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Citigroup Launches Crypto Trading and Custody Services

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Citigroup, a banking giant, is launching a crypto trading and custody service. The new service aims to meet the growing demand for crypto assets.

Itay Tuchman, the global head of forex for Citigroup, has confirmed that the bank had witnessed a rapid accumulation in Bitcoin (BTC) interest from institutional clients. Tuchman announced the move in a report published in Financial Times.

According to Tuchman, banks could venture into crypto through proprietary trading, where they use their resources to make profits. “There are different options from our perspective, and we are considering where we can to best service clients. This is not going to be a prop-trading effort,” said Tuchman.

Not happening any time soon

However, Citigroup has confirmed that it is taking its time to launch crypto services. Tuchman stated that the bank would only jump into the crypto space when it was sure that its clients could benefit. It would also consult with regulators to build something robust and compliant.

“I don’t have any FOMO [fear of missing out] because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag.” Tuchman said.

In March this year, the bank released a report saying that Bitcoin could become a global trading currency after evolving. The report indicated that people’s perceptions about Bitcoin were changing. This would create a new opportunity and make the token more mainstream.

Citigroup Launch Crypto Trading and Custody Services
BTC/USD 1 day chart, Binance, 7 May 2021. Courtesy TradingView

Citi’s interest in Bitcoin

Citigroup analysts have written a paper on Bitcoin titled, “Bitcoin: At the Tipping Point’. The report indicated that BTC would change from a nascent form of payment to a store of value. Also, if there’s a boost in Bitcoin’s global reach, the crypto asset could easily become an international currency. This can be achieved through Bitcoin’s attributes such as decentralisation and borderless design.

Citi’s report on the currency shows that BTC may come in handy to exporters and importers. It would simplify international trading and may even be preferred to fiat currencies. Bitcoin lacks forex risk exposure. It is also fast, traceable, and guarantees the security of online payments.

Citigroup is not the only Wall Street bank to venture into the crypto space. Top banking institutions that have ventured into crypto include Bank of New York, Goldman Sachs, Mellon, and Morgan Stanley. This latest move comes amidst increased retail and institutional demand for crypto assets.

Citigroup Launches Crypto Trading and Custody Services

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Grifter season in DeFi-land, and Uniswap v3 is here! Finance Redefined 4/28-5/05

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Lots of cons, no artistry

It’s grifter season: scams and opportunists run amok, and it’s harder than ever to tell who to trust.

Case and point: over the weekend, an influencer by the pseudonym “Crypto Spider” was found to have pumped-and-dumped a meme coin, $SELON — while publicly claiming that he had joined his followers in taking a loss.

The drama jarred me personally, despite the fact that I didn’t have any exposure to the failed shitcoin. The reason being is that I quoted Crypto Spider in a piece from January. Had I unwittingly aided a scammer?

I’d gotten his name from a trusted colleague. Part of my beat is emerging projects, and I’m always open to hearing from anon teams and sources — other cryptomedia outlets ignore them to their detriment, given that the largest digital asset in the world was founded by an anon.

When we spoke he told me about an algo stablecoin project, and I now realize that it was likely an effort to use the Cointelegraph platform to pump his bags. Thankfully, I did my due diligence while researching the project: the developers were clever and intrepid, but ultimately working in what appears to be a doomed vertical (though I suppose FEI and OHM are still giving it the old college try), and I profiled them as such.

While my reporting was unlikely to lead anyone astray, seeing Spider exposed as a fraud was nonetheless a jolt. It’s getting harder to tell who to trust out there — a point that Spider made himself.

I reached out to him over the weekend to ask for his side of the story, and he pointed to a Tweet thread from his alleged co-conspirator — one which, oddly, confirmed that he had promoted the project and then sold. He also sighed that he’d become “the target of anyone who shilled or created meme coins.”

It would take the moral nuance of a toddler to claim Spider’s actions are equivocal to the standard influencer cheerleading, but with all the money sloshing around more and more people seem to be getting mixed up with shady deals. 

Not even institutions are exempt: Alameda Research invested $20 million in Reef, part of what would have been a larger $80 million deal — but the two companies cut ties over a disagreement regarding Alameda transferring the tokens they purchased to Binance, presumably to sell. Alameda later said it was merely an OTC buy and not a longer-term “strategic investment.”

Anons lie, institutions lie, and despite the money pouring from the sky greed is still getting the better of people. Watch who you listen to and what you invest in — I know I’ll be even more careful going forward.

But here’s one principle that hasn’t led me astray yet: anonymity by nature encourages and enables both the best and the worst in crypto. An anon with integrity can be a guiding light in these choppy waters.

Uniswap v3 mewls out of the gate

After months of anticipation, Uniswap v3 is finally here. It may take a while before it gets its sea legs, however. 

In the first few minutes after launching the protocol had attracted $1.3 million in total value locked; at the time of publication it has since risen to $24.3 million. The majority of liquidity is in bread-and-butter trading pairs such as ETH/stable pairs, but specifics are hard to come by; while a blog post from Uniswap says that their info site has migrated to displaying v3 statistics, their top pools are still for Uniswap v2. 

Aside from the interface stumble, there is not yet sufficient liquidity to swap at any significant size. Quotes for ETH/stablecoin pairs led to double-digit slippage quotes on orders over 10 ETH or so, and the interface often suggests better prices on v2. (Cointelegraph has a policy in place prohibiting writers from making trades during business hours, so I’m only relaying the quotes I got for the trades).

The low liquidity woes may soon be ameliorated, however. As multiple Twitter observers pointed out, Uniswap is making it simple to migrate liquidity pools to v3 — including Sushiswap LP positions in what some have dubbed a “reverse vampire attack.”

Perhaps coolest of all however is that a long list of Uniswap v3 pool positions, which are represented as NFTs, are now on sale on Opensea. Uniswap founder Hayden Adams bragged about his, the first-ever v3 position. I expect a interesting market to develop over the comping days for early pool positions, and the first positions in culturally important pools may come to have significant value. What would the first EMN-DAI position NFT be worth now?

In all, a mixed-review launch. But that’s to be expected for a protocol only open to the public for the last few hours, and as Framework Venture’s Vance Spencer puts it, once it’s attracted significant liquidity v3 may well represent a new “era” for capital efficiency in DeFi:

Major stories this week

Balancer and Gnosis team up for Uniswap v3 rival Cowswap

Inverse Finance acquires Tonic in possible first-ever protocol merger

Lido looks to go cross-chain

Federal Reserve says DeFi may lead to “Paradigm Shift”

Grifter season in DeFi-land, and Uniswap v3 is here! Finance Redefined 4/28-5/05

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XRP’s Market Cap Hits $75 Billion, 3% of Total Crypto Market Cap

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The fourth-largest cryptocurrency has hit a new high, with a market cap of $75 billion. This is around 3.2% of the total market cap for cryptocurrencies.

Ripple’s XRP has risen by over 40% in the past week. The crypto has been doing well in its price recovery by trading above $1.6, with the market cap remaining above $70 billion.

Bitcoin retains its dominance in the market. However, this has fallen to around 48%. Other currencies such as Ethereum have been doing quite well to cover the gap, with ETH’s market dominance standing at 15.7% while that of Binance coin stands at 4.1%.

XRP’s price growth

Since the beginning of the year, XRP has increased by over 500%. In January, the token was trading for $0.23. The price change started towards the end of March and peaked in April when the token reached $1.95, the highest price in three years. The market dominance for the currency has surged since the beginning of April.

The latest growth of other currencies such as ETH, BNB, and XRP has negatively affected the market dominance for Bitcoin. Furthermore, XRP has also been doing well in terms of institutional adoption. In the second week of April, the token recorded around $33 million in institutional use.

Increased interest in XRP

Whale Alert, a blockchain analytics platform, pointed out the large number of transactions taking place on XRP over the weekend. These transactions were reported on the Escrow wallet for Ripple. Data from the wallet show that around $1 billion worth of the crypto was transferred in three days.

In addition, the Whale Report also shows there were around 7 million XRP coins that were transferred from a digital wallet to the Huobi exchange. Before that, 15 million XRP was transferred from a crypto.com exchange to an unknown digital wallet. These two instances show an increased interest in crypto.

XRP is also edging closer to Binance Coin (BNB), with the market cap for BNB is around $90 billion. The total market cap for cryptocurrencies in the market currently reached about $2.2 trillion, which is the most significant record in the market’s history. Bitcoin still holds the largest share of the market cap, standing at approximately $1.08 trillion.

XRP’s progress in the market can be attributed to Ripple’s progress in a lawsuit against the SEC. Winning that lawsuit pushed XRP’s prices to an all-time high price after their prices crashed late last year.

XRP’s Market Cap Hits $75 Billion, 3% of Total Crypto Market Cap

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DeFi adoption on the Binance Smart Chain reaches new highs

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Decentralized finance (DeFi) has taken a well-deserved break from the spotlight over the past couple of months after being one of the hottest sectors at the start of 2021, but recent growth on several top platforms may hint at another DeFi run in the near future. 

While projects that operate on the Ethereum (ETH) network continue to deal with wild fluctuations in gas fees and transaction times, several that operate on the Binance Smart Chain (BSC) have seen an uptick in protocol activity and token value over the past week.

XVS/USDT vs. CAKE/USDT vs. LINA/USDT 4-hour chart. Source: TradingView

Three projects on the BSC that have seen increases in trading volume, price and activity within their DeFi protocols are Venus (XVS), PancakeSwap (CAKE) and Linear Finance (LINA).

XVS/USDT

The Venus protocol is an algorithmic money market and synthetic stablecoin protocol that provides a lending and borrowing solution for DeFi on the BSC.

Recent bullishness for the project began to increase around April 20 when it was revealed that a proposal was submitted to add Dogecoin (DOGE) to the Venus money market.

Following an initial price surge and pullback, momentum and price activity for the project saw another surge on April 29 following the announcement of the Venus Reward Token (VRT) and Venus nonfungible token (NFT) airdrops.

The announcement of the airdrops combined with the listing of XVS on the Crypto.com exchange helped spark a 70% rally in the price of Venus from a low of $72 on April 29 to a new all-time high at $124 on April 30.

XVS/USDT 4-hour chart. Source: TradingView

At the time of writing, the total value locked (TVL) in Venus is nearing $10 billion.

CAKE/USDT

PancakeSwap is a BSC-based automated market maker (AMM) similar to Uniswap (UNI) that allows users to exchange tokens and earn a portion of fees through yield farming.

Data from TradingView shows that the price of CAKE rallied 102% over the past week, going from a low of $21.90 on April 23 to a new record high at $44.28 on April 30 as token holders engage with the low fee, high yield protocol.

CAKE/USDT 4-hour chart. Source: TradingView

Price action for CAKE has seen a steady rise over the past week following the launch of V2 farms on April 23 and the successful completion of token migration on April 24.

Since the migration and launch of the new liquidity pools, the TVL on PancakeSwap has spiked to $9.873 billion making the protocol the second-ranked DeFi protocol by TVL.

Total value locked on PancakeSwap. Source: Defistation

According to data from Cointelegraph Markets Pro, market conditions for CAKE have been favorable for some time. 

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CAKE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CAKE began to pick up on April 24 and reached a high of 7 around 14 hours before the price increased 62% over the next five days.

LINA/USDT

Linear Finance (LINA) is a decentralized delta-one asset protocol that enables the creation of synthetic asset tokens to represent traditional assets like commodities, forex, market indices and other thematic sectors which can then be traded on the Linear exchange.

Data from TradingView shows that the price of LINA has climbed 70% over the past week, rising from a low of $0.069 on April 23 to an intraday high of $0.1164 on April 30 with $196 million in 24-hour trading volume.

LINA/USDT 4-hour chart. Source: TradingView

The recent momentum for the project began to build ahead of the April 27 ask-me-anything session with the Moonbeam Network, which calls itself the “easiest on-ramp to Polkadot” thanks to Ethereum-compatible smart contracts on a Polkadot parachain.

Cross-chain interoperability has been one of the major themes of the 2021 bull market, so the prospect of being able to operate LINA on the Polkadot network as well as the BSC and the Ethereum network may have helped to spark a new round of interest in the protocol.

As the pool of retail and institutional investors participating in the cryptocurrency ecosystem continues to grow, DeFi protocols on BSC are well-positioned to see significant gains thanks to low fees and high yield opportunities.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

DeFi adoption on the Binance Smart Chain reaches new highs

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Where to buy Gold-Backed Cryptocurrencies in 2021

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If you want to get involved in the gold-backed cryptocurrency space, you’re probably debating on where the best place to buy them is. Fortunately, we’ve got you covered. In this guide, we’ll go over the best places to buy such assets.

Gold Backed Crypto Exchange

A gold-backed crypto exchange is pretty much the best place to invest in such assets. For one, these are the platforms that generate stablecoins. They offer the most value for your investment, often providing quality-of-life trading features and wallets for storage. Some also enable you to invest anonymously.

Not only this, but these exchanges often allow you to redeem your digital gold for physical bullion. Of course, you may have to reveal your identity for this, so they can provide it to the right person.

Such platforms generally audit their holdings and make the results publicly available for trust’s sake. Some are even available 24/7 for the ultimate ability to check their legitimacy.

Specific exchanges allow you to invest in fractional amounts of gold, too, increasing the asset’s accessibility. You can put in as little or as much as you’d like – an option not possible on traditional exchanges.

Binance

Binance is the largest cryptocurrency exchange in the world regarding market cap. It offers support for thousands of cryptocurrencies, many of which being gold-backed stablecoins.

On Binance, you can fund your account with a bank or other crypto and convert nearly any asset into a stablecoin. It’s all up to you, assuming the asset is listed. The platform offers various trading features as well, making it ideal for both beginner and expert traders.

If you’re a big investor, you can earn BNB, the platform’s stablecoin, which helps cover some trading fees. Saving you money, a dedicated stablecoin works wonders for many traders.

If you’re interested in branching off from stablecoins, Binance has tons of detailed documentation on the crypto industry for you to consume. Finally, this exchange has a wallet for you to store your assets within as well. While Binance isn’t a dedicated gold-backed cryptocurrency exchange, it’s definitely a decent alternative.

Coinbase

Based in San Francisco, Coinbase is a popular mainstream cryptocurrency exchange. Because of this, it’s much more selective in its offerings. Still, the underlying support makes it a great space to buy gold backed cryptocurrencies.

Like Binance, Coinbase has a wallet for online storage. It also contains a ton of documentation for learning about stablecoins and other crypto industry staples. If you live in the UK, there’s even a physical debit card, Coinbase Card, for spending on the go.

Beginner traders have more than enough features to make an educated purchase. However, if you’ve been in the space for a while, Coinbase has a pro exchange with more information than Binance. Just note that Coinbase has more expensive trading fees than most other exchanges. It’s a reliable platform, however, which is what you’re paying for.

Gemini

Gemini is a cryptocurrency exchange founded by the Winklevoss Twins of Facebook fame. The project is regulated by the New York Department of Financial Services. It’s often undergoing bank exams and audits as well. These regulations make it a great platform for trading gold-backed cryptocurrencies.

They’re the first crypto platform to hold the SOC 1 Type 2 and SOC 2 Type 2 compliance certificates as well. Gemini even offers hardware keys and insurance coverage for all assets stored on the platform.

Gemini offers various products such as its mobile app, a custody platform, an earn space, and even its own stablecoin. That stablecoin, the Gemini Dollar, is tied to the value of USD. It can be used to trade with gold-backed stablecoins, among other assets, similar to Binance’s BNB asset.

Otherwise, signing up on Gemini is relatively easy, though it does require you to verify your identity, among other things. If you’re looking for anonymity, this isn’t the platform for you. It does list a fair amount of gold-backed cryptocurrencies, however.

Finally, just like Binance and Coinbase, Gemini has its own offering of learning documents to educate yourself further on the cryptocurrency industry.

Where to buy Gold-Backed Cryptocurrencies in 2021

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Price analysis 4/21: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

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JPMorgan strategist Nikolaos Panigirtzoglou believes that if Bitcoin (BTC) does not break above $60,000 within the next few days, the momentum signals could weaken “for several months, given their still-elevated level.” 

Another bearish voice was that of Guggenheim chief investment officer Scott Minerd who said in an interview with CNBC on April 20 that Bitcoin looked frothy and was at risk of a correction to $20,000 to $30,000.

Minerd said that such a massive fall will be part of a normal market cycle and that will not alter his long-term target of $400,000 for Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

However, several analysts, including statistician Willy Woo, countered the bearish forecasts of technical traders with on-chain indicators. Woo pointed out that 14% of Bitcoin’s supply last moved above the $1 trillion market capitalization, hence this becomes a strong support and makes Bitcoin less likely to drop below $53,000.

A recent survey by Gemini crypto exchange showed that 13% of the respondents planned to invest in cryptocurrencies in 2021. Extrapolating the numbers to the U.S. population, Gemini said that 19.3 million adults may join the crypto bandwagon this year, which “would nearly double the current crypto investor population of 21.2 million adults.”

Let’s analyze the charts of the top-10 cryptocurrencies to spot the trends and then identify the paths of least resistance.

BTC/USDT

The bulls are buying the dips to the $54,000 level as seen from the long tail on the candlesticks of the past three days. However, the buyers have not been able to clear the hurdle at the 50-day simple moving average ($56,769), which has flipped to resistance.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($58,280) has started to turn down and the relative strength index (RSI) is trading below 43, indicating that the bears have a slight edge.

If the price turns down from the moving averages, it will increase the possibility of a break below $54,000. If that happens, the BTC/USDT pair could drop to $50,460. The bulls are likely to defend this level aggressively.

A strong rebound off $50,460 could keep the pair range-bound for a few days. However, if the bears sink the price below $50,460, the sentiment could sour and the pair may plummet to $43,006.77.

This negative view will invalidate if the bulls can drive the price above $60,000. Such a move will suggest that traders continue to buy at lower levels. A breakout of the all-time high at $64,849.27 could attract momentum traders, starting the next leg of the up-move.

ETH/USDT

Ether (ETH) strongly bounced off the $2,040.77 level on April 20, indicating aggressive buying by the bulls at lower levels. The successful retest of the breakout level at $2,040.77 is likely to attract further buying from short-term traders.

ETH/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the positive zone suggest that bulls are in control. If the bulls can propel the price above the all-time high at $2,545.84, the ETH/USDT pair could pick up momentum and rally toward the next target objective at $2,745 and then $3,000.

Contrary to this assumption, if the price turns down from the overhead resistance, then a few days of consolidation between $2,040.77 and $2,545.84 is possible. The advantage will tilt in favor of the bears if the pair slips and sustains below $1,900.

BNB/USDT

The failure of the bears to sustain Binance Coin (BNB) below the 20-day EMA ($476) on April 18 attracted buying on April 19. The momentum picked up further on April 20 and the bulls are now trying to thrust the price above the all-time high at $638.56 and resume the uptrend.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BNB on April 20 at 20:30 UTC, just as the relief rally was picking up strength.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs.BNB price. Source: Cointelegraph Markets Pro

The 7-day chart above shows the VORTECS™ Score for BNB flipped green on April 20 when the price was $527.05.

While the market was still contemplating the direction of the next move, the VORTECS™ Score picked up strength and BNB also followed higher, hitting $608.31 about 16-hours later.

BNB/USDT daily chart. Source: TradingView

If they succeed, the BNB/USDT pair could start its journey toward the next target objective at $832. The upsloping moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.

However, the bears are unlikely to give up easily. They will try to mount a stiff resistance in the $600 to $638.56 resistance zone. If the bulls do not cede much ground, it will enhance the prospects of a breakout of the resistance zone.

Conversely, if the price dips back below $520, then the bears may make one more attempt to break the 20-day EMA. A break below $428 could result in a deeper correction.

XRP/USDT

The bulls are aggressively attempting to defend the 20-day EMA ($1.26). This suggests the sentiment in XRP remains positive. The gradually upsloping moving averages and the RSI in the positive zone indicate a minor advantage to the bulls.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair may now rally to $1.56 where the bears are likely to again mount stiff resistance. If the price turns down from this resistance, the bears will make one more attempt to sink the price below the 20-day EMA.

If they succeed, the pair could extend its decline to the 61.8% Fibonacci retracement level at $1.10. Conversely, a break above $1.56 could put the bulls back in the driver’s seat.

DOGE/USDT

The bulls attempted to resume the uptrend in Dogecoin (DOGE) on April 19 but they could not clear the hurdle at the all-time high of $0.45. The price turned down sharply from $0.43, indicating that traders are booking profits on rallies.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair has formed an inside-day candlestick pattern today, suggesting indecision among the bulls and the bears. If the price turns down and breaks the $0.27 support, the pair could decline to the 20-day EMA ($0.19).

A strong rebound off the 20-day EMA will suggest that the bulls continue to buy at lower levels. However, after such a deep correction, the next leg of the uptrend could be delayed.

If the 20-day EMA support cracks, the selling could intensify as several traders who are stuck at higher levels may book their losses. The price could then drop to the 78.6% Fibonacci retracement level at $0.14.

ADA/USDT

Cardano (ADA) dipped below the 50-day SMA ($1.20) on April 20 but the bulls staged a swift recovery. This shows that the bulls continue to buy at lower levels. If the buyers push and sustain the price above the 20-day EMA ($1.27), a rally to $1.48 is possible.

ADA/USDT daily chart. Source: TradingView

On the other hand, if the price turns down from the 20-day EMA, the ADA/USDT pair could drop to the support of the range at $1.03.

The flat moving averages and the RSI near the midpoint suggest the pair could remain range-bound between $1.03 and $1.48 for a few more days.

The next trending move could start if the bulls drive the price above the $1.48 resistance or the bears sink the pair below the $1.03 support.

DOT/USDT

Polkadot (DOT) bounced off $31.55 on April 20 but the buyers are struggling to build upon the initial recovery today, indicating hesitation to buy at higher levels.

DOT/USDT daily chart. Source: TradingView

The downsloping 20-day EMA ($38.96) and the RSI in the negative territory indicate that the bears have the upper hand. If the price turns down from the moving averages, it will suggest that traders are selling on rallies.

That will increase the likelihood of a break below $31.55. If that happens, the decline could extend to $26.50.

This negative view will invalidate if the bulls push the price above the moving averages. Such a move will open the gates for a rally to $42.28 and then to the all-time high at $48.36.

UNI/USDT

The long tail on the candlesticks of the past three days shows strong accumulation by the bulls at lower levels. The buying picked up momentum today and the bulls are attempting to push and sustain Uniswap (UNI) above the $35.20 resistance.

UNI/USDT daily chart. Source: TradingView

If they manage to do that, the UNI/USDT pair could retest the all-time high at $39.60. A breakout of this resistance could signal the start of the next leg of the uptrend, which may reach $44.88 and then $50.

The 20-day EMA ($32.62) has started to turn up and the RSI has risen above 58, indicating advantage to the bulls.

This positive view will invalidate if the price turns down from the current level and slips below the 20-day EMA. Such a move could keep the pair range-bound for a few more days.

LTC/USDT

Litecoin (LTC) slipped below the 20-day EMA ($252) on April 20 but the bulls arrested the decline at $234.43. The long tail on the day’s candlestick suggests strong buying at lower levels. The buyers are currently attempting to sustain the price above the 38.2% Fibonacci retracement level at $270.12.

LTC/USDT daily chart. Source: TradingView

If they succeed, the LTC/USDT pair could rally to the 50% retracement level at $282.51 and then to the 61.8% retracement level at $294.91. The marginally rising 20-day EMA and the RSI above 58 suggest a slight advantage to the bulls.

On the contrary, if the price turns down from $270.12, it will suggest that the sentiment has turned negative and the bears are selling on rallies. That will increase the possibility of a drop to the 50-day SMA ($216).

BCH/USDT

The bulls have successfully defended the support at the 50% Fibonacci retracement level at $828.24. Bitcoin Cash (BCH) could now rally to $1,041.70 where the bears may again mount a stiff resistance.

BCH/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. If the bulls can drive the price above $1,041.70, the BCH/USDT pair could retest the 52-week high at $1,213.51.

Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA ($797), it will increase the likelihood of a deeper correction. The 61.8% Fibonacci retracement level at $737.31 may act as a support but if it cracks, the pair could drop to the 50-day SMA ($618).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 4/21: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

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