Ethereum Classic, ETC

Tron (TRX)
Tron (TRX) has been on a downtrend for the past 24-hours. After peaking at $0.031, it has dropped to a low of $0.0254. This drop has seen it break key support on the 200-day MA at $0.0270. This is confirmation that bears are in control of the Tron (TRX) market and that a short position offers the best risk-reward ratio. To go short on Tron (TRX), it would be best to wait for a break below the day’s low of $0.0254. A short position at this price level would have a good exit point at $0.0215. This is a key support level for Tron (TRX) on the 6-hour 200-day MA, and a possible exit point in the day.

However, in the event that buying volumes increase and Tron (TRX) pushes back above the 200-day MA at $0.0270, it would be an indicator of increased bullish sentiment. But, to go long on Tron (TRX), it would be best to wait for a pullback above the 24-hour high of $0.031, as confirmation. A long position on Tron (TRX) at this price level would have a good exit point at $0.0358. This is a 2-weeks high and a possible exit point from a long position.

XRP (XRP)
XRP (XRP) like all other major cryptocurrencies has been on a downtrend for the past 72-hours. In this period, it has dropped from a high of $0.325 to a low of $0.286. However, in the last few hours, XRP (XRP) has made a major bullish pullback, to form a V-shape. This could be an indicator that it has bottomed out, and could be about to begin a bullish trend. To go long on XRP (XRP), it would be best to wait for a break above the 72-hour high of $0.325. This would be confirmation of bullish sentiment, and a signal to go long on XRP (XRP) with a target of $0.392. This is a key resistance point for XRP (XRP) on the 12-hour 200-day MA.

However, in the scenario that XRP (XRP) fails to hold up this momentum, it would be a signal of increased bearish sentiment. To go short on XRP (XRP), it would be best to wait for a break below the 24-hour low of $0.286. This would be a trigger to go short with a target of $0.267. This is a key support level for XRP (XRP) on the 1-day chart and a possible exit point in the short-term.

Litecoin (LTC)
Litecoin (LTC) has been on a downtrend for the past 72-hours. In this period, it has dropped from a high of $34.71 to a low of $30.38, and there is no sign of bullish sentiment. As such, a short position would be most ideal. To go short on Litecoin (LTC), it would be best to wait for a break below the day’s low of $30.38. This would be a signal to go short with a target of $29.07. This is a key support level for Litecoin (LTC) on the 12-hour chart.

However, in the scenario that Litecoin gains bullish momentum and pushes above key resistance at $33.34, it would be a signal to go along with a target of $40.79. This is a key resistance level for Litecoin (LTC) on the 6-hour chart.

LEAVE A REPLY

Please enter your comment!
Please enter your name here