JPM, Musk and BTC, ETH, ADA, LNK, UMA analysis
Hello and welcome, everyone. It's Martin here with CryptoGains. First of all, we're beginning with this insightful article, which discusses the fact that JPMorgan is expanding its crypto services by hiring related experts. And as this more in-depth analysis goes on to explain, this is a very substantial move as one of the most traditional of the biggest banks is demonstrating its support for cryptocurrencies. And this is likely to convert longer-term sceptics into people who are willing to at least experiment with crypto.
However, one of the major things driving markets today is another ambiguous tweet from Elon Musk, where he shared Bitcoin with a broken heart and a little bit of a joke underneath, which were interpreted as something negative by many market participants, consequently driving the entire market down.
However, on the positive side, the winds of change are blowing in a positive way between Cardano creator Charles Hoskinson and Ethereum's Vitalik Buterin, with an exchange of kind comments between two of the most influential people in the crypto world.
So let's take a look at the technical chart and see how you can trade out these insights beginning with Bitcoin versus Tether. On the one-hour chart, personally, I'm using $37,000 as my pivot point to initiate long positions. For Bitcoin, my first target is at $38,000 and $39,250. Conversely, below $37,000, as we currently trade, I think it's more than likely that we can see further retests of that support at $36,250. And then we can see, if that level is broken, we can see retracements further down to as low as $35,000.
Now let's take a look at Ethereum. For Ethereum, I like to use $2640 as my pivot point. Buying Ethereum above that level, with the first target at $2720 and then the longer-term target at $2880. Conversely, however, below $2640, like we are right now, I could see further declines, with opportunities for a short position, with targets at $2525 and $2350 longer-term.
Now we're moving to Cardano. For long positions in Cardano, I like to see it break above $1.69. And above that level, I can feel confident in a long position, with targets at $1.77 and $1.85. Conversely, however, below $1.69, the downside pressure may prevail, taking us down on the short positions with targets at $1.61 and $1.53.
And now, another interesting opportunity comes from Chainlink. Chainlink experienced quite a substantial drop over the last few trading hours. However, it's finding good support around the level of $2830. So, above that level, a good opportunity to buy Chainlink, with the first target at $29.60 and then $32.50. Conversely, however, below $28.30, we could see more declines, giving us opportunities to initiate short positions with targets at $26 and $24.
And the final idea for today comes from UMA. In contrast with other cryptocurrencies, UMA registered a huge spike in the last few trading hours. Currently, it has retraced, but it's finding good support around $16. So, I'm using that as a pivot point to initiate long positions, and the nearest target, of course, is $16.50 set by the previous hourly candlestick hot. And the longer-term target is $17.60. If we zoom out on the chart, however, we're very far from some of the highs that we've seen recently, so UMA can easily rally to as high as $21, as well. Conversely, on the short side, below $16, the nearest target for short positions are at $15.13 and $14.50.
Thanks for joining me today. Keep learning with the video education section and the CryptoGains Market Insights subsection. Remember to join the Crypto Signals Made Easy channel for lots of articles and trading ideas. Have a good weekend, and I'll see you soon.