It has been a bearish day for crypto, and Bitcoin (BTC) has recorded losses in the past 24-hours. In this period, it has dropped from a high of $4144 to a low of $3684. Selling volumes are still high, which means that it could still test lower lows in the next 24-hours, which makes a short position most ideal. Anywhere between $3886 and the day’s low of $3684 could be a good entry point for a Bitcoin (BTC) short position. Such a position would have a good exit point at $3264. This is a one month support level and a possible reversal point for Bitcoin (BTC) in the day. If Bitcoin breaks this support level, then there would be a likelihood of it plunging even further to $1839. This is the next key support level for bitcoin (BTC) on the weekly chart, and could possibly mark the beginning of a sustained bull run.
However, if in the day, Bitcoin (BTC) gains bullish momentum and pushes above the day’s high of $4144, it would be an indicator that bullish momentum is returning to the market. This would be a trigger to go long with a target of $5101. This is a key resistance level for Bitcoin (BTC) on the 12-hour 200-day MA and a possible exit point from a short-term long position.
Like the rest of the market, it has been a bearish day for XRP (XRP). In the past 24-hours, XRP (XRP) has dropped from a high of $0.404 to a low of $0.322. Currently, it is making a pullback, but buying volumes are low, which means that the trend is likely to remain bearish in the next 24-hours. As such any level below $0.356 makes for a good region to go short on XRP (XRP). A short position at this level would have a good exit point at $0.287. This is a 3-weeks low and a possible reversal point for XRP (XRP).
However, in the scenario that XRP (XRP) makes a major pullback and pushes above the day’s high of $0.404, it would make sense to go long with a target of $0.418. This is a key resistance level for XRP (XRP) on the 12-hour 200-day MA.
Ethereum (ETH) has been one of the biggest losers in the last 24-hours. In this period, it has dropped from a high of $156.54 to a low of $125.63. In the last few hours, it has made a slight pullback but volumes remain low, which means that a reversal is unlikely to sustain. This means that a short on Ethereum (ETH) would be most ideal. Such a position would have a good exit point at $120.70. This is a key resistance point for Ethereum (ETH) on the 6-hour 200-day MA.
However, in the scenario that volumes return and Ethereum (ETH) pushes above the 24-hour high of $156.54, it would be a signal to long. A long position in the $156.54 area would have a good exit point at $162.23. This is a key resistance point on the 12-hour 200-day MA and a possible reversal point for Ethereum in the day.