Bitcoin, IOTA, Monero

Bitcoin (BTC)

Bitcoin (BTC) has dropped hard in the last 24-hours, breaking below key support at $4000 to hit a low of $3642. However, in the last few hours, it has made a slight pullback to test $4000 along the 21-day MA. This price has failed to hold and could be a major short-term resistance level for Bitcoin (BTC), and an indicator that bitcoin is going lower. To short bitcoin, it would be best to wait for it to retest $4k and fail a second time. This would be confirmation that bears are in control. Alternatively, it would be prudent to wait for a break below the day’s low at $3642 as confirmation of bearish sentiment. A short position on Bitcoin would have a  possible exit point at $3000. That’s a key support level for Bitcoin on the week’s 200-day MA.

On the flipside, if Bitcoin (BTC) pushes above $4000, and holds there for some hours, it could be an indicator that bulls are slowly returning to the market.  However, for confirmation, it would be best to wait for a break above $4400. This would be an indicator that bulls are back, and a trigger to go long. Such a long position would have a good exit point at $4800. That’s the next key resistance level for Bitcoin (BTC) on the 200-day MA.

IOTA (MIOTA)

Like the rest of the market, it has not been a good 24-hours for IOTA (MIOTA). It has dropped from $0.32 to a low of $0.25. However, in the last few hours, it has made a slight pullback to hit a high of $0.291, slightly above the 21-day MA.  However, this pullback is not strong enough and IOTA (MIOTA) seems to be facing resistance at this price point. This could be an indicator that it could still be headed lower. To go short on  IOTA (MIOTA), it would be best to wait for a break below the day’s low of $0.250. Such a position would have a good exit point at $0.15. That’s the next key support level for IOTA (MIOTA)  on the weekly charts.

However, if the current pullback holds and IOTA (MIOTA) rises above $0.321, it would be prudent to go long with a target of $0.342. That’s the next key resistance point for IOTA (MIOTA) on the 200-day MA.

Monero (XMR)

In the last 48-hours, Monero (XMR) has dropped from $67.42 to a low of $54.65.  It seems to be making a pullback though it is not strong, and could possibly be followed by a further drop in price. To go short on Monero (XMR), it would be best to wait for a break below the day’s low of $54.65. This would be an indicator of strong bearish sentiment, and a trigger to go short. Such a position would have a possible exit point at $42.06. That’s a long-term support level for Monero (XMR) on the weekly charts.

On the other hand, if Monero (XMR) pushes above the 100-day MA at 67.20, it would be best to go long with a target of $73.14. That’s the next key resistance point for Monero (XMR) on the 200-day MA.

loading...

LEAVE A REPLY

Please enter your comment!
Please enter your name here