BTC's worst quarter; bullish ETH, XRP, ADA, MATIC
Hello and welcome, everyone. It's Martin here at CryptoGains. We have mixed news and mixed developments surrounding Bitcoin. First of all, analysts are pointing out that Bitcoin closed its worst quarter since 2018, following a 40% price drop, which is quite significant. And in addition to that, this is Bitcoin's third-worst quarter since 2014.
However, on the positive side, some reports suggest that George Soros' investment fund is now trading Bitcoin. This is one of the most influential traders, one of the biggest names in the field of trading and investing. And it's huge support for Bitcoin that he is willing to consider trading it.
In addition to that, Ripple announced the release of another 1 billion of XRP on 1 July. This is a common practice by Ripple to release 1 billion XRP on the first of each month to provide more liquidity and finance some of its operations. In general, this is supportive for the network over the long term. However, short term, the additional supply of Ripple may drive prices lower.
And finally, there is some news from one of the most influential traders, named Lark Davis, that he is very bullish on Bitcoin, Ethereum, Cardano as it's entering its smart contract era finally, which means that it's finally going to be able to do functional stuff and increase its utility. And he is also very bullish on Matic or Polygon. He believes that the run is not over yet, and there is clearly more opportunity for upside. So let's move to the technical chart and see how we can trade each of these assets, beginning with Bitcoin.
To me, $33,250 is acting as a very robust support area. If we maintain levels above that, I'm looking to buy Bitcoin with targets at $34,250 and $35,200. If we break below $33,250, we could see more declines, taking us down to $32,450 and $31,240.
Now we're moving to Ethereum. After rallying to nearly $2300, Ethereum is now correcting gains. The critical level remains $2140. Above that level, buying Ethereum, with targets at $2235 and $2280. Conversely, should we break below $2140, sell Ethereum, with targets at $2090. And then, if that level is broken, we could retest the $2040 level.
Now let's move to Ripple. Ever since dropping below $1, Ripple remains very attractive for me. But ideally, in terms of day trading, I'd like to break above $0.66 to initiate long positions, with targets at $0.69 and – let me just adjust that for you – and $0.725 on the long side. Conversely, if we break the support at $0.66, we could see declines to $0.63 and $0.60.
And now we're going to discuss the two other cryptocurrencies that Lark Davis is bullish on, beginning with Cardano. To me, $1.31 represents very robust support for Cardano, giving us good opportunities to initiate long positions, with targets at the nearest resistance $1.35 and then higher up at $1.394. Conversely, however, if we break below $1.31, declines on the short side can take us to $1.28 and $1.26, which, of course, are good targets for short positions in Cardano.
And finally, let's take a look at Polygon. The pivot point in Polygon is $1.085. Above that level, I suggest buying Polygon, with targets at $1.13 and $1.17 on the long side. And if we bring the support at $1.085, we could see declines to $1.05 and $1.02.
These are all the ideas for today. Keep learning with the video education section and the CryptoGains Market Insights subsection. Very importantly, remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas to help you be a more successful and profitable trader. Thanks for joining me today. Trade wisely, and I'll see you soon.