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.