The crypto market is rebounding nicely today.
-Short term over the next few days, I have a slightly bullish stance on the crypto market. They seem to have found decent support and the buying on Monday came on strong volume. 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 6)
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.
Today's Update
Daily Chart
It still seems to be finding support at the descending trendline. My bullish stance from my previous post is playing out as anticipated. We have either hit the bottom of the BTC bubble already, or we can get one more selloff to 5,000. If it trades to 10,000 I would start selling.
ETH/USDT (Bittrex)
Previous Post (February 6)
Daily Chart
ETH is currently trading at minor support at 750 USDT. 500 USDT will be the ultimate area of support in my opinion.
Today's Update
Daily Chart
Buy at 575 and 500. Sell at 950.
XRP/USDT (Bittrex)
Previous Post (February 6)
Daily Chart
The next best area of support is the 200 day SMA, which is currently about 0.55 USDT.
Today's Update
Daily Chart
Buy at the 200 MA, which is about 0.55 USDT. Sell at 1.15 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. I use the following signals for technical analysis:
Fibonacci Retracements -- Simple Moving Averages -- Trendlines -- Candlestick Patterns -- Elliot Waves -- Horizontal Support and Resistance -- Volume --
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.