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Crypto Week Ahead: Apr 05- Apr 11

Market Summary Apr 5 - Apr 11 2021

Last Week Recap

Bitcoin managed to find its footing around the $55,000 level, ranging from that low point to $60,000. Our view on Filecoin was pretty spot on which saw the latter’s price skyrocketing to hit about $230. BNB continues to show strong price movement and bullish signal as well.

For this coming week:

  • Bitcoin’s near term resistance of $60,000 remains intact. Note support at $54,800.
  • Good quality projects should continue to see upside like LINK, FIL, ADA, UNI, BNB and DOT
  • Ethereum’s price action looks healthy with support at $2,000 and resistance at $2,100
  • Traders are looking for the next big news for a reason to push crypto above their resistance line
  • US SEC review of VanEck’s Bitcoin ETF filing has started. Any positive signal will result in a very bullish crypto market and will easily push Bitcoin above near term resistance lines
  • Near term event milestone would be the Coinbase direct listing on NASDAQ. That would create a proxy for regulated investment funds to participate in the crypto industry. We remain bullish on this development
  • UNISWAP v3 is launching soon on May 5, 2021 and will be packed with a host of nice features. This should give a shot up for UNI prices leading up to the launch

As usual, trade with care. Trade with what you can afford to lose.

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