Yesterday in US senate hearing, the U.S. Securities and Exchange Commission (SEC) made reference to cryptocurrencies and said that,
“These innovations have been a catalyst for change. Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.”
In addition, JP Morgan survey shows that the institutional demand towards bitcoin and altcoins are on the increase.
Payments Company Ripple is now undergoing a test for a new private version of the XRP Ledger which is precisely designed for issuing central bank digital currencies.
Ripple claims that the ledger will potentially be able to handle up to “hundreds of thousands” transactions per second. XRP holders hold their holdings tightly both in wallet and exchanges.
Bitcoin rallied by 8.76% to a high of $52,474.01, although briefly fell to a low of $50,109.35 due to the psychological level of $52,730.30.
This price level was a resistance built on 17th February and became a support on 22nd February. Although this support was broken on 23rd February.
Yesterday, bitcoin revisited this same sensitive price level. Logically, profit booking by traders was expected, which resulted to the sell-off of BTC to a low of $50,109.35 at the close of the daily session.
BTC uptrend remains valid from the 4-hour chart as candles printed higher highs and higher lows as support to continue the bullish momentum to the upside.
From market indicators, BTC price is making attempt to break above the ichimoku bearish cloud. The conversion line on the ichimoku, which acted as a support and more so, the RSI showed positive trend direction to the upside.
If a support at $50,138.56 is confirmed in the early hours of the Asian trading session in the day ahead, the bulls will need to break the range of $53,121.23.
If this scenario plays out, traders can open a long position $53,121.23 on retest for a probable first target of $55,818.00 and second target at $58,026.82 if the bullish momentum continues.
Yesterday, XRP opened the trading session at $0.43580 with a bullish hammer candle in the first four hour of the Asian trading session.
XRP closed the 4-hour candle above a support of $0.42859. This hammer candle was a bullish signal and more so, based on the fundamentals release of the innovation of XRP integration to CBDC, traders went on bullish bias towards the underlying crypto asset.
XRP rallied by 7.58% to a high of $0.46858, although it briefly fell to a broken resistance of $0.44589 to create a higher low market structure for a healthy uptrend.
The 9 EMA acted as a dynamic support and also in confluence with an horizontal support at $0.4456. The MACD histogram is momentary up ticked while the moving average crossover making attempt to push above the signal line at press time.
The bulls are faced with a minor resistance of $0.45938, which was previously a support on 24th February.
The bulls will need high volatility to break above this level. If the bulls succeed, traders can take long position for probable target of $0.50225 and $0.58687 in the day ahead.
SUSHI opened the trading with the bulls indecisive as the first 4-hour candle printed doji. Due to broader market support, the bulls pushed SUSHI price to an intraday high of $19.0983.
SUSHI price was rejected a minor broken support of 19.0983 which was created in previous session.
At the London session, SUSHI price printed an evening star which was a bearish signal. Traders liquidated their long position as the candle broke the 9 EMA which caused a fall to a low of $17.2989.The RSI down sloped to a low of 51mark in the neutral region.
If a double bottom is printed at $17.2989 in the first 4 hours of the next trading session, SUSHI will revisit $19.0983.
Traders will need patient for SUSHI to break above the recent resistance of $19.0983. If this scenario plays out, traders can take buy position for probable target of $20.6565.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Exchange by visiting www.zb.com.