After yesterday’s massive drop, bitcoin volumes have declined and it is now trading sideways. In the last 24-hours, Bitcoin (BTC) has been trading between $3475 and $3402, with no clear indications of either a trend continuation or a reversal. To trade in Bitcoin (BTC), it would be best to wait for a clear break outside of this level. If it breaks out to the downside and pushes below the day’s low of $3265, it would be an indicator that bears are still in control. This would be an indicator to go short with a target of $3173. This is a long-term support level for Bitcoin (BTC) on the weekly 200-day MA. This level is likely to hold because in its history, Bitcoin has never broken below the long-term 200-day MA in spite of its wild corrections. However, in case it breaks below it, then Bitcoin could possibly test $3000 over the weekend.
On the other hand, if Bitcoin (BTC) pushes to the upside and breaks above the day’s high of $3633, it would be best to go long with a target of $3726. This is a key resistance level for Bitcoin, where it has ranged at in the past 48-hours. If it breaks above this level, then it could possibly test $3882 on the 200-day MA.
XRP (XRP) has been trading sideways for the past 24-hours. This is an indicator that after yesterday’s hard drop, most traders have left the market, which explains the sideways movements amidst low volumes. To trade in XRP (XRP), it would be best to wait for an increase in volumes, and a reconfirmation of market direction. In the event that XRP drops below the 24-hour low of $0.292, it would be an indicator that bears are firmly back in control. This would be an indicator to go short with a target of $0.264. That’s a key support level for XRP (XRP) on the day chart and a possible reversal point in the day.
However, in the event that XRP (XRP) pushes above the 24-hour high of $0.328, it would be an indicator that bulls are back in control. This would be a signal to go long with a target of $0.347. That’s a key resistance level for XRP (XRP) on the 200-day MA.
Like most cryptos, IOTA (MIOTA) has entered the weekend trading sideways. To trade in IOTA (MIOTA), it would be best to wait for a confirmation of the trend with a breakout in any direction. To go short, it would be best to wait for a break below the 24-hour low of $0.204. This would be an indicator that bears are back in the market. A short position at this price level would have a good exit point at $0.145. That’s a key support level for IOTA (MIOTA) on the weekly charts.
However, in the situation that IOTA (MIOTA) pushes above the 24-hour high of $0.256, it would be an indicator to go long with a target of $0.266. This is a key resistance level for IOTA (MIOTA) on the 200-day MA, and a possible exit point.