2nd April - Crypto Technical & Market Watch
Exchange Volumes May Be Fake, But Bitcoin’s Value Is Real
The mainstream reaction to Bitwise’s recent report showing that 95 percent of total reported bitcoin trading is fake was, predictably, to see it as further proof of the lawlessness and scammy nature of the cryptocurrency world.
The thin price spreads are especially remarkable when you consider that authentic bitcoin trading represents a drop in the ocean compared with those traditional markets where price spreads tend to be tight.
Coinbase Expands Into Cross-Border Payments
Coinbase customers can now transfer funds to any user with a Coinbase account around the world using Ripple (XRP) and the exchange’s stablecoin USDCoin (USDC) with no fee. The development reportedly enables users to send and receive money instantly, as well as convert them into local currency.
Bitcoin price $4,255 bulls have failed to break out twice earlier, hence, we expect the bears to defend this level with full force.If the bulls scale,this will result in a quick move to $4,914.11, followed by a move to $5,273.91. Our view will prove to be wrong if the BTC/USD pair reverses direction from the current levels. Traders can trail the stops on the long positions to $3,700.
ETH closed above $144.78 on March 29, the bulls could not sustain the higher levels.
If it can break out of $144.78 this time, a quick move to $167.32 is possible. The bulls have the upper hand. Therefore, traders can retain the stop loss on the remaining long positions at $125.
Traders are not showing any interest either in buying or selling Ripple. Therefor, the price has been idling around the current level for the past few days. XRP might face minor hurdles between $0.40 and $0.45 and above it at $0.50 to $0.55. However, we expect all these hurdles to be crossed. We might suggest long positions once again if the price sustains above $0.33108. If the pair turns down and plummets below $0.27795, it will indicate weakness. The next support on the downside is the yearly low of $0.24508.
BCH has been consolidating in a tight range for the past four days. A breakout of $177.30 will target of $249.60. T traders can protect their long positions with the stop loss at $140. This suggests that the bulls are at an advantage.
Disclosure: The author holds no cryptocurrency at the time of writing.
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