Bitcoin (BTC) has been on a slow downtrend for the past 24-hours, and has dropped from a high of $3800 to a low of $3694.8 on the 100-day MA, which is now acting as support. If this support holds for the past 12-hours, then chances are that Bitcoin (BTC) could possibly rise to $3844, which is the next key resistance level on the 200-day MA. To make a low-risk entry into Bitcoin (BTC), it would be best to wait for a break above the 200-day MA, as a sign of increased bullish pressure. A long position on Bitcoin at this price level would have a good exit point at $3924.6 on the 3-hour 200-day MA.
However, in the scenario that Bitcoin (BTC) drops below the 100-day MA at $3694.8 and pushes below the 55-day MA at $3681.6, it would be an indicator of increased bearish momentum. This would be a trigger to go short with a target of $3292. This is a long-term support level on the weekly 200-day MA. This price level is likely to be Bitcoin’s bottom, and possibly the bottom before the beginning of a more long-term uptrend that could last all through the year.
Litecoin (LTC) has been largely uneventful for the past 24-hours. In this period, it has been on a slow downtrend hitting a low of $31.91, before ranging at $32.65. This could be an indicator of a possible breakout in the short-term. To go long on Litecoin (LTC), it would be best to wait for a breakout that pushes it above the 200-day MA at $35.18. This would be an indicator of strong bullish sentiment and a trigger to go long with a target of $35.30. This is a key resistance level for Litecoin (LTC) on the 3-hour 100-day MA.
However, in the scenario that Litecoin (LTC) breaks the 55-day MA at $31.96, then it would be an indicator to go short with a target of $30.47. This is a key support level for Litecoin in the day, one that could possibly be a long-term reversal point.
Like all other major cryptocurrencies, XRP (XRP) has been on a slow downtrend for the past 24-hours. It is now trading at a key support level on the 55-day MA at $0.333. In the event that XRP (XRP) gains bullish momentum at this price level and pushes above the 200-day MA at $0.349, it would be a signal to go long, with a target of $0.408. This is a key resistance level on the 12-hour 200-day MA.
However, in case the 55-day MA doesn’t hold, it would be a trigger to go short with a target of $0.320. This is a 3-day support level for XRP (XRP), and a possible reversal point in the day. If it breaks below this level, then XRP (XRP) could possibly test $0.268. This is a key support level for XRP on the weekly charts, and a possible long-term support level as well. It could mark a long-term reversal point for XRP (XRP) one from which, XRP could possibly retest its 2017 highs at some point within the year or in 2020.