In the last 24-hours, Bitcoin (BTC) has pushed from a low of $6406 to high of $6456. However, it seems to have hit resistance at this level, with the 200-day MA acting as a major resistance point. This resistance is confirmed by the fact that Bitcoin has tested the 200-day MA again in the last few hours and failed to break above it. It has now formed a double-bottom, which is usually a bearish signal. To go short on Bitcoin (BTC), its best to wait for it to drop below the day’s low of $6389, as a confirmation of bearish sentiment. Such a position would have a good exit point at $6319. This is the next key support level for Bitcoin in the day. If it breaks below this level, the next possible support level is at $6293 on the 6-hour chart.
However, if the current bearish chart is invalidated, and bitcoin pushes above the 200-day MA at $6449, and extends above the day’s high at $6456, it would be best to go long with a target of $6500. This is a price that has offered significant resistance in the week. If it pushes above this price level, then Bitcoin (BTC) could test $6532 in the next 24-hours.
IOTA (MIOTA) has been quite bullish in the day. It opened the day at $0.475 and pushed above the 200-day MA at $0.477, before hitting a high of $0.493. However, in the last few hours, it has made a slight retracement to $0.487. However, momentum is still upwards. To buy into IOTA (MIOTA), it would be best to do so above the day’s high of $0.493, as it would be confirmation of bullish sentiment. Such a buy order would have a good exit point at $0.531 on the 12-hour 100-day MA. A break above this could see IOTA (MIOTA) test $0.604 on the 200-day MA.
On the other hand, if IOTA (MIOTA) pulls back below the 1-hour 200-day MA at $0.476, it would be a signal that bears are in control. As such, going short on IOTA (MIOTA) at that point would be most ideal with a possible exit point at $0.463. That’s the next key support level on the 100-day MA.
Ethereum (ETH) has been showing mixed signals in the last 24-hours. It started the day bearish but has since turned bullish after breaking above the 200-day MA at $201.41 and pushing to a high of $204.33. In the last few hours it has retraced, but it’s still holding up above the 200-day MA, which makes it quite a good buy in the next 24-hours. However, it is best to wait until it pushes above the day’s high of $204.30. Such a position would have a good exit point at $214.72 on the 200-day MA.
However, if Ethereum (ETH) drops below the 200-day MA at $201.41, it would be an indicator of bears taking control in the market. This would be a trigger to go short with a target of $198.19. That’s a level at which, Ethereum has lagged in the last 24-hours and one that could be an ideal exit point.