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Weekly Price Analysis for April 23

Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, NEO, Ripple and Bitcoin Cash

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A follow-through is what we needed and that we got. Fact is, all cryptocurrency pairs under our radar as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and NEO are all in the green with Bitcoin Cash spearheading this recovery. In the last seven days alone, it’s up 55 percent and trading above $1,000 for the first time since March 2018. In my view, I expect a slowdown today before prices resume their bullish trend later on in the course of the week.

Let’s look at these charts:

BTC/USD (Bitcoin)

To reiterate, Bitcoin and cryptos, in general, are more of securities than utility tokens. As such, it’s all about demand-supply dynamics and of course fundamental events that can help spur the later or former. In the past few days, many analysts from Pantera Capital, Saxo Banks, and others think Bitcoin is prepping for a surge.

They are upbeat and so are we regardless of Binance touting introducing crypto-fiat trading pairs. In my view, such move shall reduce reliance on Bitcoin and whether that would damp Bitcoin prices or not, the charts will show.

At the moment though, buyers are still in control and trading within a break out as the daily chart shows. From our previous Bitcoin technical analysis, the $8,000 and $8,500 levels were important to us. As it is, prices are testing $9,000 and our former stops are safer. Even if there is a correction, we expect support at $8,500 and a further springboard towards $10,500 and $12,000 especially if candlesticks continue to band along the upper BB.

ETH/USD (Ethereum)

Tron won’t be where it is if it had not received support from Ethereum. Even though their respective founders are not the best of friends, Tron shall airdrop $1.7 million worth of TRX before their mainnet migration on May 31. Anyone with more than 0.1 ETH is eligible and shall consequently receive 50 TRX.

If that is all based on good faith or not we shall see but what we surely know is that Ether Trading Capital is now a public company with a focus on Ethereum but whose shares (ETHC) are available at NEO exchanges. Despite these developments, including GETH launch, a big plus for me is the announcement by Amazon. Jeff is a businessman and a visionary leader who sees opportunity in nascent but critical tech. Blockchain technology is one of them and by launching Amazon blockchain templates, businesses would easily set up their blockchain apps on Amazon infrastructure instead of doing so from scratch.

Price action wise, ETH is still charting its way up and should continue to do so. Note how prices are reacting at our previous buy line at $600. In my view and basing my judgment on technical formations, I shall recommend ramping up longs whenever there is an under-valuation in lower time frames. As long as ETH bulls continue to push prices higher, our short-term take profit levels lies at $750 with ultimate targets at $900.

XRP/USD (Ripple)

Ripple team continues to propagate this idea of the “Internet of Value” or simply IoV. It is definitely novel and if there is a way of making payment across different jurisdiction seamless or/and instantaneous then the whole idea of cryptocurrencies would have been met.

The main objective is to democratize finance. We can’t doubt this because they are busy lobbying and urging companies to use their blockchain which is even poised to have more upgrades in coming months. Remember Cobalt? Settlement periods would further be slashed to one second from four seconds as it is.

In our price chart, Ripple is up 37 percent week over week amassing a market cap of $34.48 Billion with more upside on the way. Evidently, buyers are finding resistance at $1 and with a double bar reversal pattern forming on April 20 and 21, prudent traders can exit their buy positions and initiate long trades once prices are above $1 or wait for a pullback towards $0.70 cents in lower time frames and buy once a stochastic buy signal prints. The later would be a smart plan especially if Ripple prices trickle lower today.

BCH/USD (Bitcoin Cash)

It’s a go for Bitcoin Cash guys. News of a hard fork on May 15 is supportive for Bitcoin Cash and we anticipate more expansion in the run-up to the hard fork. According to their press release, the hard fork will upgrade the core consensus rules besides increasing the block size to 32 MB. Before then, Bitcoin Cash developers are urging node runners to upgrade their software to Bitcoin ABC 0.17.0. This is the exact reason why I see further price appreciation as this coin adds more to their seven-day 53 percent gain.

The chart shows BCH bulls are on the driving seat and as the pump continues, buyers should be angling for $1,700 and $2,100 according to our previous Bitcoin Cash technical analysis. After all, besides the massive gains in the past week, we remain bullish in general. Now, in case there is a correction, support should be at $850 on the lower side otherwise $950 to $1,000 should soak in sell pressure.

NEO/USD (NEO)

Undoubtedly, NEO is gearing up and looking for ways of creating their smart economy ecosystem. As an ICO platform, there are several projects that are looking for funds, like Moonlight and Asura, while at the same time development evolves.

We now have Aphelion desktop wallet that supports NEO and of course, DEX platform as Switcheo which is now live and later NEX.

Price wise, I’m net bullish anticipating further gains this week. Even though NEO is slowing down-it’s up two percent in the last 24 hours, a correction could see this coin test $60 in the next few days. I will advise loading up longs in lower time frames whenever a stochastic buy signal prints. Thereafter, reasonable bull targets should be $110 or the 50 percent Fibonacci Retracement level.

About The Author

Dalmas is a Cryptocurrency News Writer and Analyst. He's passionate about blockchain technology and the potential of cryptocurrencies.

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