Following in the footsteps of Morgan Stanley, Goldman Sachs announced plans to allow its asset management clients to trade cryptocurrencies and other digital assets. In an interview with CNBC, Mary Rich, global head of digital assets in Goldman Sachs’ private asset management division, said the offering could happen sometime in the second quarter of 2021.

The adoption of Bitcoin by two of the world’s largest investment banks is likely to force other banks to ditch the cryptocurrency sooner rather than later. The arrival of new money from clients of these old establishments can increase demand and raise prices.

In response to a question about the future value of Bitcoin (BTC), Kraken CEO Jesse Powell told Bloomberg that Bitcoin, which is currently buying the Tesla Model 3, will buy Lamborghini by the end of the year and Bugatti by 2023.

Another optimistic voice was Galaxy Digital CEO Mike Novogratz, who told CNBC that Bitcoin is “inevitably on the way to having the same market value and then a higher market value as gold.”

However, not everyone is optimistic about Bitcoin. Boris Schlossberg, CEO of FX Strategy at BK Asset Management, told CNBC that Bitcoin is “very, very close to the middle peak here.”

Let’s analyze the charts of 10 digital currencies to determine the trend and the path to the lowest resistance.

BTC / USDT
Bitcoin has kept the channel down since it was breached on March 29th, which is a positive sign. However, the bears are yet to give up, as they are defending aggressively over the $ 60,000 level.

The price is down from $ 59,789 today, but an encouraging sign is that the bulls have bought the bearish and prevented the BTC / USDT pair from re-entering the channel. Now the bulls will make another attempt to rise above the all-time high of $ 61,825.84.

If they succeed, the pair can resume the trend and start walking north towards the first target of $ 69,279, then $ 79,566. The increasing moving averages indicate that the Bulls have gained the upper hand.

However, the Relative Strength Index (RSI) has shown negative divergence in recent days. If the indicator falls sharply from the downtrend, this indicates that the new trend may have to wait a few days.

The bullish forecast will be canceled if the price dips and falls below the moving average. Conversely, if the RSI rises above the downtrend line, this indicates stronger momentum, which improves the growth outlook.

ETH / USDT
The ether (ETH) collided with the symmetrical triangle resistance line. A seal near the resistor increases the potential for breakage. A 20-day exponential moving average ($ 1,743) and the RSI indicator is in positive territory, indicating a bullish advantage.

If buyers can control price through the triangle, the ETH / USDT pair could be testing all the time. If the bulls remove this hurdle, the pair may start rising against the pattern’s target of $ 2,618.14.

However, bears are unlikely to give up so easily. They will place strong resistance at $ 2040.77. If the price falls from this upper resistance, but does not enter the triangle anymore, that would indicate the bulls are buying in the fall. If this happens, the pair might have a good chance of a breakout above $ 2040.77.

On the other hand, if the bulls fail to keep the price above the triangle, this means that traders are squaring their positions at higher levels. This can keep steam on hand for a few more days. The first sign of weakness will be a drop in the price below the trend line.

BNB / USDT
The bulls are trying to raise Binance (BNB) above $ 315. Even though the price has fallen from uptrend resistance today, the long tail of the candle indicates that the bulls are buying on every smaller dip.

Both moving averages are sloping up, and the RSI is in positive territory, indicating that the path of least resistance is pointing up. If the bulls can run the price above $ 315, the BNB / USDT pair could accumulate to $ 348.69.

A breakout and approaching all-time high could initiate the next phase of the uptrend, which could be as high as $ 430. This bullish sentiment will be invalid if the price falls below the current level and falls below the 20-day moving average ($ 265)).

Source: CoinTelegraph

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