Nigeria installs first BTC ATM, Novogratz confirms bullish stance, crypto market records gains — BTC, ETH, LTC Price Analysis, 6 Apr, 2020
By Bitvalex on The Capital
Last week, Blockstale BM, a Bitcoin startup in Nigeria, installed the first BTC Automated Teller Machine (ATM) in the country. Now a large number of individuals will have the chance to buy cryptocurrency with cash in Nigeria without the involvement of any third party.
Along with Nigeria, according to CoinATMRadar.com, seven other African countries host cryptocurrency ATMs as well — South Africa, Botswana, Ghana, Zimbabwe, Kenya, Uganda, and Djibouti.
As cryptocurrency infrastructure is slowly, but steadily becoming more accessible to the average person, some crypto enthusiasts are expressing optimism about the foreseeable future of the crypto industry. For instance, on April 2nd, in an interview with CNBC’s Closing Bell, Galaxy Digital CEO Mike Novogratz once again confirmed his bullish stance on Bitcoin. In his view, BTC may hit $20,000 by the end of the year, because of the growing number of new entrants to the crypto market.
For the past 24 hours, the crypto market has recorded some decent gains. At the time of writing, according to Coin360.com, one Bitcoin costs €6,538.91 (+4.11%), one Ethereum — €139.11 (+5.13%), and one Litecoin — €38.76 (+3.03%):
Now let’s take a quick look at the price charts of the three cryptocurrencies against the euro.
In the 1-week time frame (1W), BTC/EUR is hovering near the 38.2 Fibonacci retracement level (or €6,290.47):
Last week, BTC/EUR formed a bullish candlestick, which has a local high above the local high of the previous candlestick. Thus, there is already a slight, bullish signal indicating that buyers are slowly gaining traction.
In the most bullish scenario, the price of Bitcoin may reach the 50.0 Fibonacci retracement level (or €7,394.15). For this to happen, Bitcoin would need to break through the resistance of the 38.2 Fibonacci retracement level (or €6,290.47).
On the 1-month chart (M), in March ETH/EUR formed a “Bearish engulfing” pattern:
According to the technical analysis theory, a “Bearish engulfing” is interpreted as a solid sell signal. However, we would like to point out that the closing price for March remained above the opening price for January.
Therefore, in our view, this “Bearish engulfing” is not reliable enough and it is highly probable that the price of Ethereum will bounce back.
The price of Litecoin was relatively stable over the past couple of weeks. Right now, in the 1-day chart (1D), LTC/EUR is within the range (€32.50 — €38.50) of the previous local low:
What is interesting is that, at the moment, the price chart of LTC/EUR is trying to cross the 30-day moving average (MA). If this happens, it will be viewed as a bullish signal.
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Originally published at https://bitvalex.com.
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