at $3.83. 

LINK–USD daily chart. Source: Tradingview

If successful, the LINK/USD pair is likely to pick up momentum and resume its up move towards $4.9762. The bears might offer resistance at $4.2023 but the possibility of a break above this level is high.

The first sign of weakness would be a break below the trendline and the 20-day EMA ($3.22). If the bears sink the pair below $2.9450, a deeper decline is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to Investing.com

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…

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There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

 

The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.

 

There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.

 

“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”

 

In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.

 

There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.

 

Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.

 

Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”

 

As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.

 

###

 

About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int


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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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