Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, April 21

The market data is provided by the HitBTC exchange.

The Barclay Cryptocurrency Traders Index monitors the returns of the 19 funds that trade in virtual currencies. It has taken a beating this year and is down 43.1 percent year to date.

However, funds that are market makers and who trade in arbitrage strategies are having a field day, as some have gained 30 percent in the first quarter.

This shows that whatever the market condition, the traders can always develop a strategy to profit from it.

The miners are not that lucky. According to Morgan Stanley, the miners of Bitcoin will remain unprofitable if prices remain below $8,600.

The big problem is that no one knows how to evaluate the leading cryptocurrency. The targets range from $100 to $100,000 and higher, but when prices don’t fall even during bad news, it is usually a sign that the bottom is around the corner. We believe that most digital currencies have bottomed out, at least in the short-term.

BTC/USD
Bitcoin has finally broken out of the 50-day SMA after remaining range-bound for seven days. Though this is a bullish sign, we still don’t see a strong buying conviction, as the up move is lacking momentum. This shows that the market participants are cautious of this rally.

The next target on the upside is $9,400, where we suggest booking partial profits. Once this level is crossed, a move to $10,000 is possible.

If prices fail to hold above the 50-day SMA, it will be a bearish sign and prices can fall back to the first support level of $7,900. Therefore, we suggest the traders should keep the stops on the BTC/USD pair at breakeven.
Though the 50-day SMA is still falling, the 20-day EMA has turned up. A bullish crossover will provide further strength to the ETH/USD pair.

Though we are bullish, we have not suggested any trade on Ethereum. We will wait for a dip or a consolidation to enter fresh long positions.

BCH/USD
In our previous analysis, we had noticed that Bitcoin Cash doesn’t face resistance at the 50-day SMA and that is what happened. The price zoomed past the moving average on April 19 and touched our first target objective of $1,114.

Traders can book partial profits at the current levels and keep a trailing stop on the remaining position. If the bullish sentiment continues, the BCH/USD pair can rally to $1,300 and then to $1,600.

However, we need to caution the traders that the cryptocurrency has a history of vertical falls, so it’s better to protect the paper profits with a close stop loss.

We should never allow a profitable position to turn into a loss.

XRP/USD
We had recommended long positions in Ripple in our previous analysis. The digital currency easily crossed above our first target objective of $0.83 where we had proposed to book partial profits.

There is a minor resistance at $0.9, above which, the XRP/USD pair can rally to $1.08 levels. We like the way it has rallied over the past three days, which shows that the buyers are back. The moving averages are also close to a bullish crossover, which is another positive.

Traders can hold the remaining positions with a close stop loss.