Death cross and crypto sentiment; BTC, ETH, XRP, ADA, BCH ideas
Hello and welcome, everyone. It's Martin here at CryptoGains. Happy Monday! We are beginning this week with a sentiment analysis of the crypto world. Starting with the 7-day moving average of the Social Volume of Bitcoin, we can see that it reached a two-month low, according to data from the Sanbase platform, part of the Santiment platform. And we can see that this is accompanied by a brief recovery in the price and a subsequent dump. Actually, this is as of the end of last week. It doesn't even consider the huge declines that we saw over the weekend based on the news that China is intensifying the crackdown on Bitcoin mining.
Moving forward, we can also see that the Weighted Social Sentiment of Bitcoin is continuing to be negative. Actually, it's going further down, and we can see that it has also reached lows that we haven't seen in 2021 at all. Actually, the last time that we had similar lows was in October 2020. How low it can go is the real question. Moving forward, we can see that the very same sentiment is echoed across all major cryptocurrencies: Ethereum, Ripple, Cardano, and Polkadot, all with negative weighted social sentiment.
Also, what is quite significant is that we're witnessing death crosses across the board. The 20-day moving average is crossing the 50-day moving average. And now, the 20-day moving average is also about to cross the 200-day moving average. These are very substantial events, and they tend to signal long and protracted bear markets happening in Bitcoin. Similar death crosses occurred in 2013 and 2017. Following them, Bitcoin prices stagnated for extended periods of time. And finally, we can also see that the Mean Dollar Invested Age slope is rising higher, which, compared to the top that we saw in late 2017/early 2018, indicates the beginning of an extended period of stagnation like what we witnessed previously. Not a lot of positive news for Bitcoin. So let's 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, personally, I'd like to see prices breaking above $33,400 before initiating long positions, with fairly conservative targets at $34,500 and $36,000. Conversely, like at the moment, you can see that Bitcoin comes with a sell signal on the StormGain platform. Below $33,400, selling Bitcoin, with targets at $32,500 and $31,000.
Now let's take a look at Ethereum. At the time of filming, Ethereum also comes with the sale signal on StormGain. Personally, I'd like to see a break above $2045 before initiating long positions, with targets at $2140 and $2260. Below $2045, the selling pressure is likely to prevail. It can take us down to retest the support at $1980. But then, if that support doesn't hold, we can see declines to as low as $1800.
Now we're moving to Ripple. Ripple is also with a sell signal on StormGain. Below $0.70, selling Ripple, with a target at $0.681, and then we can go even lower to $0.65. Conversely, however, if we're able to clear the $0.70 resistance, we could see a bit of an increase, a bit of a relief rally or a correction rally all the way to $0.73 or $0.775.
And now we're moving to Cardano. Cardano also comes with a sell signal on StormGain. And below $1.33, we could see more declines. We can see that there is no reasonable support visible all the way to $1.175. So we could see quite a substantial drop in Cardano if we break with force below $1.33. Below $1.175, the next support comes at $1, so I understand that, at the moment, this represents a nearly 33% drop. But it is possible, so I need to make you aware of that. However, if we clear the $1.33 level, we could see a bit of a recovery to $1.38 and $1.458.
And finally, let's take a look at Bitcoin Cash. I'd like to see Bitcoin Cash breaking above $520 to feel comfortable in initiating long positions, with targets at $545 and $580. Conversely, below $520, the downside pressure prevails, with targets $480 and $440.
These are all the ideas for today. As always, keep learning with the Video Education section and the CryptoGains Market Insights subsection. And remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas that can help you in your trading. Thanks for joining me today. Trade wisely, and I'll see you soon.