Not much has changed in the last couple days. I still maintain the same buy levels from my previous posts. Notice how the markets rebounded at least 5-10% when these three cryptos hit my buy levels from my January 31 post. I was only incorrect about the 50 ma providing support for ETH. But it bounced 25% in one day off my 800 buy level, trading up to 1000. This ended up trading above the 50 ma anyways so those who bought at the 50 ma still could have made small profits or at least broke even. ETH is my most highly recommended crypto to own out of the three because it continues to be relatively strong compared to the rest of the market.
-Short term over the next few days, I have a neutral stance on BTC, ETH, and XRP. They are currently trading near 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 2)
Daily Chart
Today's Update
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.
ETH/USDT (Bittrex)
Previous Post (February 2)
Daily Chart
Today's Update
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.
XRP/USDT (Bittrex)
Previous Post (February 2)
Daily Chart
Today's Update
Daily Chart
The next best area of support is the 200 day SMA.
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.