According to a recent JPMorgan research note, Institutional investors have withdrawn around $ 20 billion of their gold investments since mid-October and over the same time period, institutional inflows into Bitcoin (BTC) have increased by $ 7 billion.
The bank said that “any displacement of gold as an ‘alternative’ currency implies a great long-term advantage for Bitcoin.”
JPMorgan believes that Bitcoin’s declining volatility could increase adoption by institutional investors. If that happens, the value of private investments in Bitcoin may mirror that of gold and this gives Bitcoin a long-term bullish target of $ 130,000, the bank added.
In other news, billionaire investor Mark Cuban said that his cryptocurrency wallet consists of 30% Ether (ETH) because he believes it is the closest thing to being a true currency. Cuban said that the rest of his cryptocurrency wallet consists of 60% Bitcoin and 10% other crypto investments.
The CEO of CryptoQuant, Ki Young Ju recently highlighted that 400,000 Ether had left Coinbase, a sign that institutional investors may have started hoarding the important altcoin.
Increased adoption of cryptocurrencies by financial institutions and legacy investors is a positive sign, but will this news stream act as a driver and drive up the price of the top 10 cryptocurrencies?
Let’s analyze the graphs to find out.
BTC / USDT
Bitcoin formed a Doji candlestick pattern on March 31 and April 1, suggesting indecision between the bulls and the bears. However, the positive sign is that the bulls have not given up much ground. The bulls are again trying to push the price above the $ 60,000 resistance.
A strong break above the $ 60,000 to $ 61,825.84 overhead resistance zone will suggest that the bulls are back in the driver’s seat. That could signal the start of the next stage of the uptrend, which is targeting $ 69,279 and then $ 79,566.
Traders can keep an eye on the Relative Strength Index because a breakout above the downtrend line will indicate a pickup in momentum.
Contrary to this assumption, If the price reverts back from the upper resistance zone, the BTC / USDT pair could fall to the 50-day SMA ($ 53.362). A break below this critical support could attract short-term traders’ profit reserve and that could lower the price to $ 50,460.02 and then to $ 43,006.77.
ETH / USDT
Ether broke out of the symmetrical triangle on March 31 and has continued its upward journey. Today, The bulls have pushed the largest altcoin above the all-time high of $ 2,040.77.
The 20-day exponential moving average ($ 1,798) has turned higher and the RSI is close to the overbought territory, indicating an advantage for the bulls.
If buyers can sustain the price above $ 2,040.77, the ETH / USDT pair could begin the next stage of the upward movement. The target pattern of the triangle breakout is $ 2,618.14.
Contrary to this assumption, If the price falls from the current level, a drop to the 20-day exponential moving average (EMA) is possible. A strong bounce will indicate strength and the bulls will again try to resume the uptrend.
This bullish view will be invalidated if the bears sink the price below the trend line. Such a move could lower the price to $ 1,289.
After some hesitation on March 31, Binance Coin (BNB) broke through the resistance of $ 315 on April 1 and has followed it with a break above the all-time high of $ 348.69 today. SIf the bulls can sustain the breakout, the altcoin could rally to $ 400 and then $ 430.
The rising moving averages and the RSI in the overbought territory suggest that the bulls are in command.
Nevertheless, If the bulls do not defend the price above $ 348.69, the BNB / USDT pair could fall to $ 315. If the bulls can turn this level into support, the possibility of the uptrend resuming will increase.
This bullish view will be invalidated if the pair turns down and breaks below the moving averages. Such a move will suggest that the current breakout was a bullish trap.
ADA / USDT
Cardano (ADA) has been stuck in a tight range for the past few days, but the positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($ 1.17).. This suggests a lack of purchase, but does not show an urgency among traders to ditch their positions.
The bulls can now try to push the price above $ 1.30. If they are successful, the ADA / USDT pair could rally to $ 1.48. This is an important resistance because the price was down on February 27 and March 18.
If that happens once again, the pair could extend its stay within the range for a few more days. Nevertheless, If the bulls push the price above $ 1.48, the pair could resume its uptrend which may hit $ 2. This bullish view will be invalidated on a breakout and close below $ 1.03.
DOT / USDT
Polkadot (DOT) had turned down from the downtrend line on April 1, but the bulls did not give up much ground. This shows that traders did not close their positions in a hurry. Buyers have pushed the price above the downtrend line today.
The 20-day EMA ($ 35.06) has started to appear and the RSI is in the positive zone, indicating an advantage for the bulls. If buyers can sustain the price above the downtrend line, the DOT / USDT pair could challenge the all-time high of $ 42.28.
A breakout and close above $ 42.28 could resume the uptrend with the next possible move to $ 53.50. This bullish view will be invalidated if the price falls below the current level or the all-time high and falls below the moving averages. That could bring the price down to $ 26.50.
XRP / USDT
After wavering near $ 0.60 for the past few days, the bulls are attempting to propel XRP to the overhead resistance of $ 0.65. This level is likely to act as a strong resistance because the price has dropped five times before.
However, the rise of the 20-day EMA ($ 0.53) and the RSI above 65 suggest that the path of least resistance is to the upside. If the bulls can push and hold the price above $ 0.65, the XRP / USDT pair could rally to $ 0.78 and then $ 1.
This bullish view will be invalidated if the price turns down and breaks below the moving averages. Such a move will indicate that traders are selling in rallies. That could keep the pair in the range of $ 0.42 to $ 0.65 for a few more days.
UNI / USDT
Uniswap (UNI) has been stuck between both moving averages for the last few days. The bears were unable to sink and hold the price below the 50-day SMA ($ 27.59) on March 31 and the bulls were unable to hold the price above the 20-day EMA ($ 29.13) on April 1.
The 20-day flat EMA and the RSI just above the midpoint suggest a balance between supply and demand.
This neutral view could lean in favor of the bulls if they push and hold the price above $ 30.31 today. If that happens, the UNI / USDT pair could start to move towards the overhead resistance of $ 35.20.
On the other hand, If the price turns down and breaks below $ 25.50, the pair could witness increased selling pressure, which may push the price down to $ 18.
Litecoin (LTC) rallied sharply from its intraday low on March 31 and broke the 50-day SMA ($ 197) on April 1. The bulls will now try to push the price above the resistance line of the symmetrical triangle.
If they manage to do that, the LTC / USDT pair could rally to $ 230 and then $ 246.96. The target pattern of the triangle breakout is $ 307.42. However, the slightly rising 20-day EMA ($ 193) and the RSI at the downtrend line suggest weak bullish momentum.
If the price falls from the resistance line, the pair can extend its stay within the triangle for a few more days. The bears will gain the upper hand on a breakout below the triangle’s trend line.
LINK / USDT
Chainlink (LINK) reversed course from $ 26.18 on March 31 and rose above the downtrend line of the descending triangle. This move invalidates the bearish setup and the bulls will attempt to propel the price above the overhead resistance at $ 32.
If they are successful, The LINK / USDT pair could start its march towards the all-time high at $ 36.93. The 20-day EMA ($ 28.45) has started to appear and the RSI has risen above 59, indicating a small advantage for the bulls.
However, if the bulls fail to propel the price above $ 32, then the pair could fall to the moving averages. If the price bounces off the moving averages, it will indicate that traders are buying on minor dips. The bulls will make one more attempt to push the price above $ 32.
Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the moving averages, then the pair could remain trapped within the $ 24- $ 32 range for a few more days.
THETA is currently within a range in an uptrend. The price action of the last few days has formed a symmetrical triangle, which generally acts as a continuation pattern.
Both moving averages are rising and the RSI is at 63, indicating that the path of least resistance is to the upside.
If the bulls can push the price above the triangle, the THETA / USDT pair could rise to the all-time high at $ 14.96 and then to the pattern’s target of $ 17.85.
This bullish view will be invalidated if the price turns down and breaks below the triangle. Such a move will increase the possibility of a break below the critical support at $ 10.35, indicating a deeper correction.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.
Market data is provided by the HitBTC exchange.