BTC has a mixed outlook; ETH, XRP, LTC, XMR analysis
Hello and welcome, everyone. It's Martin here with CryptoGains. Bitcoin is experiencing some decent recovery, and it was even able to get to $37,500. However, some experienced traders are voicing warnings that, actually, this may be just a wave of a correction, and it's quite possible that prices may dip down to as low as $27,000. However, in a more optimistic scenario, there is strong support around $32,000, which is likely to keep prices from falling below that level.
However, despite the recovery, data from Glassnode indicates that miner flows are turning negative, suggesting that instead of accumulating Bitcoin, miners are distributing it, selling it, or taking it to exchanges in anticipation of further declines, which is happening amid a substantial drop in the hashrate.
Finally, Ripple's attorneys believe that delaying the SEC lawsuit further could pose an existential threat to XRP and could be one of the reasons why Ripple prices have been rather depressed over the last couple of days. So let's move to the technical charts and see how you can trade some of these insights.
Looking at Bitcoin, to me, the pivotal point is $36,740. It used to be a strong resistance area, but now it flipped, and it's acting as support. Above that level, good opportunities to buy Bitcoin, with a target at $30,000, which is the next significant resistance area, and then further up to $39,280. Conversely, however, below $36,740, the downside could prevail, taking us down to the nearest support on the short side at $35,600 and then further down at $34,700.
Now let's take a look at Ethereum. In terms of an entry point level, the picture in Ethereum is exactly the same as yesterday. The pivot point for me is $2540. Above that level, good opportunities to buy Ethereum, with targets at $2620 and $2734. Conversely, however, below $2540, we could see more declines with the nearest target on the short side at $2450 and then further down at $2360.
And now we're moving to Ripple. As we discussed, there could be some existential threats to Ripple because of potential delays in the SEC case, but probably that's already priced by the market and gives us a good opportunity to initiate some long positions. To me, $0.88 is a critical level and, above that, good opportunities to buy Ripple, with the first target at $0.925 and then $0.97. Conversely, below $0.88, selling Ripple, with targets at $0.85 and $0.80.
And now, we're moving to Litecoin. Although at the time of filming, Litecoin comes with a sell signal on the StormGain platform, I'm actually seeing it is well supported above $168. Good opportunities to initiate long positions, with the first target at $173 and then $182. However, if we break below the support at $168, we could see declines taking us down to $163 and then further down to $154 on the short side.
And finally, let's take a look at Monero. Monero, on the other hand, comes with the buy signal and, to me, the entry point is at $270. Above that level, buying Monero, with targets at $280 and $294.50 on the long side. Conversely, however, if we break the $270 support area, we could see declines to $259 and then further down to $240.
Thanks for joining me today. Keep learning with the video education section and the CryptoGains Market Insights subsection. And, of course, remember to join the Crypto Signals Made Easy channel for insightful articles and trading ideas. Thanks for joining me today. Trade wisely, and I'll see you soon.