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Buying opportunities? BTC, ETH, LTC, BCH, DOGE ideas

02 Jun, 2021 Martin Petkov
Buying opportunities

Hello and welcome, everyone. It's Martin here with CryptoGains. First of all, we're beginning our discussion with Bitcoin. Bitcoin continues its consolidation without any major moves going on. Basically, this in-depth article from be[in]crypto goes on to discuss that the short-term pattern is a consolidating wedge, which typically happens before a significant breakout. So, at the moment, we're in wait-and-see mode. And in a minute, when I go to the technical charts, I'm going to present an idea of how we can trade that.

Also, what is quite interesting is that analysts are saying that now is the time to buy more Ethereum. And without boring you with the details, the key thing to look at is this very significant Fear and Greed Index, which indicates that, currently, we're in a state of extreme fear. This is a very imbalanced state of the market and typically presents excellent long-term buying opportunities.

Further down, we have a quote from Warren Buffett, arguably one of the most famous and most profitable investors of all time. "Be fearful when others are greedy and be greedy when others are fearful". This means that the market has oversold prices that are reasonably depressed, and it presents good opportunities to buy.

And finally, in terms of key developments today, Dogecoin is one of the best performers, and it spiked after it was listed on Coinbase Pro for trading. Coinbase Pro, of course, is a good trading platform, and listing Dogecoin on that platform, of course, was very huge support for the cryptocurrency, and the price responded accordingly.

So let's take a look at the charts beginning with Bitcoin. $37,000 is what I like as my entry point. Above that level, buying Bitcoin, with targets at $37,825 and $38,400. Conversely, below $37,000, I like to sell Bitcoin, with targets at $35,900 and $35,000. This is based on horizontal support and resistance lines. And in the webinar that I hosted last week, I explained why this simple method of trading is actually one of the most profitable if you have the discipline to stick with it.

Next, we're moving to Ethereum. At the time of filming, Ethereum also comes with the buy signal on the StormGain platform. And I like $2680 as my pivot point for buying Ether, with the first target at $2740 and then longer-term at $2850. Conversely, however, below $2680, we could see declines first to $2630 and then further down to $2535. Actually, let me move this a bit higher so that it's clear for you what I see as the first reasonable target for taking profit. That's going to be a reasonably small move, but you can use higher leverage and make it into a profitable move on the short side, taking profit at $2640.

And, now, moving to Litecoin. At the time of filming, Litecoin also comes with a buy signal from StormGain. To me, $185 is the critical level. Above that level, buying Litecoin, the first target that I set is $193 and then $200. Conversely, below $185, the nearest support is at $177 for a short position or selling Litecoin and then further down at $165.

Now we're moving to Bitcoin Cash. Bitcoin Cash also had a very recent buy signal on StormGain. Therefore, above $693, good opportunities to buy Bitcoin Cash, with targets at $718 and $745. Conversely, below $693, you could consider selling Bitcoin Cash, with targets at $675 and $655.

And finally, as we discussed, Dogecoin. Dogecoin is moving strongly higher. To me, $0.38 is a critical level. It used to be resistance; now it's going to be support. So, above $0.38, buying Dogecoin. The first reasonable target is $0.423 and then $0.47. Conversely, below $0.38, we could see declines to $0.355 and $0.315 on the short side.

Thanks for joining me today. Keep learning with the video education section in the CryptoGain Market Insights subsection. And remember to join the Crypto Signals Made Easy channel, where I'm sharing lots of insightful articles and trading ideas for you to become a more profitable and effective trader. Trade wisely, and I'll see you soon.

Bye-bye.

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