Top news for this week:
Bitcoin Halving Searches on Google Hits All-Time Highs
Google trends has shown the highest number ever for the term “Bitcoin halving”. This likely indicates increasing interest from investors, however, searches for “Buy Bitcoin” have declined this month indicating the opposite.
Additionally, bitcoin addresses holding at least 1 BTC continue to rise and indicates accumulation by retail investors.
Tether Market Cap Soars $2B Since March — Biggest Monthly Inflow Ever
Tether (USDT) has been the most used stablecoin for a long time now. Its demand has grown by 2 billion USD since March 12 – the largest inflow in its history. This could be an indication of increasing buying pressure as the day of Bitcoin halving is closing in.
Other competitors such as USD Coin (USDC), Paxos Standard (PAX) and TrueUSD (TUSD) have gained market share as the overall market grew.
Viral Scams, Steem Bribes, and Zoom Hacks: Bad Crypto News of the Week
Several scandals were seen this week in the crypto space. Justin Sun has been accused of bribing, FBI warns crypto holders of corona-related scams as well as US court has ordered Craig Wright to provide documents proving ownership of over a million Bitcoins.
Meanwhile, John McAfee suggests buying peanut butter as he is uncertain what will happen to fiat and crypto.
Technical analysis of Crypto majors:
Bitcoin has a market cap of 132.5 billion USD and trades around 7,176 USD on Coinbase as the price looks to break above 7.2k as well as 50% Fib retracement levels.
Earlier this week the price found support around 6.5k USD after setting a slightly lower local low on smaller timeframes, however, setting a higher low when compared to the end of Match low around 5.8k USD.
Overall the recovery seems to be losing its momentum after breaking below the several week ascending tightening wedge. Therefore, currently, Bitcoin looks neutral and further price action is needed to determine any further direction.
Ethereum currently has a market cap of 20.4 billion and trades at 183.4 USD on Coinbase as it has reached 50% Fib retracement from the previous several week downswing in addition to breaking above 200 day moving average.
This was done after support was found around 150-155 USD previous minor resistance and also means that a clear higher low has been set.
Yesterday another local higher high was set, however, overall, the price also seems to be slowing down and we could potentially see another major retest of downside in the upcoming weeks.
Therefore, for now, it is best to stay neutral for ETH/USD.
Ripple currently has a market cap of 8.5 billion USD and is trading around 0.193 USD on Coinbase as it continues trading between 0.18 support and 0.2 USD resistance.
No higher local high has been made after a more than a week long pullback that set a higher low around 0.18 USD, indicating a lack of bullish momentum.
Therefore, XRP also needs to develop further price action to determine where the price is going next. Much will likely depend on the price action of Bitcoin.
Crypto of the week:
Cardano (ADA) currently has a market cap of 944.5 million and is trading around 0.036429USD/ 0.00000504 BTC on Binance.
It has been trading upwards against Bitcoin for several weeks and has established a trendline of support after a third touch around 475 satoshi earlier this week. Following this, the price made another higher high at 510 satoshi further indicating strength.
Therefore, a potential trade opportunity could be present this week as the price will likely retrace and retest previous resistance turned support around 490 satoshi as well as the ascending support trendline.
For now, however, the price has extended too far to consider a long position and the best option would be to wait for further price action in the form of retracement towards the previously mentioned levels.