General overview:
Market Cap: $327,852,350,305
24h Vol: $15,480,704,734
BTC Dominance: 42.1%
In the past 24 hours market capitalizations went up from slightly below 322B to around 338,703,000,000$. Currently, it is sitting around 329B.
News:
There was no significant news in the past 24 hours. However, three major headlines have stood out.
Lithuanian Central Bank Initiates Dialogue On Crypto Between Banks, Regulators, Traders
The Bank of Lithuania has reportedly begun looking into cryptocurrencies, initiating a dialogue between commercial banks, government regulators, and crypto traders, local news outlet.
Source: Molly Jane Zuckerman, April 16. cointelegraph.com
Malta Regulator Seeks Feedback On Proposed Crypto Financial Instrument Test
The Malta Financial Services Authority (MFSA) has released a consultation paper on the possible introduction of a “Financial Instrument Test” that would legally define virtual tokens, according to an April 13 announcement on their site.
The Financial Instrument Test, first proposed in a Nov. 30 paper on Initial Coin Offerings (ICO), virtual currencies, and related service providers, would determine whether a Distributed Ledger Technology (DLT) asset falls under EU and traditional financial regulations or Malta’s proposed Virtual Financial Assets Act (VFAA).
Source: Molly Jane Zuckerman April 16, cointelegraph.com
Mastercard Eyes Blockchain for Fighting Fake Identities
A newly published patent filing from Mastercard suggests that the payments giant is looking at blockchain as a way to safeguard identity data. In an application released by the U.S. Patent and Trademark Office (USPTO) last Thursday, Mastercard describes a system in which a semi-private or private blockchain would be used to receive and store identity data, the pieces of which could include a “name, a street address, tax identification number” and more.
Source: Annaliese Milano, April 16. Coindesk.com
Analysis
In the last 24 hours, Bitcoins price went from 8060$ to 8383$, and it has retraced since to 8042$ where is now sitting which is 3.62% drop. Looking at the daily chart, we can see that the price is still above the 0.618 Fibo level which is a good sign.
The current sentiment for Bitcoin is very positive, meaning that 80% of the total 200 mentions are positive.
Source: sentiment.io
Zooming into the hourly chart, we can see that the price is finding support and is now resting at the levels of prior resistance.
Overall, hourly chart signals a sell
Pivot points:
S3 4361.0
S2 5990.0
S1 6997.9
P 7619.0
R1 8626.9
R2 9248.0
R3 10877.0
ETH/USD
In the last 24 hours, Ethereum’s price went from 504$ to 533$ and has since pulled back to 507$ where is now sitting.
Current sentiment for Ethereum is positive meaning 75% of 136 mentions in total are positive.
Source: sentiment.io
Looking at the hourly chart, we can see that the price found resistance at the 1,272 Fibonacci level.
Overall, hourly chart signals a sell.
Pivot points:
S3 183.46
S2 327.57
S1 415.01
P 471.68
R1 559.12
R2 615.79
R3 759.90
XRP/USD
Ripples price went from 0.64$ to 0.69$ and it has pulled back since to 0.65$ in the last 24 hours. Looking at the daily chart we can see that the price is heading down towards 0,618 Fibonacci level for a retest.
The current sentiment is positive, meaning 75% of 64 mentions in total are positive.
Source: sentiment.io
Zooming into an hourly chart we can see that the price has formed a rising wedge, from which is likely going to breakout downwards.
Overall, hourly chart signals a sell.
Pivot points:
S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715
Conclusion
All of the crypto pairs are pulling back after the price surge that we’ve seen in the last couple of days. This is a wave 2 out the 12345 impulse wave, and in order to see new highs, the price needs to find solid support, which is now happening in the market.
