Price Analysis April 6: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO
Price Analysis April 6: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO
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Many major cryptocurrencies are breaking out of their critical overhead resistance levels and it seems the uptrend is likely to continue for the next few days.
During a crisis, the first thing panic-stricken investors do is to sell almost every asset class they perceive is likely to go down. However, after the panic settles down, the bottom fishers step in and start buying the assets that show value. We have seen both of these phases play out for cryptocurrencies.
The sharp selloff on March 12 was a good example of panic and the sharp correction was quickly followed by a phase of cherry-picking by long-term investors. Since bottoming out on March 13, most major cryptocurrencies have rebounded and continue to press higher.
After the selling ends, the markets begin to react to positive news. Currently, several asset classes like the equity markets, gold, and cryptocurrencies are moving up in unison as the market participants believe that the worst of the coronavirus pandemic in Europe and the US is likely behind us.
Daily cryptocurrency market performance. Source: Coin360
Equities markets could be going up because of the huge stimulus measures that have been announced by central banks across the world. For the same reason, gold is also going up because money printing will eventually reduce the purchasing power of fiat currencies and could also lead to a financial crisis in the future.
Some believe that the central banks have no bullets left to fight the next crisis and this will result in a move away from fiat. Also, the additional liquidity will have to go somewhere. With crypto prices still way below their highs, they could possibly offer an attractive investment opportunity.
As normalcy returns, the crypto markets will start focusing on its fundamentals. News and events like the development of central bank digital currencies (CBDCs), the upcoming Bitcoin halving and other crypto-related events will start influencing crypto price action again.
BTC/USD
Bitcoin (BTC) has again broken out of the overhead resistance at $7,000. If the bulls can sustain the price above this level, a rally to $8,000 and above it to $9,000 is possible.
BTC–USD daily chart. Source: Tradingview
However, the bears might not throw in the towel without a fight. They are likely to defend the 50-day SMA at $7,517. If the BTC/USD pair turns down from this level but finds support above $7,000, it will signal a higher floor.
Our bullish view will be invalidated if the pair turns down from the current levels or the 50-day SMA and breaks below $6,553.21. The traders can trail the stops higher to $6,500 after the pair scales above the 50-day SMA. Until then, the stops on the long positions can be maintained at $5,600.
ETH/USD
Ether (ETH) has broken out of the overhead resistance at $155.612. If the price can close (UTC time) above this level, it will trigger our buy suggested in an earlier analysis. The first target is a move to the 50-day SMA at $182.
ETH–USD daily chart. Source: Tradingview
If the momentum can push the ETH/USD pair above the 50-day SMA, a rally to $208.50 and above it to $250 is likely.
Our bullish view will be invalidated if the pair turns down from the current levels or the 50-day SMA and plunges below the critical support at $117.090.
XRP/USD
XRP has broken above the overhead resistance at $0.18867. If the bulls can sustain the altcoin above this level, it will signal strength. There is a minor resistance at the 50-day SMA ($0.20) and above this level a rally to $0.25 is possible.
XRP–USD daily chart. Source: Tradingview
Our bullish view will be negated if the buyers fail to sustain the XRP/USD pair above $0.18867. In such a case, the bears will try to sink the pair back below $0.17468. If successful, a drop to $0.15708 is possible.
For now, the stops on the long positions can be trailed higher to $0.155. We will suggest trailing the stops higher again after the price sustains above the 50-day SMA.
BCH/USD
After trading between the 20-day EMA and $250 for the past few days, the bulls are currently attempting to propel Bitcoin Cash (BCH) above $250. If successful, we anticipate a breakout that can carry the altcoin to $350.
BCH–USD daily chart. Source: Tradingview
The bears are likely to offer resistance at the 50-day SMA at $272 but we expect this level to be crossed. Hence, traders can initiate long positions as proposed by in an earlier analysis.
Contrary to our assumption, if the BCH/USD pair reverses direction from the 50-day SMA and breaks below $222.43 it will signal weakness.
BSV/USD
Bitcoin SV (BSV) has been stuck between $185.87 and the 20-day EMA for the past few days. This consolidation in a tight range is a positive sign as it increases the possibility of a breakout above the overhead resistance.
BSV–USD daily chart. Source: Tradingview
On a break above $185.87, the bulls might again hit a hurdle at the 50-day SMA, which is close to $200. However, if the altcoin can clear this resistance, the BSV/USD pair is likely to rally to $233.314 and possibly $260.86.
Our bullish view will be invalidated if the pair fails to sustain above $185.87 or turns down from the 50-day SMA and plunges below $146.96. Therefore, the stops on the long positions can be maintained at $146.
LTC/USD
The bulls are attempting to sustain Litecoin (LTC) above the overhead resistance at $43.67. If successful, the altcoin is likely to start a new uptrend that can carry it to the 50-day SMA at $50 then $63.
LTC–USD daily chart. Source: Tradingview
Though there is a minor resistance at $52.2767, we expect the level to be crossed. Therefore, traders can initiate long positions as recommended by in an earlier analysis.
If the bulls fail to sustain the price above $43.67, the LTC/USD pair might extend its stay inside the range. A break below $35.8582 will turn the tide in favor of the bears.
EOS/USD
EOS closed (UTC time) above the 20-day EMA on April 4, which triggered our buy suggested in an earlier analysis. Nonetheless, the traders who could not initiate long positions on that day can even do so on any dips towards $2.50.
EOS–USD daily chart. Source: Tradingview
The first target is the zone between the 50-day SMA at $2.9423 and $3.1802. The bears are likely to offer stiff resistance in this zone, which might result in a consolidation or minor correction. Nonetheless, we expect the up move to continue and reach the next target of $3.86.
Our bullish view will be invalidated if the buyers fail to sustain the EOS/USD pair above $2.4001. In such a case, the pair can re-enter the $2.0632-$2.4001 zone. A break below $2.0632 will signal weakness. Therefore, the stops can be kept at $2.
BNB/USD
Binance Coin (BNB) has broken out of the overhead resistance at $13.65 and is currently attempting to scale above the downtrend line. If successful, it will signal a change in trend. Therefore, we retain the buy suggested in the previous analysis.
BNB–USD daily chart. Source: Tradingview
The 50-day SMA at $15.90 might act as a resistance but we expect it to be crossed. Above this level, a move to $17.50 and above it to $21.80 is likely.
Our bullish view will be invalidated if the BNB/USD pair turns down from the current levels and plummets below the support at $11.2552.
XTZ/USD
Tezos (XTZ) had been trading close to the 20-day EMA for the past four days. Though the bulls could not sustain the price above the 20-day EMA, they did not give up much ground, which indicates strength.
XTZ–USD daily chart. Source: Tradingview
The bulls have again pushed the price above the 20-day EMA at $1.74, which is likely to result in a rally to the horizontal overhead resistance of $1.955. The bears will again attempt to defend this level aggressively.
However, if the bulls can propel the XTZ/USD pair above $1.955 and the downtrend line, a new uptrend is likely. The flat 20-day EMA and the RSI just above the midpoint suggest that the sellers are losing their grip.
Traders can initiate long positions as suggested in an earlier analysis. The bullish view will be invalidated if the pair turns down from the current levels or $1.955 and plummets below $1.4453.
LEO/USD
The bulls are struggling to keep Unus Sed Leo (LEO) above the overhead resistance of $1.04. This shows a lack of buyers at higher levels. The only positive is that the bulls have aggressively defended the 20-day EMA for the past few days.
LEO–USD daily chart. Source: Tradingview
If the bulls can push the price above $1.057, the LEO/USD pair is likely to commence its journey towards its target objective of $1.27488 and above it $1.36. The up sloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand.
Our bullish view will be invalidated if the pair turns down from the current levels or $1.057 and plummets below $1.0061. Therefore, the traders can trail the stops on the long positions to $1.
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.
Government
Looking Back At COVID’s Authoritarian Regimes
After having moved from Canada to the United States, partly to be wealthier and partly to be freer (those two are connected, by the way), I was shocked,…
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After having moved from Canada to the United States, partly to be wealthier and partly to be freer (those two are connected, by the way), I was shocked, in March 2020, when President Trump and most US governors imposed heavy restrictions on people’s freedom. The purpose, said Trump and his COVID-19 advisers, was to “flatten the curve”: shut down people’s mobility for two weeks so that hospitals could catch up with the expected demand from COVID patients. In her book Silent Invasion, Dr. Deborah Birx, the coordinator of the White House Coronavirus Task Force, admitted that she was scrambling during those two weeks to come up with a reason to extend the lockdowns for much longer. As she put it, “I didn’t have the numbers in front of me yet to make the case for extending it longer, but I had two weeks to get them.” In short, she chose the goal and then tried to find the data to justify the goal. This, by the way, was from someone who, along with her task force colleague Dr. Anthony Fauci, kept talking about the importance of the scientific method. By the end of April 2020, the term “flatten the curve” had all but disappeared from public discussion.
Now that we are four years past that awful time, it makes sense to look back and see whether those heavy restrictions on the lives of people of all ages made sense. I’ll save you the suspense. They didn’t. The damage to the economy was huge. Remember that “the economy” is not a term used to describe a big machine; it’s a shorthand for the trillions of interactions among hundreds of millions of people. The lockdowns and the subsequent federal spending ballooned the budget deficit and consequent federal debt. The effect on children’s learning, not just in school but outside of school, was huge. These effects will be with us for a long time. It’s not as if there wasn’t another way to go. The people who came up with the idea of lockdowns did so on the basis of abstract models that had not been tested. They ignored a model of human behavior, which I’ll call Hayekian, that is tested every day.
These are the opening two paragraphs of my latest Defining Ideas article, “Looking Back at COVID’s Authoritarian Regimes,” Defining Ideas, March 14, 2024.
Another excerpt:
That wasn’t the only uncertainty. My daughter Karen lived in San Francisco and made her living teaching Pilates. San Francisco mayor London Breed shut down all the gyms, and so there went my daughter’s business. (The good news was that she quickly got online and shifted many of her clients to virtual Pilates. But that’s another story.) We tried to see her every six weeks or so, whether that meant our driving up to San Fran or her driving down to Monterey. But were we allowed to drive to see her? In that first month and a half, we simply didn’t know.
Read the whole thing, which is longer than usual.
(0 COMMENTS) budget deficit coronavirus covid-19 white house fauci trump canadaUncategorized
The hostility Black women face in higher education carries dire consequences
9 Black women who were working on or recently earned their PhDs told a researcher they felt isolated and shut out.
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Isolated. Abused. Overworked.
These are the themes that emerged when I invited nine Black women to chronicle their professional experiences and relationships with colleagues as they earned their Ph.D.s at a public university in the Midwest. I featured their writings in the dissertation I wrote to get my Ph.D. in curriculum and instruction.
The women spoke of being silenced.
“It’s not just the beating me down that is hard,” one participant told me about constantly having her intelligence questioned. “It is the fact that it feels like I’m villainized and made out to be the problem for trying to advocate for myself.”
The women told me they did not feel like they belonged. They spoke of routinely being isolated by peers and potential mentors.
One participant told me she felt that peer community, faculty mentorship and cultural affinity spaces were lacking.
Because of the isolation, participants often felt that they were missing out on various opportunities, such as funding and opportunities to get their work published.
Participants also discussed the ways they felt they were duped into taking on more than their fair share of work.
“I realized I had been tricked into handling a two- to four-person job entirely by myself,” one participant said of her paid graduate position. “This happened just about a month before the pandemic occurred so it very quickly got swept under the rug.”
Why it matters
The hostility that Black women face in higher education can be hazardous to their health. The women in my study told me they were struggling with depression, had thought about suicide and felt physically ill when they had to go to campus.
Other studies have found similar outcomes. For instance, a 2020 study of 220 U.S. Black college women ages 18-48 found that even though being seen as a strong Black woman came with its benefits – such as being thought of as resilient, hardworking, independent and nurturing – it also came at a cost to their mental and physical health.
These kinds of experiences can take a toll on women’s bodies and can result in poor maternal health, cancer, shorter life expectancy and other symptoms that impair their ability to be well.
I believe my research takes on greater urgency in light of the recent death of Antoinette “Bonnie” Candia-Bailey, who was vice president of student affairs at Lincoln University. Before she died by suicide, she reportedly wrote that she felt she was suffering abuse and that the university wasn’t taking her mental health concerns seriously.
What other research is being done
Several anthologies examine the negative experiences that Black women experience in academia. They include education scholars Venus Evans-Winters and Bettina Love’s edited volume, “Black Feminism in Education,” which examines how Black women navigate what it means to be a scholar in a “white supremacist patriarchal society.” Gender and sexuality studies scholar Stephanie Evans analyzes the barriers that Black women faced in accessing higher education from 1850 to 1954. In “Black Women, Ivory Tower,” African American studies professor Jasmine Harris recounts her own traumatic experiences in the world of higher education.
What’s next
In addition to publishing the findings of my research study, I plan to continue exploring the depths of Black women’s experiences in academia, expanding my research to include undergraduate students, as well as faculty and staff.
I believe this research will strengthen this field of study and enable people who work in higher education to develop and implement more comprehensive solutions.
The Research Brief is a short take on interesting academic work.
Ebony Aya received funding from the Black Collective Foundation in 2022 to support the work of the Aya Collective.
depression pandemicUncategorized
US Economic Growth Still Expected To Slow In Q1 GDP Report
A new round of nowcasts continue to estimate that US economic activity will downshift in next month’s release of first-quarter GDP data. Today’s revised…
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A new round of nowcasts continue to estimate that US economic activity will downshift in next month’s release of first-quarter GDP data. Today’s revised estimate is based on the median for a set of nowcasts compiled by CapitalSpectator.com.
Output for the January-through-March period is currently projected to soften to a 2.1% increase (seasonally adjusted annual rate). The estimate reflects a substantially softer rise vs. Q4’s strong 3.2% advance, which in turn marks a downshift from Q3’s red-hot 4.9% increase, according to government data.
Today’s revised Q1 estimate was essentially unchanged from the previous Q1 nowcast (published on Mar. 7). At this late date in the current quarter, the odds are relatively high that the current median estimate is a reasonable guesstimate for the actual GDP data that the Bureau of Economic Analysis will publish in late-April.
GDP rising at roughly a 2% pace marks another slowdown from recent quarters, but if the current nowcast is correct it suggests that recession risk remains low. The question is whether the slowdown persists into Q2 and beyond. Given the expected deceleration in growth on tap for Q1, the economy may be flirting with a tipping point for recession later in the year. It’s premature to make such a forecast with high confidence, but it’s a scenario that’s increasingly plausible, albeit speculatively so for now.
Yesterday’s release of retail sales numbers for February aligns with the possibility that even softer growth is coming. Although spending rebounded last month after January’s steep decline, the bounce was lowr than expected.
“The modest rebound in retail sales in February suggests that consumer spending growth slowed in early 2024,” says Michael Pearce, Oxford Economics deputy chief US economist.
Reviewing retail spending on a year-over-year basis provides a clearer view of the softer-growth profile. The pace edged up to 1.5% last month vs. the year-earlier level, but that’s close to the slowest increase in the post-pandemic recovery.
Despite emerging signs of slowing growth, relief for the economy in the form of interest-rate cuts may be further out in time than recently expected, due to the latest round of sticky inflation news this week.
“When the Fed is contemplating a series of rate cuts and is confronted by suddenly slower economic growth and suddenly brisker inflation, they will respond to the new news on the inflation side every time,” says Chris Low, chief economist at FHN Financial. “After all, this is not the first time in the past couple of years consumers have paused spending for a couple of months to catch their breath.”
How is recession risk evolving? Monitor the outlook with a subscription to:
The US Business Cycle Risk Report
recession pandemic economic growth fed recession gdp recovery consumer spending
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