Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 15
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 the HitBTC exchange.
The research arm of Binance believes that cryptocurrency markets have bottomed out, after studying data from 2014–2019. They also found that the total institutional holding in the crypto market was about 7% of total supply.
Endowments are making the most of the bear market in cryptocurrencies. In 2018, 94% of endowments allocated money to crypto related investments. Another positive is that they expect to retain and increase their investments in the future.
On the derivatives front, data from CME shows that institutional involvement in Bitcoin futures has decreased this past week. As of April 9, the total long positions held by institutional investors and asset managers declined by 11% and short positions by 30% over the previous week. Overall, the total number of open short positions were 4,177 and the open long positions were 3,267. The total short positions have increased between April 2 and 9, which shows that the aggressive bears are entering short positions at higher levels.
Co-founder and CEO of BitMEX Arthur Hayes wants to launch a cryptocurrency options platform to give the traders more tools to play with.
Bitcoin (BTC) has bounced off the support at $4,914.11 but lacks momentum. It has been grinding up for the past two days, which shows a lack of urgency among the bulls to push prices higher. However, both the moving averages are sloping up and the RSI is close to the overbought zone. This shows that the path of least resistance is to the upside.
If the slow northward march continues, the level to keep in mind is $5,404.82. If this level is scaled, the BTC/USD pair can rise to $5,900.
Our bullish view will be invalidated if the pair turns down from the current levels and plunges below the 20-day EMA. This will attract profit booking by the longs and initiation of short positions by the bears. Below the 20-day EMA, the fall can extend to the 50-day SMA. Therefore, traders can raise the stop loss on the remainingRead full story on Cointelegraph