20 April chart overview for Bitcoin and Ethereum
Bitcoin continues its bullish campaign that began on Monday. At this point, the price has climbed to the $ 42,000 level, moving above yesterday’s high of $ 41,634.
Ethereum’s price formed a new high this week, climbing to 3170 dollars.
A new class of cryptocurrencies that enjoys risk surpasses the broader market paralyzed by war and inflation.
For many, the meaning of crypto commerce is nothing but the exchange of digital coins.
Bitcoin chart analysis
Bitcoin continues its bullish campaign that began on Monday. At this point, the price has climbed to the $ 42,000 level, moving above yesterday’s high of $ 41,634. During the Asian session and in the first part of the European one, the price was around 41,500 dollars in consolidation. In the last two hours, we had a strong bullish impulse that pushed the price to the current level. Our next target is the $ 42,420 level, and a potential higher resistance can expect us at the $ 43,363 level from April 10. We need a new negative consolidation and withdrawal of the price below the $ 41,500 support zone for the bearish option. The following support is in the zone of around 41,000 dollars, where we find the MA50 moving average. The MA200 is in the $ 40,500 price zone. If the bearish pressure continues even then, we will test the $ 40,000 psychological level and maybe go down to this week’s minimum at the $ 38,800 level.
Ethereum chart analysis
Ethereum’s price formed a new high this week, climbing to 3170 dollars. We now have less consolidation after the previous bullish impulse. We can set a growing channel on the chart, which can further help us follow the trend. If the bullish momentum continues, our next target is the $ 3,200 level, where we were at the beginning of last week. For buyers, the level of $ 3,300 is very important, our previous high, and if the price fails to rise above this level, we will see a new bearish pullback and maybe a new lower low. We need a price drop below the lower support line and below the $ 3050 level for the bearish option. Additional support at that level is in the MA50 and MA200 moving portions. A break below would lower us to a $ 3,000 psychological level, and there would be increased bearish pressure. This week’s minimum is $ 2,880.
New variants of stable coins
A new class of cryptocurrencies that enjoys risk surpasses the broader market paralyzed by war and inflation. Gold-backed coins are newer variants of “stable coins”, which are usually pegged to the dollar to tame volatility. The biggest, Pak Gold or PAKSG, jumped 7.4% in 2022, while main rival Tether Gold jumped 8.5%.
In contrast, bitcoin lost over 13 % and ether by 20 %. “One of the main concerns that many people who have just started using cryptocurrencies is that it is not supported by anything,” said Everett Milman, chief market analyst at Gainesville Coins.
The encroachment on gold, traditional protection against geopolitical upheavals and inflation, is not surprising. However, the demand for gold-protected cryptocurrencies is new.
Advantages of using cryptocurrencies
For many, the meaning of crypto commerce is nothing but the exchange of digital coins. However, there must always be a proper way to do this. You need a specific place to exchange these digital assets. There are always specific places where you can buy and sell them, and there is also a specific place to dispose of them. If you want to store cryptocurrencies for a long time, you need to find the best storage location. It would be nothing more than a wallet for cryptocurrencies. However, to constantly trade cryptocurrency, you need to obtain a crypto wallet that is available with the cryptocurrency itself.
All you need to understand about digital tokens like bitcoin is that they are available in every nation. This is because today, people are moving towards highly advanced technology. With the advancement of technology, people are facing problems with old technological things. These things are outdated, so people are moving to something new. To find a better option in the market, people are switching to investment options such as cryptocurrencies. So, companies have to provide their services globally, and BTC is the leader in this department.