Bitcoin (BTC) Long-term Price Analysis – April 21

  • BTCUSD price value has continued to push around in range spots located at $5,500 and $5,000 marks.
  • A short fake spike may occur at the $5,500 mark to cause bulls' trap for a while in the market.

BTCUSD Long-term Trend – Ranging

  • Distribution territories: $6,500, $7,000, $7,500
  • Accumulation territories: $3,500, $3,000, $2,500

Bitcoin market valuation hasn’t been able to move strongly in the market as well as its counter currency i.e. the US dollar. Therefore, the cryptocurrency’s price value has continued to push around in range spots located at $5,500 and $5,000 marks.

Bitcoin, BTCUSDBitcoin Chart by TradingView

Since April 17, the crypto-market has been making very weak moves a bit over the trend-line of the 14-day SMA closely towards the $5,500 upper range point. The 50-day SMA is situated near below $4,500 market point. The Stochastic Oscillators are found very close to range 60. And, they now consolidate around it to depict that the market is still much in a range trending-mote. The pair’s upper range point at $5,500 may be serving as the market rejection area which needs to be breached northwards out rightly to attest to the bulls’ movement in the market. On theother hand, a short fake spike could occur at that price point, and that could as well cause a notable fall downwards out of the range zones.

 

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Tim Draper Reveals He Owns Cryptocurrencies Other Than Bitcoin

Michael LaVere
  • American venture capitalist Tim Draper revealed owning more crypto-assets than just bitcoin.
  • Draper expects the value of bitcoin to increase as a result of the Federal Reserve's money-printing tactics. 

American venture capitalist and bitcoin bull Tim Draper claims to own “a lot of other cryptocurrencies” in addition to BTC. 

Speaking in a recent interview with British entrepreneur Rob Moore, Draper claimed that his diversified portfolio in crypto-assets had led to him being “surprisingly up” despite the economic impact of the coronavirus. 

He said, 

You know, when I played Monopoly, I never showed anybody how much money I had so so that you're not gonna get an up or down.

Draper also criticized the U.S. Federal Reserve’s money-printing response to the COVID-19 pandemic, which he said would lead to the dollar crashing in value. He claimed the impact of the falling dollar would drive more value into bitcoin. 

He said, 

There are only 21 million of them and they are going to be more and more valuable as you see governments have less and less.

Draper continued, saying his experience working as a venture capitalist and interviewing entrepreneurs has given him a “pretty good view” of what the future is going to look like. He expects governments to move towards decentralization in a competition for their own citizens. 

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