Crypto outflows; BTC, ETH, LTC, ETC, XTZ analysis
Hello and welcome, everyone. It's Martin here at CryptoGains. Actually, the bearish crypto sentiments focused on Bitcoin and other major cryptocurrencies are confirmed according to data from CoinShares. Basically, this is based on data, which indicates digital assets investment products saw a third consecutive week of outflows, with a total of $79 million being withdrawn from crypto assets.
Ethereum also saw outflows of $1.9 million, down from $12.7 million earlier in the week. And it seems that weekly trading volumes in Ethereum investment products have fallen by 80% since the May highs. This is a very, very significant drop, and it's confirming the overall bearish vibes that I've been talking about for the last couple of videos.
What is quite interesting to note, however, is that Grayscale's parent company is about to purchase Ethereum Classic trust shares worth $50 million, which is positive for Ethereum Classic, and we're going to discuss it when we move to the technical charts.
And finally, another positive development has to do with the cryptocurrency Tezos. Namely, McLaren Racing announced a partnership with them to build an NFT — non-fungible tokens – platform, which will make for a better user experience. Let's now move to the technical charts and see how we can trade some of these insights.
Beginning with Bitcoin versus Tether, on the one-hour chart above $32,500, I'm seeing good opportunities to buy Bitcoin, with targets at $33,400 and $34,500. Conversely, however, below $32,500, the downside pressure is likely to take us down on the short side to $31,250, and then we can retest the longer-term support at $30,000, as well.
And now, let's take a look at Ethereum. At the time of filming, Ethereum comes with a sell signal on the StormGain platform. So below $1950, selling Ethereum, with targets on the short side at $1880 and $1800, the longer-term support. Conversely, if we're able to clear the $1950 barrier, we could see a rally all the way to $2045 and then further up to $2140.
Now let's take a look at Litecoin. Litecoin, another cryptocurrency with the sell signal on StormGain. Personally, the way that I'm reading the chart, below $130, selling Litecoin, with a target at $120. But then, if we break below $120, we could see declines all the way down to the longer-term support at $95. Conversely, however, if we are able to clear the $130 level decisively, we could see a bit of a rally all the way up to $137.50 and $145.50.
And now, let's take a look at two of the cryptocurrencies that we discussed based on developments. These are Ethereum Classic and Tezos. I like Ethereum Classic above $40. I believe it presents a good buying opportunity, with targets at $42.50 and $44. However, below $40, it's likely that we're going to see more downside pressure, taking us down to $38. And then, as always, $36.80 in the short term.
And finally, let's take a look at Tezos. Above $2.56, Tezos, to me, is a very good buy, with targets at $2.60 and $2.66. Conversely, however, if we break below $2.56, it's likely we're going to see more downside pressure, with targets at $2.51 and $2.42.
These are all the ideas for today. As always, keep learning with the video education section 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 will see you soon.