6th Apr - Crypto Technical & Market Watch
Google Searches for ‘Bitcoin’ Hit Highest Total Since November
Google Trend data reveals the spike in searches was single-handedly achieved on April 2 when the price of the cryptocurrency surged nearly 20 percent in a single hour to clock $4,961, its highest price since Nov. 19, according to CoinDesk’s price data.
Google’s data further reveals the largest amount of searches on April 2-3 were from St. Helena, Netherlands, South Africa, Nigeria and Austria in that order. The U.S., Canada, and the U.K. did not crack the top 10 of most “bitcoin” searchers, ranking in at 11, 12 and 17 respectively.
Now There’s a Canadian Dollar-Pegged Stablecoin on the Way
Cryptocurrency exchange Coinsquare is launching a stablecoin pegged 1:1 to the Canadian dollar (CAD).
The exchange plans potential roles for its new “eCAD” token in cross-border payments and remittance, peer-to-peer lending, merchant payment solutions, as well as trade settlements and forex conversions.
Software startup DataLight said that if Bitcoin continues to grow exponentially, the way it has in the past decade, then it will surpass the current leaders Visa, Master Card, and pay pal. While fundamentals determine the price in the long-term, short-term price is influenced by sentiment. Let’s analyze it with the help of charts.
On Apr. 02, it hit an intraday high of $5,273.35. However, the higher levels saw profit booking that dragged the price back towards the support of $4,914.11. On the downside, $4,775 provided support, which is a positive sign. If it scales above $5,273.35, a quick rally to $5,674 and above it to $5,900 is possible. Therefore, we had recommended to book only partial profits in our previous analysis.
Currently, the bulls are again attempting to scale above the resistance of $167.32.
Contrary to our assumption, if the digital currency reverses direction from the current levels and plummets below $144.78, it can fall to the trendline of the ascending triangle. Traders can trail the stop loss on the remaining long position to $150.
Currently, the price has bounced off the support and is on its way towards the first target objective of $0.40. In the medium-term, the XRP/USD pair is likely to reach $0.60. Our bullish view will be invalidated if the pair slumps back below $0.33108. It will indicate a lack of demand at higher levels. We shall wait for any positive trade trend.
BCH/USD pair might consolidate or correct for a few days before attempting to rise to $400 once again. Support on the downside is at $265.14 and $241.97. If the bears sink the price below $239, a fall to $208.99 and below it a full 100 percent retracement to $166.98 is probable. Therefore, traders can trail the stop loss on the remaining long positions to $230.
Disclosure: The author holds no cryptocurrency at the time of writing.
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