In the footsteps of Morgan Stanley announced Goldman Sachs false enable its wealth management clients to trade in cryptocurrencies and other digital assets. In an interview with CNBC, Mary Rich, head of the global digital assets division for Goldman Sachs’ private equity division, said the launch could take place sometime in the second quarter of 2021.
The adoption of bitcoins by the world’s two largest investment banks is likely to force other banks to go cryptocurrently sooner than later. The arrival of fresh money from clients of these older institutions can further increase demand and raise prices higher.
In response to a question on bitcoins (BTC) future value, Kraken CEO Jesse Powell told Bloomberg that one bitcoin he currently buys Tesla Model 3 will buy Lamborghini by the end of the year and Bugatti by 2023.
Next bull Galaxy Digital CEO Mike Novogratz voted in an interview with CNBC that bitcoins “are on the inevitable way to achieve the same market capitalization and then a higher market capitalization as gold”.
However, not everyone is bullish on bitcoin. Boris Schlossberg, výkonný ředitel strategie FX at BK Asset Management, said CNBC He said the bitcoins are “very, very close to a possible medium-term peak.”
Let’s analyze the graphs of the top 10 cryptocurrencies to determine the trend and path of least resistance.
BTC / USDT
Bitcoin has remained above the descending channel since it broke out on March 29, a positive sign. However, the Bears have not given up yet, as they are aggressively defending the $ 60,000 level.
The price fell from $ 59,789 today, but an encouraging sign is that the bulls bought the drop and did not allow the BTC / USDT pair to re-enter the channel. The bulls will now make another attempt to rise above the all-time high to $ 61,825.84.
If they succeed, the pair could continue their uptrend and start the northern march toward the first goal at $ 69,279 and then $ 79,566. Ascending moving averages indicate that the bulls have the upper hand.
However, the Relative Strength Index (RSI) has shown a negative divergence over the last few days. If the indicator falls sharply off the downtrend line, this will indicate that it may be necessary to wait a few days for a new uptrend.
The bullish sight will be invalidated if the price falls and falls below moving averages. Conversely, if the RSI rises above the downtrend line, it will mean that momentum has increased, which will increase the prospects for rallies.
ETH / USDT
Ether (ETH) tapped the resistance line of a symmetrical triangle. Tight reinforcement near the resistor increases the possibility of breakage above it. A 20-day exponential moving average ($ 1743) appeared and the RSI is in the positive zone, indicating an advantage for the bulls.
If buyers can control the price above the triangle, the ETH / USDT pair could retest the all-time high. If the bulls removed this obstacle, the pair could then start a rally towards the $ 2,618.14 target.
However, bears are unlikely to give up easily. They will have a stiff resistance of $ 2,040.77. If the price of this overhead resistance falls but does not re-enter the triangle, it will indicate that the bulls are buying for declines. If this happens, the pair may have a good chance of breaking above $ 2,040.77.
On the other hand, if bulls fail to keep the price above the triangle, this will indicate that traders are comparing their positions at higher levels. As a result, the couple could stay within range of a few more days. The first sign of weakness will be when the price falls below the trend line.
BNB / USDT
The bulls are trying to power Binance Coin (BNB) over $ 315. Although the price has dropped today due to the resistance above the head, the long tail on the candlestick indicates that the bulls buy with each minor dive.
Both moving averages slope and the RSI is in positive territory, indicating that the path of least resistance is up. If the bulls can drive the price above $ 315, the BNB / USDT pair could rise to $ 348.69.
Escape and closing above the all-time high could begin the next stage of the uptrend, which could reach $ 430. This bullish view will be invalidated if the price falls from the current level and falls below the 20-day EMA ($ 265).
ADA / USDT
Cardano (HERE IS) has remained above the 20-day EMA ($ 1.16) for the past few days, but the bulls have not been able to push the price above $ 1.30. This indicates a lack of demand at higher levels.
The 20-day EMA has leveled off and the RSI is just above the middle, indicating a balance between supply and demand. The bears will now try to lower the price below moving averages.
If they do, the ADA / USDT pair could drop to support $ 1.03. An interruption under this support will suggest the start of a deeper correction to $ 0.80.
Conversely, if the price bounces off the 20-day EMA and the bulls move the price above $ 1.30, the pair could rise to $ 1.48.
DOT / USDT
After a little hesitation near the 20-day EMA ($ 34.35), Polkadot (DOT) broke today above the moving averages. This shows strong demand at higher levels. The bulls will now try to push the price above the downward trend.
If they succeed, the DOT / USDT pair could retest the all-time high at $ 42.28. If the momentum can conquer this resistance, the pair could start another stage of the uptrend, which can reach $ 53.50.
However, if the price falls off the line of a downward trend, it will indicate that bears are active at higher levels. As a result, the couple could stay within range of a few more days. Flat moving averages and RSIs above 58 indicate a smaller advantage for bulls.
XRP / USDT
XRP again refused to close the resistance of $ 0.60. On the plus side, the bulls bought a dip in the 20-day EMA ($ 0.51), as seen from the long tail on today’s candlestick.
Rising moving averages and RSI in positive territory indicate that the path of least resistance is pointing upwards. The bulls are now likely to make another attempt to move the price above $ 0.60.
If they succeed, a $ 0.65 rally is possible. This level may act as a stiff resistance, but if the bulls can throw the price above it, the XRP / USDT pair could gain momentum. This bullish sight will be invalidated if the price falls below moving averages.
UNI / USDT
Uniswap’s (AT HER) to bounce back from the 50-day simple moving average ($ 27.26) on March 26 failed to remove the 20-day EMA hurdle ($ 29.12). This shows that sentiment has changed from buying to declining to selling at rallies.
If the bears now fall below $ 25.50 in support, the UNI / USDT pair could enter a remedial phase that could lower the price to $ 20 and then to $ 18.
The marginally declining 20-day EMA and RSI just below the middle indicate a small advantage for bears.
This negative view will be invalidated if the price rises from the current level and rises above the 20-day EMA. Such a move could extend the couple’s stay within range for a few more days.
THETA / USDT
THETA declined from $ 13.95 on March 29, indicating that the bears are aggressively defending the resistance zone of $ 14 to $ 14.96. The Bears will now try to sink the altcoin at the 20-day EMA ($ 10.27).
In the uptrend, bulls usually buy drops to the 20-day EMA because it offers an attractive risk-benefit ratio. So if the THETA / USDT pair bounces strongly from this support, it suggests that sentiment will remain bullish and traders are buying for declines.
That could keep the pair between $ 10.35 and $ 14 for a few more days. Conversely, if the bears fall below the 20-day EMA, it will suggest a possible change in sentiment. The pair could then drop to 50% of the Fibonacci retracement level to $ 8.88.
LTC / USDT
Litecoins (LTC) The auxiliary rally seems to have hit the wall at the 50-day SMA ($ 196) because the bulls were unable to keep the price above it. The bears will now try to lower the price on the trend line of the triangle.
If the price bounces off the trend line, it will mean that the bulls continue to buy for declines. This could keep the pair of LTC / USDT pairs trading within the triangle for a few more days.
Flat moving averages and RSI near the center indicate the balance between supply and demand.
This neutral view is invalidated after the price breaks above or below the triangle. This could signal a possible start to a trend movement.
LINK / USDT
Chain (LINK) broke over the 20-day EMA ($ 27.79) on March 29 and 30, but could not climb the 50-day SMA ($ 29). Although the price dropped today, the bulls bought the dip, as seen from the long tail on the candlestick.
The bulls can now make another attempt to move the price above the 50-day SMA. If they succeed, the LINK / USDT pair could rise to $ 32. Interrupting this resistance suggests an advantage to the bulls.
Conversely, if the price drops again from a 50-day SMA, then a drop to $ 24 is likely. This is an important support to watch out for, because if it breaks, the pair will complete a descending triangular pattern that could signal a possible trend reversal. Such a move could open the door for a drop to $ 14.
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It provides market data HitBTC exchange.