In the face of an overbought crypto market, Bitcoin (BTC) price trades above significant support levels while Bitcoin SV and Bitcoin Cash get delisted from major exchanges sending mixed signals and rejection of bullish pressure among altcoins like Ripple (XRP) and Bitcoin Cash (BCH). Come along as we touch on some interesting fundamental events and price patterns of the BTC, BCH, and XRP.
BTCUSD (Bitcoin) Technical and Fundamentals
The news outlet, Asia Times on 17th April reports that the central banks of Tunisia and Afghanistan are reportedly looking to issue a bitcoin (BTC) bond.
The report claims that the governors of the central banks of both countries spoke at the yearly Spring Meetings of the Boards of Governors of the IMF and the World Bank Group which held between 08 and 14 April in Washington DC.
Khalil Sediq, the governor of the central bank of Afghanistan is reported to have told Asia Times that it is contemplating issuing a sovereign crypto bond to raise $5.8 billion.
According to him, the funds raised would be invested in private-sector investment in areas like energy, mining, and agriculture.
Tunisia’s central bank on the other hand, purportedly announced that it is looking into the issuance of a bitcoin bond.
Marouane El Abassi, governor the Central bank of Tunisia according to the news report made claims in the conference that Tunisia was one of the first countries to issue an electronic currency and already carried out transactions through a digital system. He further lauded blockchain, bitcoin, and Hyperledger as a tool for central banks to manage remittances, combat money laundering, fight terrorism and limit grey economies.
The article also notes that other countries like Uzbekistan are open to the idea of the development of a bitcoin bond.
BTCUSD: Daily Chart
The triple Bullish pressure support (4960.2) signaled on April 06 ’19 sustains the bullish standpoint for bitcoin and a hint that consecutive weekly closing bars may continue. On April 17, a different bullish pressure setup is triggered to register bullish sentiment.
BTCUSD: 4-HR Chart
A view from the 4hour chart of the BTCUSD, the bearish price drop could not go beyond the 4992.6, and 4934.7 levels of support. A bullish setup signaled on April 16 '19 confirmed the strength of these levels, as price fires north. With another bullish pressure on Apr 16 ’19 20:00, a price close under the 5212.6 support may lead to a bearish trend correction from an intraday view.
BTCUSD: 1-HR Chart
Following a bearish divergence and break of bullish accumulation pattern on April 18, the bullish confidence persists, as they drove the price to burst above the divergence resistance of 5320.8, by indicating an opposite break of double bearish pressure at 13:00hr of the same day.
On Friday, April 19, the BTCUSD price slumped by about 1.5% after another bearish divergence, only for the bulls to renew a bullish rally at 06:00hr via a collapse of bearish accumulation landing support at 5220.0.
Critical Resistance Levels of Bitcoin (BTC)
8506.7, 7788.0, 7429.2
5320.8, 5340.0, 5488.0
Critical Support Levels of Bitcoin (BTC)
3215.2, 3767.0, 4218.0, 4384.0
3215.2, 3405.3, 3761.2, 3882.0
4934.7, 4992.6, 5029.6, 5212.60
XRPUSD (Ripple) Technical and Fundamentals
The operator of the US-based version of major crypto exchange Huobi.com, Hbus, on April 18th launched three trading pairs for XRP.
According to the announcement, the three XRP trading pairs are to be bitcoin (BTC)-XRP, USD-XRP, and tether (USDT)-XRP. Deposits opened 12:00 a.m. on April 18, while trading and withdrawals for the three pairs held live at 12:00 a.m. PST on April 19.
According to Frank Fu, CEO of Hbus, XRP is the platform’s 20th registered digital asset, making Huobi.com’s total trading pairs 51.
As per the press release, XRP was characterized as a strong performing coin with broad utility and volume.
As per data by CoinMarketCap, with a market capitalization of approximately $14.2 billion, XRP is currently the third highest cryptocurrency.
Huobi.com marketplace was first launched as Hbus in June '18 as a vital partner of Huobi Group. Trading services on the United State-based platform went live in July 2018. And after much speculation, in February 2019, for the first time, XRP was named on Coinbase.
Further functionality for the asset that enabled users to make zero-fee cross-border payments with XRP and the exchange’s stablecoin USD Coin (USDC) was added in March this year by Coinbase.
XRPUSD: Daily Chart
An established bearish accumulation and breakdown of hidden bullish accumulation setup on Apr 09 ’19 resulted in a more recent decline in the XRP price. The pair is currently undecided and forms an expanding triangle pattern following a breakout of bearish accumulation on April 17 '19 with strong support at 0.31232 and breakdown of bullish accumulation on April '19 with resistance at 0.34990.
XRPUSD: H4 Chart
After a breakdown of bullish accumulation on April 10 '19, a bullish regular divergence pattern was signaled simultaneously on the 4hour chart of the XRPUSD On April 16 ’19 00:00.
Plausible formation of bullish accumulation or break of bearish pressure may serve as major clues to an end of the trend correction. We can't stress this enough, you will do yourself a lot of good by trading with a protective stop.
XRPUSD: H2 Chart
The above 2hour chart shows an intraday volatility oversold which was halted by a break of bearish pressure on April 15 19 22:00. On April 17 ’19 10:00, the pair indicated another break of bearish pressure for roughly 7.06% gain from the breakout point.
A break of bearish pressure on April 19 ’19 18:00 appear to indicate an end to the bearish price retracement that began on April 18 ’19 08:00.
Critical Resistance Levels of Ripple (XRP)
Critical Support Levels of Ripple (XRP)
0.31232, 0.32302, 0.32902, 0.33202
Bitcoin Cash (BCH) Technical and Fundamentals
SBI Holdings claim that the removal of bitcoin cash (BCH) from its transaction this week was not sparked by other delisting involving bitcoin SV (BSV).
The Japanese financial services giant which has never provided BSV trading, triggered a courted controversy when its executives moved to delist BCH in a time when BSV was suffering a cross-industry movement. The company’s move to delist BCH at a time when others were delisting BSV was met with criticism considering the business partnerships the group has with nChain’s Craig Wright.
In a statement, however, executives of SBI Holdings have moved to quash reports of any conflict of interests.
While admitting to a connection with Mr. Wright via its partnership with nChain, SBI maintains that its decision to delist Bitcoin Cash (ABC) was premeditated and was done in consultation with the Japanese Virtual Currencies Exchange Association. It claims that its move to delist BSV is unrelated to the delisting of Bitcoin SV by several non-Japanese exchanges. The fact that their move to delist BCH came at the same time when other companies were BSV, it maintains, was purely a coincidence.
BCH traded down 3.2% on Friday, April, 19th at $299, while BSV is trading around $59 with the mass delistings having a huge impact of mass, as it records $16 off its all-time lows.
BCHUSD: Monthly Chart
Starting from a monthly time frame, the price of Bitcoin Cash (BCH) plummet by about 82.11% after flagging a double bearish pressure on September & October 2018. Although indications of a bottoming were not clear in the previous month, the month of April already advances beyond the bearish accumulation resistance of 174.99. An end of the current month beyond this resistance level will establish the pattern and flag a change in trend.
BCHUSD: Weekly Chart
An aerial view from the weekly chart verifies the bottoming of the BCHUSD as the pair flags a bullish regular divergence from a golden cross of the MACD (9, 21, and 5). The opening bullish rally backtracked a bit before signaling a string of double bullish accumulation on March 04 ’19, accompanied by a break of bearish pressure on March 11 ’19 with a fixed support at 115.93.
BCHUSD: Daily Chart
The correction on the weekly overview ended by a bullish regular divergence in succession with a break of bearish pressure on January 30 ’19. From that point, an attempt by bears to force the price south declined to more bullish pressure on February 18 ’19, March 14, 23, and 27 ’19 respectively.
On April 09 and 19 ’19, the chart displayed an overbought BCH, by triggering a breakdown of bullish pressure, which may transition the price structure into a range.
Critical Resistance Levels of BITCOIN CASH (BCH)
Critical Support Levels of BITCOIN CASH (BCH)
104.80, 119.01, 125.10, 145.81, 152.50
Conclusion and Projection
Starting the weekend of April 20 ’19, the BCH continues to show bearish sentiment by threatening bullish accumulation support on the daily chart.
Ripple on the other hand clearly violates major bullish accumulation support on the daily chart thereby stressing bearish presence. An opposite breach of bearish accumulation on either the 4hour or daily chart should confirm a comeback toward the bulls.
Lastly, Bitcoin sustains its bullish outlook, although taking profits at this point will be advised.
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