Goldman Sachs has revealed plans to enable its wealth management clients to invest in cryptocurrencies and other digital assets, following in the footsteps of Morgan Stanley. Mary Rich, the global head of digital assets for Goldman Sachs’ private wealth management division, told CNBC that the launch could take place in the second quarter of 2021.
The adoption of Aitcoin by two of the world’s preeminent investment banks is likely to push other banks to follow suit earlier rather than later. The arrival of new money from these legacy institutions’ clients may increase demand and push up prices even further.
In response to a question about the potential value of Bitcoin (BTC), Kraken CEO Jesse Powell told Bloomberg that one Bitcoin, which currently purchases a Tesla Model 3, will purchase a Lamborghini by the end of the year and a Bugatti by 2023.
Another optimistic voice was Galaxy Digital CEO Mike Novogratz, who claimed in an interview with CNBC that Bitcoin is “on an inevitable road to getting the same market cap, and then a higher market cap, than gold.”
However, not everyone believes Bitcoin is a good investment. Boris Schlossberg, BK Asset Management’s managing director of FX policy, told CNBC that Bitcoin was “very, very similar to maybe an intermediate-term top here.”
Let’s look at the maps of the top ten cryptocurrencies and see where the pattern is and where the direction of least resistance is.
Bitcoin has been sustaining above the descending channel since breaking out of it on March 29, which is a positive sign. However, the bears have not given up yet as they are aggressively defending the $60,000 level.
The price had dropped from $59,789 today, but a promising indication is that the bulls bought the dip and stopped the BTC/USDT pair from re-entering the channel. The bulls will now try to smash into the all-time record of $61,825.84.
If they are successful, the pair could resume its uptrend and continue its march northward towards the first target of $69,279 and then $79,566. The upward sloping moving averages show that the bulls have the upper hand.
However, over the last few days, the relative strength index (RSI) has shown a negative divergence. If the predictor deviates sharply from the downtrend line, the current uptrend may have to wait for a few days.
If the stock declines and breaks below the moving averages, the bullish perspective will be made invalid. In the other hand, if the RSI increases above the downtrend line, it indicates that momentum has increased, increasing the chances of a rally.
Ether (ETH) has been hammering on the symmetrical triangle’s resistance axis. A close convergence near a resistance raises the prospect of a break over it. The 20-day exponential moving average ($1,743) has risen, and the RSI is in the positive range, signalling a bullish advantage.
If buyers may push the price above the triangle, the ETH/USDT pair can retest its all-time peak. If the bulls overcome this obstacle, the pair could begin its rally towards the trend goal of $2,618.14.
The bears, on the other hand, are unlikely to give up quickly. They will put up a strong fight at $2,040.77. If the market falls from this overhead resistance but does not re-enter the triangle, it indicates that bulls are buying on dips. If this occurs, the pair has a fair chance of breaking through $2,040.77.
If the bulls are unable to keep the market above the triangle, it indicates that sellers are squaring up their bets at higher prices. This could keep the couple in a range for a few more days. If the price falls below the trendline, this is the first indication of weakness.
The bulls are trying to propel Binance Coin (BNB) above $315. Although the price turned down from the overhead resistance today, the long tail on the candlestick suggests the bulls are buying on every minor dip.
Both moving averages are sloping upward, and the RSI is in the positive region, meaning that the direction of least resistance is to the upside. If bulls would push the price beyond $315, the BNB/USDT pair will rise to $348.69.
A split and close above the all-time high could signal the beginning of the next leg of the uptrend, which could hit $430. This bullish outlook will be made null and void if the price falls from its current level and falls below the 20-day EMA ($265).
Cardano (ADA) has been sustaining above the 20-day EMA ($1.16) for the past few days but the bulls have not been able to push the price above $1.30. This suggests a lack of demand at higher levels.
The 20-day EMA has flattened out, and the RSI is just over the midpoint, indicating that supply and demand are in equilibrium. The bears will now attempt to lower the price below the moving averages.
If they do, the ADA/USDT pair could sink to the $1.03 support range. A break below this support indicates the beginning of a deeper correction to $0.80.
If the market bounces off the 20-day EMA and the bulls drive the price past $1.30, the pair could reach $1.48.
Polkadot (DOT) has broken through the moving averages today after a brief pause near the 20-day EMA ($34.35). This demonstrates a high degree of demand. Bulls will now aim to drive the market over the downtrend line.
If they are successful, the DOT/USDT pair can retest its all-time high of $42.28. If the momentum will overcome this resistance, the pair could enter the next leg of the uptrend, which could take it to $53.50.
If the price drop below the downtrend line, it means that bears are involved at higher levels. This could keep the couple in a range for a few more days. The bulls have a marginal edge thanks to the smooth moving averages and an RSI over 58.
XRP has once again deteriorated from above the $0.60 overhead resistance. However, the bulls have bought the dip to the 20-day EMA ($0.51), as indicated by the long tail on today’s candlestick.
The increasing moving averages and optimistic RSI show that the direction of least resistance is to the upside. The bulls will almost certainly make one more effort to lift the market beyond $0.60.
If they are successful, the price could rise to $0.65. This amount can serve as a strong hurdle, but if the bulls can drive the price above it, the XRP/USDT pair can gain momentum. This bullish outlook would be made null and void if the stock falls below the moving averages.
The recovery of Uniswap (UNI) from the 50-day simple moving average ($27.26) on March 26 has failed to cross the 20-day EMA ($29.12). This demonstrates a change in sentiment from purchase on dips to sell on rallies.
If the bears drive the price below the $25.50 support stage, the UNI/USDT pair may enter a corrective process, with the price dropping to $20 and then to $18.
The slightly downsloping 20-day EMA and the RSI just below the midpoint say that the bears have a slight advantage.
This pessimistic outlook would be made null and void if the price increases from its current level and surpasses the 20-day EMA. Such a switch could keep the pair inside the range for a few more days.
THETA dropped from $13.95 to $14.96 on March 29, suggesting that the bears are vigorously protecting the $14 to $14.96 resistance range. The bears will now threaten to sink the altcoin to the 20-day moving average ($10.27).
In an uptrend, bulls usually buy dips to the 20-day EMA because it provides an appealing risk-to-reward ratio. As a result, if the THETA/USDT pair bounces off this help with strength, it implies that momentum is still bullish and traders are buying on dips.
This could keep the pair trading in a narrow range between $10.35 and $14 for a few more days. In the other hand, if the bears push the market below the 20-day EMA, it would indicate a potential shift in sentiment. The pair could then fall to $8.88, the 50% Fibonacci retracement mark.
Litecoin’s (LTC) relief rally seems to have hit a wall at the 50-day SMA ($196) as the bulls have not been able to sustain the price above it. The bears will now try to sink the price to the trendline of the triangle.
If the market bounces off the trendline, it indicates that the bulls are already buying on dips. This could keep the LTC/USDT pair in the triangle for a few more days.
The flat moving averages and the RSI near the midpoint indicate a supply-demand equilibrium.
This impartial perspective would be made invalid until the price breaks above or below the triangle. This may be the beginning of a trending shift.
On March 29 and 30, Chainlink (LINK) broke above the 20-day EMA ($27.79), but was unable to ascend above the 50-day SMA ($29). While the price fell today, the bulls took advantage of the drop, as seen by the candlestick’s long tail.
The bulls through now attempt to drive the price beyond the 50-day SMA once more. If they succeed, the LINK/USDT pair could grow to $32. A split above this resistance indicates that the bulls have the upper hand.
In the other hand, if the price continues to fall from the 50-day SMA, a decline to $24 is possible. This is a significant help to watch because if it cracks, the pair would form a descending triangle pattern, which may suggest a trend reversal. Such a move could pave the way for a drop to $14.
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