Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, NEO, Ripple and Bitcoin Cash
From our technical interactive charts, Bitcoin and most cryptocurrencies under our focus might be bottoming up. We can’t be sure of resurgence unless there is a strong follow through in the course of the week. that’s just the nature of price action. In my view, Ethereum, Bitcoin Cash, and Ripple are bound to gain and as long as Bitcoin continues to edge closer to $10,000.
Let’s look at these charts:
There is no sure phenomenon that beats the Network Effect because once it gains traction, prices tend to increase exponentially. There are clear demonstrations from history and Bitcoin is no exception.
What Bitcoin needs is commercial adoption not only from retailers but from large financial institutions. If they do, prices surge past $30,000 or even higher by end of the year. Of course, if governments tag along by introducing fair policies which don’t stifle ingenious innovations like blockchain, that would be the icing on the cake.
Anyway, in the course of the week, we saw Yahoo Japan buying a 40 percent stake in BitARG in a deal worth around $25 million. At the same time, most market analysts are optimistic that Bitcoin is finally turning the corner and remain upbeat that traders won’t see $6,000 anytime soon.
— Greg Matthews (@realmicroguy) April 13, 2018
When we take a look at the charts, Bitcoin is still trending within week ending April 1 candlestick. As such, it will be ideal if we see a close above $8,500 in the course of the week. We are positive and odds of that happening is high especially if we consider that clear bullish breakout and close above $8,000 on April 13.
In my view, I expect prices to appreciate. In the meantime, traders should look for under-valuation in lower time frames. Based on this, we place our short-term targets at $11,900 with stops below the 61.8 percent Fibonacci level at $8,000.
There are many competing platforms cropping up whose aim is to dislodge Ethereum from the No. 2 spot. One of them is EOS and they just concluded their EOSDAC snapshot in readiness for late April 2018 airdrop. It’s therefore understandable that investors were busy exchanging their ETH for EOS. Could this be the reason why ETH edged higher before April 15?
Regardless of competition, Ethereum is resilient and like Bitcoin, many merchants are now accepting ETH and other liquid coins as LTC or BTC. PrestaShop and CoinGate are some. Sooner or later, ETH will be one of the payment options at Apple Store if Ripple W3C’s proposal for a crypto Inter Ledger goes through. Earlier on, Börse Stuttgart, a German cryptocurrency exchange launched Bison, an app that allows for fiat-ETH conversion. Hopefully, this will help prop ETH prices going forward.
Like most altcoins, ETH is up adding 31.66 percent in the last seven days. In the daily chart, our main buy trigger line lies at $600, a region of resistance. However, with a stochastic buy signal in place and the fact that we are trading with a bullish breakout pattern as visible in the daily chart, I recommend buys with immediate targets of $900.
In my view, Ripple shall continue being 3rd largest cryptocurrency for a very long time. After all, investors prefer it because Ripple’s blockchain solves real-life problems and is in use by more than 30 global banks. Santander UK is the latest financial institution to launch an app OnePay FX that uses Ripple Blockchain.
— Marcus Treacher (@marcus_treacher) April 12, 2018
This is on top of propping news that Ripple is lobbying for inclusion of a crypto Inter-ledger protocol as one of W3C’s payment options. This will allow Apple Store customers to pay using cryptocurrencies.
There is a reflection of this in the Ripple price charts. Prices are up 36 percent in the last 7 days with its $26.6B market cap doubling that of Bitcoin Cash. Price action wise, there is a strong breakout above the middle BB line-a main liquidation line in the past 45 days or so.
What this means is buyers are in the driver seat. Despite prices finding minor support at 61 cents and consolidating in the last 3 days or so, a modest buy target lies at 80 cents, the 78.6 percent Fibonacci retracement and $1.40 on the upper side. Comfortable stops should be below April 12 lows at 48 cents.
BCH/USD (Bitcoin Cash)
Relative to other coins, there is little to talk about on the fundamental front when it comes to Bitcoin Cash. Yes, there is excitement that there is a restaurant in Seoul accepting Bitcoin Cash with Roger Ver tweeting about it but that’s about it.
— Roger Ver (@rogerkver) April 10, 2018
When the tide rises, all boats lifted and that’s what happening here. Bitcoin Cash is bottoming up and after consolidating between April 12-13, prices are now making higher highs in lower time frames. Like Bitcoin, we are technically trading within a bullish breakout pattern in the daily chart.
What this means is that every low is a buying opportunity and in this case, I recommend buys with targets of $1,700 and $2,100. Those are the 61.8 percent and 50 percent Fibonacci Retracement levels from Bitcoin Cash’s high low.
While NEO officials continue to market their platform in Europe, many are optimistic that this year will be their year. What’s important though is the “positive” rumor of a possible fiat NEO exchange at Binance to complement three DEX platforms in operation.
Fiat trading pairs are crucial to $NEO to get rid of the $BTC pairing.
Binance is coming with USD (EUR) pairs and Bitfinex is extending other fiat. That is really good news as well that $NEX is coming. $SDT will solve stability.
— CryptoD (@crypto2themoon) March 29, 2018
Apart from NEX, Switcheo is already in operation and there is a NEO web wallet for Aphelion.
Video Demo of the Aphelion NEO Desktop Wallet launching on April 20th, 2018. Watch it here: https://t.co/A7rqIDgadF
— Aphelion (@AphelionToken) April 13, 2018
Relative to other coins, NEO is up 45 percent and is among the top gainers in the last seven days. Because of this, I expect buyers to follow this up in the course of the week and this means buying on dips at lower time frames.
From a technical perspective, buyers might drop and test $60 before resuming their bullish rally. Our short-term buy target is at $90 at the 61.8 percent Fibonacci retracement level.
Dalmas is a Cryptocurrency News Writer and Analyst. He’s passionate about blockchain technology and the potential of cryptocurrencies.