Google crypto ban lift; BTC, ETH, XMR, ZEC, TRX ideas
Hello and welcome, everyone. It's Martin here with CryptoGains. The main development from the last 24 hours is that Google is about to reverse the crypto exchange and wallet advertisement ban. And now it's going to allow platforms and providers to share their content as long as they're registered with FinCEN, which is one of the crypto regulators.
Now, this is very significant because we have witnessed very substantial interest in cryptocurrencies, even with this ban. And given that Google is the most popular platform for searching the web, this is likely to drive even more interest in the crypto world.
Without any other major developments, let's move straight to the technical chart and see how you can trade some of the main cryptocurrencies beginning with Bitcoin versus Tether. Beginning with Bitcoin versus Tether, we can see that at the time of filming, Bitcoin comes with a buy signal. To me, the pivotal level is $38,600, and above that level, good opportunities to buy Bitcoin, with the first target at $39,700, the nearest resistance, and then at $40,400, which is the next major resistance area.
The reason I have the MACD indicator and the Relative Strength Index here is because I want to show you something interesting happening on the daily chart. I'll just adjust the scaling a little bit to show you what I mean. We have a bullish crossover on the daily chart in the MACD indicator, which is a very strong signal that the bulls are taking charge on the daily chart once again, giving us more hope for the long-term potential of Bitcoin. The Relative Strength Index is still below 50, but it's approaching it nicely.
Now let's move to Ethereum. For Ethereum, I like the level of $2822 to use as my pivot point. The Take Profit target on long positions is $2890, the nearest resistance area, and then further up at $3000, which, of course, is a critical psychological level. Conversely, below $2820, the bears are likely to prevail, with the target for short positions at $2740 and $2670.
Once again, I'd like to zoom out to the daily chart and point out that we're just about to witness – let me just adjust the scaling first – but we're just about to witness a bullish crossover of the MACD indicator. And, on the daily chart, this is typically quite significant. And the Relative Strength Index has just climbed above 50, giving us confirmation of that. So, I'm turning more of a bull on Ethereum, believing that the recovery is likely to take us back to higher levels in terms of prices in the short term.
Now let's take a look at Monero. Monero broke very long-term resistance. And, currently, I like to use $311 as my pivot point. Above that level, buying Monero, with the targets at $335 and then $360. Conversely, below $311, we could see downward pressure, so on a short position, a good target could be $295, which used to be resistance. Now it's likely to act as support. And $272, which, once again, used to be resistance and is likely to have flipped into a support for us.
Next, we're moving to Zcash. Zcash comes with a buy signal at the time of filming this video. Above $170, which used to be resistance, I'm seeing good opportunities to buy Zcash, with targets at $180 and $185. Conversely, below $170, we could sell Zcash, with the first target at $167 and then $162. This is based on horizontal support and resistance lines. You could also argue that perhaps a more reasonable target will be $160 on the downside.
And finally, let's take a look at Tron. Tron experienced a major breakout above a critical level, and that level is $0.08. Above that level, an opportunity to buy Tron, with the first target at $0.084. However, if we zoom out, we can see that the next reasonable target comes probably all the way up to as high as $0.10, which is just around the level from which the big correction happened when we saw the major carnage on 19 May. Conversely, however, below $0.08, we could see downward pressure taking prices to as low as $0.0775 from the short side and $0.074.
These are all the ideas for today, but you can keep learning on the video education section with the CryptoGains Market Insights subsection. And, of course, remember to join the Crypto Signals Made Easy channel, where I'm sharing lots of articles and market insights.
Thanks for joining me today. Trade wisely, and I'll see you soon.
Welcome to StormGain — crypto trading platform!
Trade with 500× multiplier.