Another milestone of importance was that the 19th millionth Bitcoin was mined on April 1, leaving only 2 million more Bitcoin to be mined. It is expected that the last Bitcoin will be mined in the year 2140. This is likely to shift investors’ focus on the scarcity of the leading cryptocurrency. While Bitcoin remains the leading cryptocurrency, some analysts are projecting greater value in Ether. Arthur Hayes, the former BitMEX CEO, recently highlighted in a blog post that Ether’s upgrade to proof-of-stake could increase its institutional appeal as it will act as an infinite duration bond. This makes Hayes more bullish on Ether than Bitcoin.
He expects Ether to rally above $10,000 by the end of the year. “My crypto portfolio at the beginning of 2022 was 50% Bitcoin and 50% Ether. I have conviction in the cheapness of ETH relative to the rest of the crypto firmament. Therefore, my target allocation is 25% Bitcoin and 75% Ether”, Hayes added.
Bitcoin turned down from the 200-day simple moving average (SMA) on March 29, indicating that bears continue to defend the level aggressively. The sellers tried to sink and sustain the price below the breakout level of $45,855 but the bulls had other plans.
They purchased the dip on April 1 as seen from the long tail on the day’s candlestick. The buyers have managed to keep the BTC/ USD pair above the critical level of $45,855 but have not been able to push the price above the 200-day SMA.
This indicates that the pair may spend some more time inside a tight range between $44,250 and $48,250. Contrary to this assumption, if buyers propel the price above the 200-day SMA, the upmove could resume.
The pair could then rally to $52,100 where the bears are expected to mount a strong defence. Aggressive traders may consider long positions on a close above the 200-day SMA. On the downside, a break and close below $44,000 could attract profit-booking by the short-term traders. That may pull the price to the 50-day SMA.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Ernest in Disguise
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin turned down from the 200-day simple moving average (SMA) on March 29, indicating that bears continue to defend the level aggressively.
The sellers tried to sink and sustain the price below the breakout level of $45,855 but the bulls had other plans. They purchased the dip on April 1 as seen from the long tail on the day’s candlestick. Read more
ETHEREUM – ETH/GBP
Ether turned down from the 200-day SMA on March 29 but the bulls did not allow the price to sustain below the breakout level of $3,284.75. The strong rebound on April 1 indicates that bulls are actively buying the dips.
The ETH/USD pair broke and closed above the 200-day SMA on April 3 but the bulls have not been able to build upon this momentum. This suggests that bears are trying to pull the price back below the 200-day SMA and trap the aggressive buyers. Read more
RIPPLE – XRP/GBP
XRP turned down from the 200-day SMA on March 28 and dropped to the 50-day SMA on March 31. The bulls purchased this dip but the rebound lacks conviction. This suggests that the XRP/USD pair may remain stuck between the moving averages.
The relative strength index (RSI) has dropped to the midpoint, which also suggests a consolidation in the near term. Read more
We mentioned in our previous analysis that the path of least resistance on Terra’s LUNA token was to the upside and a rally to $115 and then to $125 was possible.
The LUNA/USD pair turned down from $111.50 on March 30 but the bears could not sustain the price below the breakout level at $103.50. The bulls purchased the dip on April 1 and pushed the price above $111.50 on April 2.. Read more
BINANCE – BNB/GBP
Binance Coin turned down from the overhead resistance at $450 on March 31 but the bulls aggressively purchased the dip, resulting in a sharp rebound on April 1.
The buyers will now try to push the price to the 200-day SMA, where they are likely to encounter strong resistance from the bears. However, if bulls do not cede ground to the bears, it will enhance the prospects of a break above the 200-day SMA. Read more
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CleanCarbon is the first asset-backed, community-driven blockchain project that cleans our planet with its top-notch UHTG technology and dedicated team that works hard to make change happen locally first before it sets sail for global markets.
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ASIMI can be used as a source of income as well as a source for generating traffic for ads.
Earn free ASIMI tokens from successful completion of tasks online, watching suggested ads, playing games, and/or completing surveys. In terms of generating traffic, you will be able to access online marketing tools that will provide access to a large database of individuals with similar interests. Read more
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