The crypto market was extremely volatile on Monday, but volatility has calmed down over the last couple of days. ETH bounced about 100 points from my buy level at 700 from my previous post, for a gain of roughly 15%.
-Short term over the next few days, I have a neutral stance on the crypto market. They are currently trading at decent support. But at the same time, I can see the markets taking one last leg down before the correction ends.
-Long term several months out, I am bullish on cryptos.
BTC/USDT (Bittrex)
Previous Post (February 4)
Daily Chart
From a technical perspective, there are many signals indicating that BTC should have a decent correction from around 7500-8000 USDT. The only thing that can keep BTC from bouncing at this price range is more bad news. This would probably lead to another fall to 5000 USDT. I would be surprised to see it fall below 5000.
Today's Update
Daily Chart
BTC continues to trade along the descending trendline. I currently have a slightly bullish stance on BTC in the short term because it is oversold and it is trading at support. But if that trendline breaks, I think 5000 will be the next major area of support.
ETH/USDT (Bittrex)
Previous Post (February 4)
Daily Chart
ETH has minor support at 750 USDT. But I think 650-700 USDT will be a good buying area. 500 USDT will be the ultimate area of support in my opinion.
Today's Update
Daily Chart
ETH is currently trading at minor support at 750 USDT. 500 USDT will be the ultimate area of support in my opinion.
XRP/USDT (Bittrex)
Previous Post (February 4)
Daily Chart
The next best area of support is the 200 day SMA.
Today's Update
Daily Chart
The next best area of support is the 200 day SMA, which is currently about 0.55 USDT.
I provide frequent updates on cryptos and US stocks along with occasional updates on forex and futures. I use fundamental and technical analysis to dictate where markets go.
Disclamer:
I am not a financial adviser nor is this professional financial advice. These are just my opinions and you should do your own due diligence before making any investments.