The flagship crypto bounced off the 5-month highs and is trading around $5,427.45 Thursday.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.
By Dmitriy Gurkovsky, Chief Analyst at RoboForex.
The daily crypto turnover is around $50B, five times higher than in Dec 2018, which is a record high. On April 23, the overall crypto turnover reached $51B, compared to $10B in Dec 18, according to https://coinmarketcap.com. The absolute high at $86B was achieved in early April.
No one can be 100% sure, though, that this volume is real, as the SEC is now investigating transactions that could prove fake ones.
Meanwhile, Amazon, one of the largest retail sellers out there, is ready to sell goods for crypto, namely, BTC, ETH, and LTC. All you need to do in order to pay in cryptos is sign up for a wallet supporting Lightning Network or a Coinbase account.
In order to technically pay for your goods, you will need a browser extension. This is all very simple, which is very good for the users. With more easy to use crypto techs in everyday life, the cryptos will get more popular and valuable.
Over the last week, the BTC managed to reach $5,643.80, the overall trend not changing much. The price is above the resistance and still trying to stay there, while the Stochastic formed a golden cross, thus confirming the price rise. The support and resistance are at $3,785 and $6,000, respectively. The MACD lines are headed down, thus confirming the downtrend is still there.
Photo: Roboforex / TradingView
On D1, the price reached the upper projection channel resistance, while the MACD is diverging, signaling a pullback is near. The correction targets may lie at the support of $4,940; if the latter gets broken out, the price may slide further down to $4,430.
Photo: Roboforex / TradingView
On H4, the BTC tested the resistance and bounced off it, while the Stochastic formed a black cross, signaling a downtrend. The targets may lie at 23.60%, 38.20%, and 50% Fibo, or $5,219, $4,963, and $4,753, respectively.
Photo: Roboforex / TradingView