Bitcoin, IOTA, Ethereum Classic

Bitcoin (BTC)

Bitcoin (BTC) has been moving sideways for the past 24-hours, an indicator that there is little activity in the market.  However, even as it trades sideways, Bitcoin (BTC) has failed to break above the 55-day MA at $4620. This is an indicator that in this low volumes market, bears have more power, and the likelihood of a downside breakout is higher. In case Bitcoin breaks out to the downside and pushes below the 72-hour low of $4291, it would be best to go short with a target of $4000. That’s a psychological support level for Bitcoin (BTC). If it breaks this support level, it could possibly test long-term support at $3869.

On the flipside, if Bitcoin (BTC) pushes above the 55-day resistance at $4620, it would be an indicator of growing bullish strength. If this is followed by a break above the 48-hour high of $4785, it would be best to go long with a target of $4914. That’s a key resistance level on the 100-day MA. If it rises above this level, then it could possibly test $5328 on the 200-day MA. A break above $5000 would be an indicator of a return of bullish sentiment that could last all the way to next week.

IOTA (MIOTA)

Like most of the other coins, IOTA (MIOTA) has been trading sideways for the past 24-hours. However, even in this low volumes environment, IOTA (MIOTA) has been trading above the 55-day MA at $0.320. This is an indicator that bulls have more power in this market, and could possibly lead to a bullish breakout. In the scenario that bullish volumes increase and IOTA pushes above the day’s high of $0.340, it would be best to go long with a target of $0.345 on the 100-day MA. A break above this could see IOTA test the 200-day MA at $0.383 and could mark the beginning of a near-term bull run.

However, if IOTA pushes below the 55-day MA at $0.320, and extends below the 24-hour low of $0.310, it would be best to go short with a target of $0.287. That’s a 72-hour low and a possible exit point from a short position.

Ethereum Classic (ETC)

Like all other cryptos, Ethereum Classic (ETC) doesn’t have much momentum at this point, and there is no clear direction on where it’s going. However, the fact that it has been trading below a major moving average, the 55-day MA, is an indicator that bearish sentiment is prevalent. In the scenario that Ethereum Classic (ETC) breaks out downwards and pushes below the day’s low of $5.58, it would make sense to go short with a target of $5.19. It’s the low it has hit in the last 72-hours and a possible reversal point.

However, if Ethereum Classic (ETC) breaks above the 55-day MA at $5.76, it could possibly test the 100-day MA at $6.22. If it breaks above this level, it could possibly test $6.97 on the 200-day MA. This would also mark the beginning of a medium-term bull run. However, chances are that it could range around $6.97 unless there is a significant push in marketwide buying volumes.

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