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Price Analysis April 8: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

Price Analysis April 8: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

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Bearish traders are aggressively defending the 50-day SMA on most major cryptocurrencies but once crossed, momentum is likely to pick up.

Central banks around the world have pumped up their economies with huge stimulus measures. JPMorgan Chase’s chairman and CEO, Jamie Dimon, praised the United States for taking swift action to counter the current economic crisis. Despite the kind words, in a letter to JPMorgan shareholders, Dimon warned that the future “will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008.”

Ballet CEO and founder Bobby Lee expects Bitcoin to reach $10,000 by its block reward halving next month. Lee expects the governments to continue to print huge sums of money to support the economy, which is in doldrums due to the coronavirus pandemic. Later, this abundant supply of money could result in inflationary pressures, which will drive investors toward Bitcoin. By the end of this year, Lee predicts Bitcoin to reach $25,000.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

Venture capital investor Tim Draper said that all the money that is being printed will reduce the value of fiat currencies. That could encourage investors to start using Bitcoin, which has a limited supply and cannot be manipulated by governments. Draper also believes that the current crisis will increase the interest in digital financial innovations like Bitcoin, smart contracts and artificial intelligence.

The total market capitalization of the crypto space has risen above $200 billion, which is a positive sign. Can the major cryptocurrencies extend their up move in the next few days? Let’s analyze the charts to find out.

BTC/USD

Bitcoin (BTC) is facing resistance at the 50-day simple moving average. This shows that the bears are not willing to give up without a fight. However, if the bulls can keep the price above the 20-day exponential moving average for the next few days, it will signal strength.

BTC–USD daily chart. Source: Tradingview

BTC–USD daily chart. Source: Tradingview

A strong rebound off the 20-day EMA ($6,782) will indicate aggressive buying on dips. This will increase the possibility of a break above the 50-day SMA ($7,413). The first target to watch on the upside is $8,000.

We anticipate the bears to again mount a stiff resistance at $8,000. However, if this level is also scaled, the rally can extend to $9,000.

Our bullish view will be negated if the BTC/USD pair turns down from the current levels and plummets below the 20-day EMA. Such a move will be the first sign that the relief rally has weakened.

For now, the long positions can be protected with a stop loss of $5,600. The stops can be raised to $6,500 after the bulls propel the pair above $7,500.

ETH/USD

Ether (ETH) surged on April 6, which triggered our trade recommendation given in an earlier analysis. After the sharp up move, the bulls are currently facing resistance at the 50-day SMA ($178).

ETH–USD daily chart. Source: Tradingview​​​​​​​

ETH–USD daily chart. Source: Tradingview

The ETH/USD pair might retest the breakout level of $155.612. A strong bounce off this level will increase the possibility of a breakout of the 50-day SMA. If successful, the target levels to watch on the upside are $208.50 and $250.

However, if the bears sink the pair below $155.612 and the 20-day EMA ($148), it will signal weakness. The traders can keep the stop loss on the long positions at $135.

XRP/USD

The bulls are finding it difficult to propel XRP above the 50-day SMA ($0.20). This shows that the bears are unwilling to throw in the towel without a fight. However, if the bulls can defend the support at the 20-day EMA ($0.18), it will signal demand at lower levels.

XRP–USD daily chart. Source: Tradingview​​​​​​​

XRP–USD daily chart. Source: Tradingview

If the XRP/USD pair breaks above $0.216, a rally to $0.25 is possible. The moving averages are on the verge of a bullish crossover, which is also a positive sign.

Contrary to our assumption, if the pair turns down from the current levels and dips below $0.16, it will signal weakness. Therefore, the long positions can be protected with a stop loss of $0.155.

BCH/USD

Bitcoin Cash (BCH) broke out of $250 on April 6, which triggered our buy proposed in an earlier analysis. Today, the bulls scaled the price above the 50-day SMA ($266) but are struggling to hold on to the intraday gains.

BCH–USD daily chart. Source: Tradingview​​​​​​​

BCH–USD daily chart. Source: Tradingview

This suggests that the bears are active at higher levels. If the BCH/USD pair dips back below the 20-day EMA ($236), a drop to $200 is possible. Below this level, the pair will turn negative. Therefore, the traders can keep the stop loss on the long positions at $197.

Conversely, if the pair surges above $281, a rally to $350 is likely. Therefore, the traders can trail the stop loss to $220 after BCH sustains above $281 for four hours.

BSV/USD

Bitcoin SV (BSV) has broken out of the 50-day SMA ($195), which is a positive sign. The next target is $233.314 and above it $268.842, which are 50% and 61.8% Fibonacci retracement levels of the recent decline.

BSV–USD daily chart. Source: Tradingview​​​​​​​

BSV–USD daily chart. Source: Tradingview

The moving averages are on the verge of a bullish crossover, which is another positive sign. If the BSV/USD pair climbs above $221, the stop loss on the long positions can be trailed higher to $165.

Our positive view will be invalidated if the buyers fail to hold on to the gains and the price turns around and drops below $166. A break below $146.96 will be a huge negative.

LTC/USD

Litecoin (LTC) broke out and closed (UTC time) above the overhead resistance at $43.67 on April 6, which triggered the trade suggested by us in an earlier analysis. The bulls are facing resistance close to the 50-day SMA ($49.19).

LTC–USD daily chart. Source: Tradingview​​​​​​​

LTC–USD daily chart. Source: Tradingview

If the bulls can sustain the LTC/USD pair above the breakout level of $43.67, it will increase the possibility of a rally to $63.

However, if the bears sink the pair below the 20-day EMA ($41.87), it will signal weakness. The trend will turn in favor of the bears on a break below the critical support at $35.8582. Therefore, the stops on the long positions can be kept at $35.

EOS/USD

EOS is facing resistance at the 50-day SMA ($2.87), which is sloping down. The bears will try to sink the price back below the recent breakout level of $2.4001. If successful, a drop to $2.0632 is possible.

EOS–USD daily chart. Source: Tradingview​​​​​​​

EOS–USD daily chart. Source: Tradingview

However, if the EOS/USD pair rebounds off $2.4001, it will signal buying on dips and will increase the possibility of a breakout of the 50-day SMA.

Above this resistance, a move to $3.1802, followed by a rally to $3.86 is likely. Therefore, the traders can keep the stop loss on the long positions at $2.

BNB/USD

Binance Coin (BNB) broke above the downtrend line on April 6, which triggered our buy recommendation given in an earlier analysis. Currently, the bulls are facing selling at the 50-day SMA ($15.56).

BNB–USD daily chart. Source: Tradingview​​​​​​​

BNB–USD daily chart. Source: Tradingview

We anticipate a minor correction or consolidation for a couple of days, after which the BNB/USD pair could start its journey toward its target objective of $21.50. The upsloping 20-day EMA and the RSI above 50 levels suggests that the bulls are at an advantage.

Contrary to our assumption, if the bears sink the pair below the breakout level of $13.65, it will signal weakness. For now, the stop loss on the long positions can be kept at $11.

XTZ/USD

Tezos (XTZ) broke above the overhead resistance of $1.9555 on April 7, which is a positive sign. Though the bulls could not sustain the price above the downtrend line, we like that the price has stayed above the breakout level of $1.9555.

XTZ–USD daily chart. Source: Tradingview​​​​​​​

XTZ–USD daily chart. Source: Tradingview

The 20-day EMA has started to turn up gradually and the RSI is in the positive zone, which suggests that bulls are making a comeback.

Above the downtrend line, the 50-day SMA ($2.22) might offer resistance but we expect it to be scaled. The target level to watch on the upside is $2.75 and then $3.33. Therefore, the traders can buy if the XTZ/USD pair closes (UTC time) above $2 and keep a stop loss of $1.40.

LEO/USD

The failure of the bulls to sustain Unus Sed Leo (LEO) above $1.04 attracted selling on April 7. The altcoin dipped to an intraday low of $0.991, which triggered our suggested stop loss on the long positions at $1.

LEO–USD daily chart. Source: Tradingview​​​​​​​

LEO–USD daily chart. Source: Tradingview

Though the LEO/USD pair rebounded off the 50-day SMA ($0.994), the bulls are struggling to push the price back above $1.04.

If the pair turns down from the current levels and breaks below the 50-day SMA, a drop to $0.955 is possible. Conversely, if the bulls can scale the overhead resistance at $1.057, a new uptrend is likely.

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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