It’s another red day for crypto. In the past 24-hours, Bitcoin (BTC) has dropped from a high of $3729 to a low of $3368. In the last 12-hours, it has been consolidating around $3429. However, since this consolidation is happening below a major bearish candle, it could an indicator of short sellers taking profits before a continuation of the bearish trend. This makes the $3429 to $3368 a possibly good area to go short on Bitcoin (BTC). Such a position would have a good exit point at $3123. This is a weekly 200-day MA and a possible exit point from a short-term short position. In the scenario that Bitcoin drops below this level, then it will have broken long-term market structure and could be headed to lows of under $2000.
However, in the scenario that Bitcoin (BTC) gains upside momentum and pushes above the 48-hour high of $3926, it would be an indicator that bulls are regaining some strength. This could see Bitcoin (BTC) possibly rise to $4200. This is a 5-day high and a possible reversal point from a short-term buying position. A break above this could see Bitcoin possibly test $4700. This is a key resistance level on the day chart’s 55-day MA.
IOTA, like the rest of the market, has sunk lower in the last 24-hours. In this period, it has dropped from a high of $0.252 to a low of $0.205. In the last 10-hours, it has consolidated at $0.217, though it seems to be breaking downwards. This is an indicator that the slight consolidation was possibly a case of bears taking profits and consolidating their positions. This makes $0.221 to $0.204 a good entry range for a short position. Such a position would have a good exit point at $0.131. This is a long-term support for IOTA (MIOTA) on the weekly chart. This could also be long-term support, and a possible long-term reversal point for IOTA (MIOTA).
However, if in the day, IOTA (MIOTA) rises above the 48-day high of $0.264, it would be an indicator that bulls are back, at least in the short-term. This would be a trigger to go long with a target of $0.294. That’s a week’s high, and a possible exit point from a short-term short position.
Ethereum (ETH) has been on a hard downslide for the past 48-hours. In this period, it has dropped from a high of $105.65 to a low of $83.02. In the last 12-hours, it has made a slight pullback to $89.25, but it has failed to hold. This is an indicator that Ethereum (ETH) could be headed lower. To go short on Ethereum (ETH), it would be best to wait for a break below the day’s low of $82.81. This is an indicator to go short with a target of $46.45. This is a key support level for Ethereum (ETH) on the weekly chart and a possible exit point from a short position.
However, if Ethereum (ETH) gains bullish momentum, and pushes above the $100 mark, it could possibly test $103.34 on the 100-day MA. On the other hand, if it pushes above this level, it could possibly rise to $110.18 on the 200-day MA, which could be a possible resistance point in the short-term.