Crypto news; BTC, ETH, XRP, BCH, BSV analysis
Hello and welcome, everyone! It's Martin here with CryptoGains. We have a number of interesting developments from the crypto world today, so let's dive in and see how they may affect crypto prices.
Beginning with the announcement from the Bank of International Settlements that it gives Central Bank Digital Currencies full backing. And it has voiced its support for developing such digital cryptocurrencies "in pursuing financial and monetary stability through international collaboration with the mandate and support by central banks".
This, of course, in general, is going to promote the adoption and acceptance of cryptocurrencies, making them more regulated but also more widely accepted, potentially driving trading volumes and prices higher in the near term.
Conversely, however, when it comes to Ethereum, mining revenues have plunged to a four-month low. And from a technical perspective, it is holding solid support. But, in order to become bullish, Ethereum would really need to break above $2100 and reclaim that key support level. And then it can rally higher up and test $2800 once again.
With regards to Ripple, the court granted Ripple access to the Securities and Exchange Commission's internal trading policies on Ripple, which, of course, is a small but nonetheless significant win for Ripple in their case against the Securities and Exchange Commission.
Something that may not directly affect your trading, but it's one of the key news from today. And that is that the South African company Africrypt stole $3.6 billion in Bitcoin, which, if confirmed, is going to be the biggest crypto scam in history.
And finally, sad news that John McAfee — who is a famous entrepreneur, of course, the founder of the McAfee antivirus software and a big crypto advocate — has been found dead in his cell in Barcelona.
Now, moving to technical charts. Let's see how we can trade some of these insights. Beginning with Bitcoin vs Tether, $3000 used to act as very substantial resistance. Now it's broken, giving us the opportunity to initiate long positions, with targets at $34,000 and $35,000. However, if we break below $33,000, it would be wiser to sell Bitcoin, with targets at $32,000 and $31,200.
Now let's move to Ethereum. For Ethereum, I'd like to see prices above $1940 before initiating long positions, with targets at $2010 and $2140. If we clear that critical second level, my second target, we may be rolling much higher, retesting $2275. However, as we're trading below $1940, the downside is likely to prevail, taking us down to $1856 and $1725.
Now we're moving to Ripple. Not a lot has changed for Ripple since yesterday, but we have some positive developments, which I expect to affect price in a positive way. So, above $0.64, initiating long positions in 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, another idea comes from Bitcoin Cash. At the time of filming, Bitcoin Cash comes with a buy signal on the StormGain platform. It has broken above the critical resistance at $480, which gives us good opportunities to initiate long positions, with targets at $520 and $545. Conversely, if we break below the resistance at $480 — which is now likely to act as support — if we break below $480, we could see more declines, taking us down to $440 and then all the way down to $400.
And finally, another idea in Bitcoin SV. Bitcoin SV, also with a buy signal at the time of filming, over the resistance at $129. A good opportunity to buy Bitcoin SV, with targets at $136 and $146. Conversely, we can see that we're in a bit of a channel here. So, if we break above $ , good targets for short positions could be $124 and $118.
Thanks for joining me today. Keep learning with the video education section in the CryptoGains Market Insights subsection. And remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas. Thanks for joining me today. Trade wisely, and I'll see you soon.