Institutional investors believe that clearer rules and better infrastructure for trading, reporting and custody services will increase their participation in the cryptocurrency market, according to a survey conducted by cryptocurrency insurer Evertas.
About a quarter of respondents expect pension funds, government wealth funds, insurance companies and family offices to be more involved in digital assets. The survey also showed that 32% of respondents expect hedge funds to significantly increase their holdings of cryptocurrencies.
The approval of the world’s first cryptocurrency ETF on the Bermuda Stock Exchange is a positive step that is likely to encourage many institutional investors to expand their access to cryptocurrencies. The ETF is a partnership between Nasdaq and the Brazilian fund manager Hashdex and is expected to trade on BSX by the end of 2020.
After the bear market in 2018, even a small fall in Bitcoin (BTC) investor sentiment makes a downward trend, as many immediately fear a sharp fall in the cards.
However, the analysis provider Santiment has found that cryptocurrencies tend to recover sharply when uncertainty and fear increase.
As the bitcoin price remains below the $ 11,000 level, traders will want to know if the current technical forecast supports a rebound or further decline.
Let’s analyze the top 10 cryptocurrency charts to find out.
Bitcoin / US dollars
On September 22, Bitcoin formed an internal daily candlestick pattern, indicating fluctuations among bulls and bears. If the bulls manage to push the price above $ 10,625, the recovery can be extended to the 50-day simple moving average to $ 11,117.
If the bulls can push the price above the 50-day moving average and downward line, recovery is likely to pick up speed and reach recent highs of $ 12,460. A breach of this resistance will increase the likelihood of a resumption of the trend.
However, if the BTC / USD pair falls from $ 10,625 or the 50-day simple moving average, the Bears will again try to push the price below the $ 9835 support. If successful, the decline could extend to the 200-day simple moving average ($ 9,204).
The 50-day simple moving average is gradually declining, while the 200-day simple moving average is rising slowly. This indicates a balance between supply and demand and indicates a few days of limited work between moving averages.
A breach of one of the two moving averages will be a significant event that could trigger a trend movement.
ETH / USD
After a steep fall on September 21, the bulls are trying to stop the fall and start an Ethereum (ETH) rally. However, the small daily light on 22 September shows no activity among the bulls.
If the ETH / USD does not break through the downward line in the next few days, it is likely that the bears will intensify sales. An RSI indicator in negative territory indicates that this feature is present with bears.
If the pair falls from current levels or down the line and breaks below the support of $ 308,392, the decline could extend to the 200-day simple moving average ($ 255).
On the contrary, if the bulls can push the price above the downward line, this will be the first sign of strength. A break of the 50-day moving average ($ 389) will signal the end of the correction and test the latest highs of $ 488,134.
XRP / US Dollar
XRP (UTC) closed below $ 0.235688 on September 21, and the Bears have prevented bulls from returning to that level since then. Now the Bears will try to pull the price below $ 0.2290 and resume the downturn.
If successful, the XRP / USD pair may fall to the 200-day simple moving average ($ 0.214). The bulls will try to aggressively defend this level, because if the price stays below the 200-day simple moving average, it seems as tough resistance as we saw between March and July this year (marked with ellipses on the chart).
The first sign of strength will be a breakout and close (UTC) over the downward line. This will increase the likelihood of crossing over to the 50-day simple moving average ($ 0.269), which may serve as resistance. However, if buyers manage to push the price above this resistance, the bullish momentum is likely to increase.