bitcoin, IOTA, Ethereum Classic

Bitcoin (BTC)

After a 24-hour drop that saw bitcoin (BTC) hit a low of $3780, it has rebound. In the last 12-hours, Bitcoin (BTC) has pushed above the 200-day MA at 4091, an indicator of increased bullish momentum. To go long on Bitcoin (BTC), it would be best to wait until it holds above this price level for at least 6-hours. This would be confirmation that bulls are in control of the market.  A long entry at this level would have a good exit point at $4342.20. That’s a 48-hour resistance point and a possible exit point from a long position.  A break above this price level would see it possibly test $4505. That’s a 2 week high and a possible exit point from a short-term long position.

However, if Bitcoin (BTC) drops below the 200-day MA at $4091, and extends below $4000, it would be an indicator that the bullish pullback was a false one. This would be an indicator to go short with a target of $3780. That’s the day’s low and a possible reversal point, which makes it a good exit point from a 24-hour short position.  A break below that could see Bitcoin (BTC) test $3689. That’s a two weeks low, and a possible second support level in the short-term.

IOTA (MIOTA)

Following in Bitcoin’s lead, IOTA (MIOTA) has made a significant jump in price in the last 12-hours. However, after pushing through resistance at $0.288 on the 200-day MA, IOTA (MIOTA) seems to have fallen back below it. This could be an indicator that the bullish sentiment that had kicked in earlier was just market noise. In the even that IOTA (MIOTA) breaks below $0.274, it would be an indicator that bears are back in control. It would be a signal to go short with a target of $0.260. That’s the day’s low, and a possible exit point from a 24-hour short position.

However, in the event that IOTA (MIOTA) pushes above the 200-day MA at $0.287 and holds there for about 4 to 6 hours, it would be an indicator that bulls are strong in the market. This would be a trigger to go short with a target of $0.303. That’s a 72-hour resistance level and a possible exit point from a long position.

Ethereum Classic (ETC)

In the last 12-hours, Ethereum Classic (ETC) has made some minor gains, just like the rest of the market. However, in the last 5 –hours, it seems to have hit resistance along the 200-day MA at $4.78.  This could be an indicator that bulls don’t have much momentum. If this resistance holds and Ethereum Classic (ETC) drops below $4.68, it would be an indicator of bearish sentiment and a trigger to go short on Ethereum Classic (ETC). A short position at this level would have a possible exit point at $4.41. That’s a 24-hour low and a possible exit point from a short position.

However, in the scenario that Ethereum Classic (ETC) pushes above the 200-day MA and holds there for some hours, it would be a trigger to go long with a target of $5.11. That’s a 48-hour resistance level and a possible exit point from a 24-hour long position on ETC.

 

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