Ethereum (ETH) has been performing quite well for the last 4 days. It is now on a steady rise above the 21-day moving average. Interestingly, the price is moving up faster than the historic averages such as the 100-day and the 200-day moving average. This is an indicator that there is a strong, and growing bullish sentiment in Ethereum at this point. In essence, for someone looking to day-trade Ethereum (ETH) a long-entry has the best risk/reward potential. The best level to make such a trade is at around $250.
That’s because Ethereum has now formed what looks like a double-top at $245, and there is a risk of a retracement. As such waiting it out until there is a clear break above this level, significantly reduces that risk. If in the day Ethereum breaks above $250 that would be a clear confirmation to go long with a target of $319, which is a key resistance level in the day chart. On the flip side, if there is a drop below the day’s low of $237, it would be prudent to go short with a target of $226. That’s a key support level where Ethereum could range, or reverse, in case of a drop in price in the course of the day.
IOTA (MIOTA) looks strongly bullish in the day, and make more gains in the day. In the last 24 hours, IOTA (MIOTA) has formed a double-bottom along the 200-day moving average. That’s an indicator that the market believes IOTA is worth more than $0.56 at this point in time. But while IOTA (MIOTA) is strongly bullish, it is best to wait until there is a break above $0.587. This price level has shown a considerable level of resistance in the past, and could lead to a retracement.
However, if this price holds and IOTA breaks above $0.59, it would be prudent to go long, with a target of $0.617, which is the last high it has hit in the last 3 days. However, if the price retraces below the 200-day moving average, and drops further below the day’s low of $0.556, it would make sense to go short with a target of $0.512. That’s the lowest point it has hit in the last 4 days.
EOS has been strongly bullish in past week. It started the day at $5.13 and has pushed to a high of $5.51. However, while it is relatively bullish, it is now trading at a critical price point, where it has formed what looks like a double bottom.
As such, for a low risk buy entry, it would be best to wait until it breaks above $5.53. If it breaks above this price point, it could rise further and test a high of $6.68, a key resistance level on the day chart. However, if $5.51 fails to hold and it drops below $5.30, it would be more prudent to go short with a target of $5.50 along the 200-day moving average support level.
Tron (TRX) like most of the major cryptos is relatively bullish, and is holding steady above the 55-day moving average. Its current price level is also moving faster than the 100 and the 200 day moving averages, indicative of strong bullish momentum. Current price levels offer a good entry point for Tron (TRX) since there is no key resistance point that could act as a price ceiling in the short-term.
However, a buy entry into Tron (TRX) at current prices should have a stop loss at around $0.0197. That’s because a break below this price could mark the beginning of a short-term bear run towards $0.0192.