Pressure From Both Sides

General overview

Market Cap: $359,246,046,514

24h Vol: $22,391,963,491

BTC Dominance: 39.1%

In the last 24 hours cryptocurrency market capitalization increased by around 20B.

News

There is no significant news to justify this increase in market cap. Dominant headlines are regarding exchanges

South Korean Crypto Exchange Bithumb To Issue its Own Token In Singapore

Bithumb, South Korea’s leading cryptocurrency exchange, has recently revealed plans to issue its own token, Bithumb Coin, in an Initial Coin Offering (ICO), local news outlet TokenPost reports Thursday, April 19.

Source: Helen Partz, April 19. cointelegraph.com

Decentralized Exchanges, Off-Chain Atomic Swaps, And A Brief Look Into The Future

For an economy that emphasizes decentralization, cryptocurrency has ironically relied primarily on centralized platforms of exchange. This is problematic as they often hold funds in giant “honeypot” addresses that attract sophisticated attackers. This has resulted in several cases where exchange funds have been drained. In fact, there were two in the past 3 months alone! Bitgrail reported on Feb.12 that over $170 mln in XRB was stolen from their wallets. Coincheck suffered one of the largest losses ever with over $400 mln in NEM being stolen.

Source: guest author, April 19. cointelegraph.com

Crypto Exchange CEO Runs For Mayor Of Taipei To Make It Asia’s ‘Pioneer Blockchain City’

CEO of major over-the-counter (OTC) crypto exchange OTCBTC and Facebook hackathon winner Yi-Ting Cheng (better known as xdite) has announced that she is running for mayor of the Taiwanese capital city Taipei this year, according to Cheng’s Facebook post on April 14.

Source: Molly Jane Zuckerman, April 19. cointelegraph.com

Chilean Banks vs. Crypto Exchanges: Will Citizens Have Access to Technology?

Earlier this week, a group of cryptocurrency exchanges in Chile applied to the courts to fight the decision of banks to shut down their bank accounts. The exchanges, including Buda, Orionx, and CryptoMarket (CryptoMKT), state that the banking system in Chile is taking matters into their own hands and that they are “killing the entire industry.”

Source: Darryn Pollock, April 20. cointelegraph.com

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin went from 8146$ to 8366$ and has retraced since, to 8280 where is now sitting. Looking at the daily chart, we can see that the price is held by 50-day EMA. The  created a doji candle for now.

The current market sentiment for Bitcoin is positive, meaning 70% out of 85 mentions in total are positive.
Source: sentimen.io

Zooming into the hourly chart, we can see the pressure from both sides. The price is above the short-term support line, but it has been repealed again at the same levels.

Overall, hourly chart signals a buy

 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 price of Ether was increased by 8,57%, rising from 521$ to 566$ where it is now. On the daily chart, you can see that, similar to Bitcoin, the 50 day EMA is in combination with 1,414 Fibo level are repealing the price. But there is buying pressure also, which is creating a doji candle.

The current market sentiment for Ethereum is positive, meaning 78% out of total 97 mentions are positive.

Source: sentimen.io

Looking at the hourly chart, we can see that the price was broken down from this upward channel with strong momentum, but has now bounced back off at the Fibo levels.

Overall hourly chart signals a buy.

 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

Ripple has been rising with strong momentum in the last 24 hours and has increased by 16,5%, coming from 0,7$ to 0,83$. Looking at the daily chart, we can see that momentum is slowing down by the 100% Fibonacci level, which is the top of the prior range.

The current market sentiment for Ripple is slightly positive, meaning 69% of 42 mentions in total are positive.
Source: sentiment.io

Looking at the hourly chart, we can observe the interaction between the Fibo level and how the price quickly bounced.

Overall, hourly chart signals a buy.

 Pivot points:

S3 0.13715
S2 0.37215
S1 0.50608
P 0.60715
R1 0.74108
R2 0.84215
R3 1.07715

 

Conclusion

After a powerful bull run market experienced in the past couple of days, the first firm resistance is found. Three coins that we are covering in this report are all currently held at Fibonacci significant levels, and their price has been pushed from both sides. Who will win, bulls or the bears, we will see by the end of the day.