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| Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets April 8, 2021 Sponsored by Bitcoin (BTC) +0.03% $56,799 Ether (ETH) -0.4% $2,000 (Price data as of April 8 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning. Here's what we're writing about: Market Moves: Indicator Suggests Bitcoin is Overdue For a Big Price MoveTechnician's Take: Bitcoin Drifts Lower; Support Around $54K-$55K Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Eric Piscini, IBM Watson Health Global VP of Blockchain Gil Luria, DA Davidson Director of Institutional Equity Research Philip Gradwell, Chainalysis Chief Economist
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: 0x (ZRX): +7.7% Kyber Network (KNC): +7.0%Orchid (OXT): +6.6%
OMG Network (OMG): -2.2% Cardano (ADA): -0.8% EOS (EOS): -0.7%
The CoinDesk 20 filters from the larger universe of thousands of cryptocurrencies and digital assets to define a core group of 20. These assets constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
Market Moves by Omkar Godbole Indicator Suggests Bitcoin is Overdue For a Big Price Move
A popular price-chart indicator known as the Bollinger bandwidth suggests the bitcoin could soon chart a big move – up or down.
The leading cryptocurrency has spent a better part of the last three weeks trading in the range of $50,000 to $60,000. The consolidation has worsened of late, with bitcoin bulls unwilling to lead the price action above $60,000 and bears struggling to force a break below $55,000.
Due to the persistent lack of clear directional bias, the Bollinger bandwidth, a price volatility gauge, has declined to a four-month low of 0.15. Bitcoin (BTC) witnessed big moves during the 2017 bull run each time the bandwidth fell to 0.15.
The indicator is calculated by dividing the spread between the Bollinger bands by the 20-day average of the cryptocurrency’s price. Bollinger bands are volatility lines placed two standard deviations above and below the 20-day average of price. Bitcoin's daily chart, 2017 (Source: TradingView) The metric dropped to around 0.15 in February, April, and late October 2017, just before price rallies. A similar reading in March, July, and September paved the way for market corrections.
The data tells us that the impending volatility explosion is agnostic to price direction – the big move can happen on either side. Bitcoin's daily chart, 2020-2021 (Source: TradingView)
Bitcoin’s ongoing range play looks quite similar to the early December consolidation below $20,000, which ended with breakout following the Bollinger bandwidth fell to 0.15.
While the seasonality for April is biased bullish, some analysts say the market looks overstretched. “Everyone who’s been in crypto for a while can recognize that things have been getting absolutely ridiculous on every level,” trader and analyst Alex Kruger tweeted on Wednesday.
Therefore, the impending big move could be bearish in nature.
Read the original story here: This Indicator Suggests Bitcoin is Overdue For a Big Price Move
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Technician's Take by Damanick Dantes Bitcoin Drifts Lower; Support Around $54K-$55K Bitcoin (BTC) is trading lower as oversold moves on the hourly chart have been limited to the 50-period volume weighted moving average. Buyers have continued to take profit after another failed attempt to move beyond $60,000 on April 1. Hourly BTC chart shows support and resistance zones and the relative strength index (Source: TradingView) BTC remains rangebound with lower support between $54,0000 and $55,000. Currently around $56,700.Buyers will need to defend support to maintain the uptrend on the daily chart, which continues to show slowing upside momentum. Technical signals are broadly neutral over the short-term and will require a decisive breakout above $60,000 or below $50,000 to derive price targets. For now, buyers and sellers are in a stalemate, responding well to intraday support and resistance levels. On the hourly chart, BTC has retraced about 50% of its rally from March 25 and is down about 5% month-to-date. Original story found here: Bitcoin Drifts Lower; Support Around $54K-$55K
A message from FBG Capital FBG is a leading digital asset manager and investment firm focused on blockchain and cryptocurrency. Founded in 2017, FBG has supported hundreds of innovative global blockchain projects and is one of the largest liquidity providers on major Crypto exchanges in Asia/World.
BOLO Be on the look out for these upcoming events: 12:30 UTC (8:30 a.m. ET): U.S. initial jobless claims (week ending April 3). Forecast is for 694,000.16:00 UTC (12:00 p.m. ET): Federal Reserve Chair Jerome Powell speaks at the International Monetary Fund Debate on the Global Economy Watch Live.
ICYMI In case you missed it, here's yesterday's episode of "First Mover" on CoinDesk TV:
Ripple CTO on XRP, Crypto Pullback, Buying Real Estate with BTC Ripple Chief Technology Officer David Schwartz joins "First Mover" to discuss XRP and what Ripple's tech side is doing while its lawyers fight an SEC suit. Also, crypto markets analysis with Katie Stockton of Fairlead Strategies. Plus, buying real estate with bitcoin: a Chicago commercial building owner and his bitcoin consultant explain the process.
Latest Headlines Caruso Properties to Accept Bitcoin for Rent, Allocates 1% of Treasury to Asset The move makes Caruso the largest real estate manager to accept bitcoin for payment. Ripple CTO: ‘All the Evidence’ Suggests XRP and Bitcoin Are Similar, Contrary to SEC David Schwartz also suggested rumors of a Coinbase relisting of XRP could account for the crypto’s recent rally. PayPal Co-Founder, Bitcoin Investor Thiel Says Bitcoin Could Be Chinese ‘Weapon’ With bitcoin back in the spotlight, so too are old fears that China may be at the reins. Wyoming’s New Online Sports Betting Law OKs Crypto Wagers Pro-blockchain lawmakers in the state have made cryptocurrency inclusion a natural feature of their legislative agenda. Someone appears to have gone to odd lengths to impersonate digital asset manager Grayscale Investments, possibly in an effort to drive up the prices of two lesser-known cryptocurrencies.
Ziglu Offers UK Users 5% Interest on Bitcoin Investments Interest equivalent to an annual rate of 5% will be paid to users’ accounts on a weekly basis. State Street to Start Trading Crypto on Platform It’s Helping Build The plan is to transpose FX infrastructure to the crypto space via a bank-led consortium. Crypto Mining Firm Hut 8 Seeks $396M Raise in Latest Offering The securities offering is expected to take place on the Toronto Stock Exchange.
Fowler, Accused of Crypto Fraud, Gets a New Lawyer After Failing to Pay His Old Ones The embattled former National Football League investor reportedly failed to pay his former lawyers leading to a motion to withdraw as his legal counsel.
A message from CoinDesk Investor Momentum to NFT Boom: CoinDesk Research's Quarterly Review
Introducing CoinDesk Research's quarterly review, covering the main developments over the first three months of 2021 in Bitcoin, Ethereum, DeFi, stablecoins and – of course – NFTs.
The report presents over 100 insights on how retail investors are picking up market momentum, how Ethereum activity is not being driven by NFTs as much as one might think, how stablecoins have responded to increased activity, how DeFi is for now the realm of decentralized exchanges and more.
Download the CoinDesk Quarterly Review, First Quarter 2021.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is.
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