Cryptocurrencies Shine Again: Gains and Technical Improvement for Cryptos

Bear Market Trend Weakens as Moving Averages Improve

Cryptocurrencies have enjoyed a week of sunshine among speculative buyers who are once again proclaiming their virtues. Bitcoin, Ripple, and Ethereum – among many others – have added significant value in the past week. The question now for traders is what will happen over the next week as important resistance is approached? Crypto assets have seen a steady bear trend the past four months, and while the last week of results has improved their ‘moving averages’ technically, cryptocurrencies will need to show another leg upwards to attract more buyers. In early February digital assets were able to reverse higher but were punched again by downward pressure a couple of weeks later.

Improving Short-Term Sentiment in Ethereum Sparks Significant Rise

Ethereum has gained nearly 150.00 U.S Dollars per coin in the last week, and as of this morning, its value is near the 640.00 juncture. Ether has enjoyed a break out higher after testing lows only two weeks ago. Important resistance via a mid-term chart for Ethereum appears to be the 730.00 U.S Dollars realm if Ether can topple that mark – it could then test values not seen since February. However, for traders who think the bear trend will resume, important support is visible around the 550.00 U.S Dollars level.

India Reserve Bank Taken to Court by Cryptocurrency Exchange

The Reserve Bank of India is being challenged in court regarding its crackdown on digital assets. Kali Digital, a cryptocurrency exchange, is petitioning for a reversal of the Reserve Bank of India’s restrictions on trading. The next hearing in the case will be on the 24^th of May. The petition filed by the attorneys for Kali Digital, claims the Reserve Bank of India does not have the right to limit trade in absolute terms. Meaning businesses should have a right to offer their services in India which allow digital assets to be traded and allows for the purchase of goods and services via cryptocurrencies.

Boston Blockchain Week Conference Starts Today                                                                             

The Boston Blockchain Week conference starts today and promises to include companies, researchers, students, and investors.

• April 23^rd – 27th, U.S, Boston Blockchain Week

Yaron Mazor is a senior analyst at SuperTraderTV.

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