Hello Crypto Investors!
The crypto market has rebounded nicely this week but has recently ran into resistance
-Short term over the next few days, I have a neutral stance on the crypto market. It has recovered nicely but they are trading at areas of resistance now.
-Long term several months out, I am bullish on cryptos. I think the crypto market overall is oversold.
Right click the charts then open in new tab to get a zoomed in view
Steem/USD (Bittrex)
Today's Update
Daily Chart
Steemit is forming a triangle pattern. It hit resistance at $4.80 near the moving average crossover. This will continue to be an area of resistance, along with the red trendline. I think $2.75 and then the 200 MA will be good support areas. After that, the next major area of support will be $0.90-1.00.
BTC/USDT (Bittrex)
Previous Post (February 7)
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."
Today's Update
Daily Chart
BTC hit resistance at 9000 based on the new trendline. It either needs to consolidate then break through the red trendline, or it will break down and fall back down to 6500 or possibly even 5000.
ETH/USDT (Bittrex)
Previous Post (February 7)
Daily Chart
"Buy at 575 and 500. Sell at 950."
Today's Update
Daily Chart
Buy at 575 and 500. Sell at 850 and 975.
XRP/USDT (Bittrex)
Previous Post (February 7)
Daily Chart
"Buy at the 200 MA, which is about 0.55 USDT. Sell at 1.15 USDT."
Today's Update
Daily Chart
Same as previous post. Buy at the 200 MA, which is about 0.55 USDT. Sell at 1.15 USDT. Notice how XRP sold off once it started trading at 1.20, just above my sell area. I also said 0.55 would be major support, and it bottomed at 0.574 then doubled in price.
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.