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BTC mixed; ETH on track; XRP, DOGE, LNK ideas

09 Jul, 2021 Martin Petkov
BTC mixed

Hello and welcome, everyone. It's Martin here with CryptoGains. This is the last episode of the CryptoGains series before I go on a long holiday. Starting with some developments in bitcoin, more than 75% of Salvadorians distrust Bitcoin as fiat money, according to a recent poll. So this was great news for bitcoin when it first emerged that bitcoin was about to become legal tender in El Salvador. But now, it appears that the majority of people are distrustful, so it's not likely to fly.

However, on the other side, Apple co-founder Steve Wozniak calls Bitcoin a miracle and says that it's better than gold. And this, of course, is one of the most influential people, not only in the tech world but also in the world in general.

With Ethereum, however, things seem to be a bit more positive as the London upgrade, which is about to be deployed for the final testnet, ahead of the 4 August fork, is proceeding nicely, which, of course, is great news for the Ethereum network.

Ripple, however, seems to be a bit more troubled as the SEC is saying that Ripple is not entitled to testimony on XRP from the ex-director, which, of course, is going to make the case a little bit more difficult for Ripple.

And finally, Elon Musk is in the news again, suggesting that both Bitcoin and Ethereum are slow, but there is a lot of merit for Dogecoin. And he is very keen on the upcoming upgrade on the Dogecoin networks. So let's move to the technical charts and see how we can trade some of these insights.

In bitcoin, I'm using $32,800 as my pivot point to initiate long positions, with targets at $33,300 and $33,800. However, below $32,800, I'm looking to sell Bitcoin, with targets at $32,200 and $31,400.

Now we're moving to ethereum. As you can see, at the time of filming, ethereum comes with a 'sell' signal on the StormGain platform, so below $2090, a good opportunity to sell Ethereum, with targets at $2030 and then, lower down, all the way down to $1890. However, if we're able to clear the $2090 level, we could reclaim $2160 and $2240 on the long side.

Now let's take a look at ripple. Ripple has reasonably good support at $0.61, which gives us a good opportunity to initiate long positions, with targets at $0.63, the nearest resistance, and then $0.65. However, if we are to break below $0.61, we could see more declines to $0.595 and then even lower to $0.56.

And now we are moving to dogecoin. Dogecoin recovered strongly in the last couple of hours after ditching the $0.199 level and currently trades above the critical level of $0.215. To me, this is a good opportunity to initiate long positions, with targets at $0.222 or actually even higher, because the price is already moving as we speak to $0.2275 and then higher up to $0.236. However, if we break below the support at $0.215, we could see more declines to $0.2075 and $0.199.

Finally, let's take a look at chainlink. Chainlink is with a 'sell' signal at the time of filming on StormGain. However, it has good support at $17.90, giving us the opportunity, if we bounce from that level, to reverse and rally all the way to $18.50 or even to as high as $19. However, if we break below $17.90, we could see more declines to $17.40 and $16.70. 

Thanks for joining me today. Keep learning with the video education section and the CryptoGains Market Insights subsection. Remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas.

As a reminder, this is the last episode before a long summer holiday. It's been a pleasure to do these videos for you. Trade wisely and take care. 

Bye-bye.

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