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Crypto recovery; BTC, ETH, XRP, LTC, IOTA analysis

15 Jun, 2021 Martin Petkov
Crypto recovery

Hello and welcome, everyone. It's Martin here with CryptoGains. After a rather lengthy period of consolidation, according to some people, we're finally witnessing some positive signs across the crypto spectrum.

First of all, we're beginning with a discussion of a Bitcoin indicator, which has a perfect history. We just generated a buy signal. And this is something called the Stable Ratio Oscillator. And you can see that whenever it dipped to its lower bound and then began recovering, these were actually excellent buying opportunities in Bitcoin.

Additionally, there are now discussions and acknowledgement among some analysts that what Elon Musk is doing, something I've been seeing for a long time, can be likened to market manipulation by one powerful individual. And I'm not here to judge whether this is correct or not. I just believe it's important for anyone trading cryptocurrencies and Bitcoin, in particular, to be aware of the huge influence that Elon Musk, with his tweets, has on Bitcoin prices, at least in the short term.

Another positive is that MicroStrategy, one of the biggest investors in Bitcoin, could buy an additional $1 billion through a stock offering and use the proceeds of that stock offering to purchase cryptocurrency. Also, a recent survey from The Financial Times indicated that hedge funds plan to allocate 7% of their portfolios in cryptocurrencies by 2026, which, of course, is going to drive crypto prices higher up.

And finally, we have positive developments from Ripple, as a court gives Ripple execs the go-ahead to obtain XRP info from 16 foreign exchanges. That information can be used in the case to support Ripple and potentially help them win the case. Now, let's move to the charts and see how we can trade these insights.

We're looking at the four-hour chart in Bitcoin, and we can see that there is a robust recovery from the lows around $35,000. Currently, we're trading above $40,000. And personally, I like $40,250 as my entry point for long positions, with targets at $41,000 and $42,000. Conversely, below $40,250, selling Bitcoin, with targets at $39,280 and $38,000. 

And now, let's move to Ethereum. Ethereum is also experiencing a very good recovery from the lows near $2000, now trading below $2600. And, personally, I like my pivot point at $2610. Above that level, buying Ethereum, with targets at $2670 and $2735. Conversely, however, below $2610, I'm seeing more downside, with targets on the short side at $2540 and $2480.

And now we're moving to Ripple, which was another company for which we had some key developments today. For Ripple, I have kept my indicators from yesterday just to show you the precision of some of the signals that I gave. First, we saw that, after breaking the $0.87 level, it rallied all the way to my first target around $0.885. And then, later in the day, it reached the second target that I had set at $0.92. At the moment, we can see that this first target is acting as a very good pivot point. So we can just make it our pivot point, $0.885. That becomes our Take Profit target. That becomes our target on the short side. Actually, I think that can be a bit lower, around $0.865 for the Take Profit target on the short side. And then our previous target for the short side becomes our second target for today. And that's $0.8430. We can see that this used to be resistance, now it's going to act as support. So just before reaching that support, it's going to be wise to take profit on short positions. Zooming out a little bit, we can see our next reasonable target at approximately $0.945. And here is a very quick example of how you can do your own independent analysis on the chart based on one of my favourite tools, horizontal support and resistance levels. So above $0.885, buying Ripple, with targets at $0.92 and $0.945.

And, now we're moving to Litecoin. At the time of filming, Litecoin comes with the buy signal on the StormGain platform, and what I like to use as my pivot point is $178. Above that level, buying Litecoin, with targets at $185 and $193. Conversely, however, below $178, the downside pressure may prevail and take us down on the short side to $173 and $167.

And, finally, the last idea for today is in Iota. At the time of filming, Iota also comes with the buy signal on the StormGain platform. And here, I like the level of $1.15 as my pivot point to initiate long positions. Evidently, the first Take Profit target on the long side comes at $1.25 and then higher up at $1.35. Conversely, however, if we're unable to sustain the $1.15 level, we could see declines with reasonable targets for short positions at $1.10 and $1.04.

Thanks for joining me today. Keep learning with the video education section and the Crypto Gains 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 wise, and I'll see you soon. 

Bye-bye.

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