Weekly Cryptocurrency Price Analysis: Bitcoin, Ethereum, NEO, Ripple and Bitcoin Cash
Besides Ripple, which is down four percent for the week, all other coins under our review are in the green territory. Bitcoin Cash leads with a 16 percent gain followed closely by NEO which is up 14 percent in the last seven days. In my view, I expect most of these coins to inch higher in the next few days now that they have been in consolidation for the better part of last week.
There is one thing that cryptocurrencies and Bitcoin miss in general: institutional involvement. In an interview with CNBC, the chairperson of NASDAQ Adena Friedman said the tech exchange will consider offering cryptocurrencies services once the sphere matures.
At the moment, one of the biggest obstacles for big money investment is the unregulated nature of the space. Even though Friedman is bullish about digital assets in the long term, issues of regulation and measures to protect the investor needs to be sorted out before institutional investors and NASDAQ think of venturing into this nascent sector.
In the meantime, NASDAQ is setting clear their intentions by supporting cryptos. Just recently, they joined hands with Gemini, a cryptocurrency exchange owned by the Tyler and Cameron Winklevoss, who are often referred to as the Winklevoss twins. In the deal, the exchange shall use NASDAQ’s surveillance services to ensure that their users adhere to the exchange’s rules in a bid to ensure transparency and fairness.
Price wise, Bitcoin prices are still moving within a $1,200 consolidation range defined by April 24 high lows. We remain bullish and as it is, we shall trade within week ending April 23 bullish breakout. Because of this, I recommend patience until there is a break above $9,500 or April 24 highs. Afterward, buyers can buy on dips and aim for March 3 double tops at $12,000.
According to Sergey Brin, the co-founder of Google, Ethereum is the driver behind the recent computing boom happening in the midst of this technological renaissance. Citing increasing demand for GPU PoW processors which have allowed development of better machine learning techniques, the world has seen better applications and transformative techniques. If Ethereum is the force behind this technological renaissance, will we see prices testing $2,500 as the CEO of deVere Group, Nigel Green, projects?
.”…The second factor is greater demand, stemming from advanced graphics in gaming and, surprisingly, from the GPU-friendly proof-of-work algorithms found in some of today’s leading cryptocurrencies, such as Ethereum."https://t.co/tv5oEXGa79
— Steven D. McKie (@Steven_McKie) April 29, 2018
Let’s see what the charts say. First, from our previous Ethereum (ETH) price analysis, buyers are in charge and trending within a bullish breakout. Note this though, in the last three or four days, Ethereum prices have been within a consolidation just like Bitcoin. I recommend buys but first we must see buyers pushing prices beyond $700 or April 24. Because of this, buying on dips in lower time frames can be a good strategy with medium-term targets at $900.
Fundamentally, news of Ripple partnerships could help propel prices. In the last week, we have seen announcements by Ripple that five European and Asia companies including FairFX and UniPay shall be using Ripple’s xVia API for their global cross-border transactions via RippleNet.
Proud to announce 5 new #xVia customers. Learn why unifying the increasingly fragmented payment landscape with xVia’s standard API solution is more critical today than ever before. https://t.co/LXt58xfxvb
— Asheesh Birla (@ashgoblue) April 26, 2018
To further juice it, the PBOC might just accept American Express bid to clear and settle transactions in China. Remember, American Express has a joint venture with LianLian who in turn are Ripple partners. This is huge news for Ripple and could help buoy prices going forward.
In as much as Ripple is down four percent for the week, we are still bullish on this pair. Let’s not forget that prices have been in range mode for the better part of the week with resistance at around $1 at April 24 highs.
In my view and I emphasize this, buying on every stochastic buy signal in a lower time frame or along the middle BB in the daily chart might increase odds of turning a profit. From the way we have set up our trade plan, conservative traders should only enter when bulls breach $1. Thereafter, buy targets should be at $1.41 and $2.22 or the 38.2 percent Fibonacci retracement level on the upper limit.
BCH/USD (Bitcoin Cash)
In the battle of relevance, Bitcoin Cash headmaster, Roger Ver, now has more than 600 suits to deal with. Ver is a Bitcoin Cash champion and on several occasions, members of the Bitcoin Core have been left seething with anger when he refers Bitcoin Cash as the real Bitcoin. In fact, at the moment, Ver runs a website, www.Bitcoin.com where continues to evangelize Bitcoin Cash only that he refers to it as Bitcoin confusing many would be Bitcoin investors.
Away from this cat and mouse, suits and PR stances, there is no real movement on this pair. Yes, we are still bullish and in fact, the coin is one of the top performers of the week adding after adding 16 percent for the week.
In my view, it’s better if we maintain our previous Bitcoin Cash price forecast. If you missed the ride up, price expansion past $1700 and April 24 highs can be a perfect buy trigger line where $2,100 will be a reasonable short-term profit taking zone.
Like most altcoins, NEO is riding with the altcoins bull tide. It’s up 13 percent for the week and we expect more upsides in the coming week. In the last week, the only-and probable-supportive news from NEO is their recent support of Moonlight. It was announced that NEO, through their investment arm NEO Global Capital (NGC) shall inject $1 million into Moonlight and hope the project to prosper just like Switcheo.
We are pleased to announce that Neo Global Capital will be supporting the Moonlight Project to develop a workforce platform that will fuel the Smart Economy!$Neo #SmartEconomy pic.twitter.com/HFcd2VJwlA
— Moonlight (@Moonlightdotio) April 25, 2018
In our charts, NEO is up and still we are bullish. Risk-averse traders can wait for a break above $90 before looking for under-valuations in lower time frames. As it is, feasible buy targets should be at $110 and $150 with reasonable stops at $65.
Dalmas is a Cryptocurrency News Writer and Analyst. He’s passionate about blockchain technology and the potential of cryptocurrencies.