Crypto Market Strategy & Weekly Research – 26 Apr 2021

Posted on April 26, 2021 in Articles, Market Movements
Crypto Market Strategy & Weekly Research – 26 Apr 2021
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Total Crypto Market Capitalization

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The digital assets market took a hit and dropped by 20% whilst the smaller coins took a bigger hit of approximately 50% in the past week.

Total Crypto Market Capitalization (Excluding BTC)

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Total Crypto Market Capitalization (Dominance %)

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DeFi Index Perpetual Futures

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Crypto News

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Joe Biden, the President of the United States prepares to propose a tax management policy by raising the capital gains tax from 20% to 39.6% and could potentially go up to 43.4% for those who earn more than $ 1 million per year. In addition, the marginal income tax rate is being raised from 37% to 39.6% which will be proposed to Congress.

According to the American Family Plan, next step is to allocate the expenditure of basic utility projects and social spending which Joe Biden will release more details on April 28, 2021.

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During the past week, there was a news the Janet Yellen, Secretary of the Treasury will tax up to 80% for cryptocurrency trading!

This has turn out to be just an unreliable rumor from one random Twitter user with an unclear source of news, while Janet Yellen herself has not address about the issue at all.

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The US House of Representatives has proposed several bills in the council, including the bill of digital assets regulation, known as H.R. 1602.

This legislation will begin with establishing a digital asset working group for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Crypto Insight

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Crypto Compare

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Technical Signal Trading

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Bitcoin Strategy

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The price of BTC fell through the trendline from the false breakout. This is considered to be a negative sign according to technical analysis. The resistance and support lines are re-adjusted. 

Investors should be careful in regards to the lower frame of the zone at the long-term EMA bands at 44,000 as this could be the tipping point towards to downtrend.

Ethereum Strategy

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ETH experienced a false breakout such that many investors entered the market. However, our previous weekly report discussed that this is considered to be a negative sign according to technical analysis. 

From a technical point of view, ETH is still outperforming as opposed to Bitcoin. The overall market is weak. Thus, it is support line is re-adjusted to the bottom of the zone and the EMA Bands.

Ripple Strategy

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XRP dropped through 3 zones at a price decrease of 45%. Two support lines are set in place for consideration:
Support line 1: 0.9
Support line 2: 0.57

Additionally, there is a high chance for a candlestick reversal.

Litecoin Strategy

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The price of LTC fell by 35% from its peak in a short period of time which is not too much in comparison to the smaller coins. The long-term EMA bands and the bottom of the zone, and the 20 days lowest low value show 185 LTC/USD is our main focus for support line.

Gold Strategy

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The price of gold rebounded to hit the long-term EMA bands (Grey line) as predicted. Although it looked as if gold could rise above the zone, the performance can still be interpreted as a downtrend. If the price cannot rise above 1,770-1,790, it is important to focus on the bottom of the zone at 1,600. Where are the destinations for all these outflow of funds from crypto market? Investors are advised to keep a close eye on this.

Strategy from ZIPMEX

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However, Zipmex will not take any responsibilities for the above analyses. Investors must realize that every investment is at risk.

Please use your own judgement when investing.