Bitcoin (BTC)
In the last 12 hours, bitcoin (BTC) has been trending upwards, and has pushed up from a low of $6598, to its current price level of $6780.
That’s an indicator that Bitcoin is gaining upside momentum. If it sustains this push, bitcoin is set to rise further towards $7600, which is the next resistance level to the upside.
Looking at the volumes, it is clear that the number of people buying bitcoin at its present level is on the rise. That’s an indicator that bitcoin is likely to continue on its positive trajectory, and test $7700 in the next 24 hours or so.
However, if bitcoin fails to break above $6800, it could very easily retest $6300. But the fact that volumes are rising in spite of the news about the Bithumb hack is an indicator that bitcoin might have bottomed-out at $6100, and is unlikely to retest those lows in the next 24 hours.
In essence, a long entry at current levels has a chance to give a good profit with a target of $7600 in the day. That’s a possible $1000 gain for every bitcoin held in the next 24 hours.
Ethereum (ETH)
Like bitcoin, Ethereum is on a positive trajectory after dipping to $519 some 12 hours ago.
Ethereum looks set to test $600 in the next 24 hours, which is the next resistance level on the 200-day moving average. If it breaks above this price level, Ethereum could easily test $700, which is the second resistance point to the upside.
Volumes too are on the rise and offer strong support to Ethereum’s short-term uptrend. Like Bitcoin, the fact that Ethereum’s volumes are on the rise in spite of the Bithumb hack news is an indicator that the crypto market might have reached a tipping point to the downside, and is now at the beginning of a longer-term uptrend.
Ripple (XRP)
Ripple (XRP) is the perfect example that the crypto market’s bear run is coming to an end. That’s because it was the target of the attack on Bithumb, yet its price has remained relatively stable.
In the last 24 hours, ripple has been trading steadily around the $0.52 to $0.54 price level. That’s the same region it has found support when the rest the crypto market was crashing a week ago.
This is a sign that ripple (XRP) has found support, and is likely to rally from this point onwards. To confirm this, we need to look at the 12 hour chart. In the last 12 hours, ripple has formed a higher low at $0.52.
This is usually a bullish signal and could see Ripple (XRP) rally to $0.60 in the next 24 hours. If it breaks above this level, ripple (XRP) could easily test $0.67, at which point, a major rally would be underway. Therefore, buying into ripple (XRP) at current prices has a good risk/reward ratio.
Disclaimer: This content is for information purposes only and is not intended as financial advice or any other advice. It is not an offer or solicitation to buy or sell nor is it meant as an endorsement or recommendation for any security. The information is general in nature and does not take into account your individual financial position. You should seek advice from a registered professional investment adviser and undertake due diligence before making investment decisions.