BTC for the masses; ETH burn; XRP, ADA, EOS ideas
Hello and welcome, everyone. It's Martin here with CryptoGains. We have a lot of exciting developments today. So, let's dive straight in.
Citizens of El Salvador are going to receive $30 worth of Bitcoin as the new law, which is going to implement Bitcoin as legal tender — or something to be accepted as a means of payment across the entire country — is implemented in September. Of course, for this to happen, El Salvador will need to buy a lot of Bitcoin, when there is demand and supplies and changed prices respond by going higher. So, definitely something positive for Bitcoin.
On the other hand, Elon Musk teases Bitcoin maximalists once again, creating even more stirring and ambiguous vibes in the crypto world by asking the questions "How many Bitcoin maxis does it take to screw in a lightbulb?", suggesting perhaps their lack of common sense and sometimes dogmatic approach.
There are positive developments with Ethereum, however, as their testnet is going to burn 88,000 Ethereum in preparation for EIP-1559. Of course, when Ethereum is burned, that is anti-inflationary and, of course, is also acting as support for prices.
The picture is not as robust with Ripple, however, as one experienced trader is suggesting that there is the formation of a head and shoulders pattern in the XRP/Bitcoin chart. And if that pattern is completed, so we hit a bit of a break below that, and then a retest if that pattern is complete, it could easily take Ripple to new all-time lows. Of course, all-time lows are not a meaningful concept, but it simply means that Ripple may experience very significant declines.
And, finally, Citibank is launching a digital asset group as part of its wealth management arm to provide more opportunities for both institutional and retail clients to invest in cryptocurrencies. Moving to the charts, let's see how we can trade these insights.
Beginning with Bitcoin versus Tether on the one-hour chart, $34,000 is acting as a pivot point to initiate long positions, with targets at $35,150 and $36,150. Conversely, if we break below $34,000, we could see declines to $33,000 and $32,000, which act as critical levels on the downside for short positions.
And now, let's move to Ethereum. The pivot point for Ethereum is $1940. Below that level, selling Ethereum. And you can see that Ethereum comes with a sell signal on the StormGain platform at the time of filming. So, at the moment, selling Ethereum, with targets at $1856 and $1725. On the short side, however, if we're able to clear and break above $1940, buying Ethereum, with targets at $2010 and $2140.
And now, let's take a look at what's going on with Ripple. Ripple predictably climbed to touch $0.69, which was my target from yesterday, and I maintain the levels as they were yesterday, actually. $0.64 as a pivot point to buy Ripple, with targets at $0.69 and $0.74. Conversely, below $0.64, selling Ripple, with targets at $0.60 and $0.54.
And now we're moving to Cardano. Cardano also comes with a sell signal at the time of filming. However, I see a very robust, very critical level at $1.335, which is giving me an indication to buy above that level, with targets at $1.394 and $1.458. Conversely, below $1.335, selling Cardano, with the nearest target at the previous resistance area, which is now support, at $1. 28 and then further down at $1.20.
And finally, let's take a look at EOS. EOS also experienced a sell signal on the StormGain platform, but to me, the critical point is $3.73. If we maintain prices above that level, it may be more prudent to buy EOS, with targets at $4 and $4.20. Conversely, if we break that critical support at $3.73, we could see declines taking prices to as low as $3.535 and $3.39.
Thanks for joining me today. Keep learning with the video education section and the CryptoGains Market Insights subsection. And 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.