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The End of BTC Bear Market? | ETH, XRP, LTC, NEO Analysis

07 Jul, 2021 Martin Petkov
The End of BTC Bear Market

Hello and welcome, everyone. It's Martin here with CryptoGains. Let's begin with an insightful article suggesting that we may be seeing some signs that the bear market in bitcoin is over. Now, this is based on Glassnode on-chain analysis, but the key thing that we're looking at is this difficulty ribbon inversion.

Basically, it suggests that this week alone, at one point, difficulty had to be adjusted down by nearly 28%, the largest adjustment in history. This led to the difficulty ribbon inverting. This difficulty ribbon inversion is very common and represents minor capitulation. The reason why it's uncommon is that such events only occur either towards the end of a bear market or shortly after halving. We can see that there has been only a couple of such inversions that we have seen. And typically, they have happened before substantial rallies or increases in bitcoin.

However, it's important that, although this can be a sign that the bear market is over, that being said, this finding does not signal a rally for the coin, either. So you need to be careful, and we're going to see how you can trade some of these insights on the technical chart.

Also, Goldman Sachs analysts suggest that ethereum may surpass bitcoin as a store of value but not gold. Bitcoin may have the stronger brand given its first-mover advantage. However, bitcoin lacks some of the often cited in real use cases that ethereum has, which suggests that, over the long term, ethereum is likely to be more widely accepted, adopted, and useful to our overall economy.

Finally, Jed McCaleb received 291.5 million XRP from ripple and sold 10 million immediately, suggesting that probably he's not very confident in the long-term prospect of the currency. But yet again, it could be simply because he needed some money. So let's move to the technical charts and see how you can trade these insights.

The picture in bitcoin largely unchanged from yesterday. $34,750 used as the pivot point to initiate long positions, with targets at $35,600 and $35,930. Conversely, if we break below $34,750, selling bitcoin, with targets at $34,200 and $33,700.

Now let's take a look at one of the best-performing altcoins, ethereum. Ethereum rallied to reach my first Take Profit target from yesterday at $2385. So, above that level, buying ethereum, with targets at $2450 and $2540, which, as you can see, are levels that we haven't seen approximately for the last week. So ethereum is heading towards recovering some of the mid-term highs from the recent past. Conversely, below $2385, selling ethereum, with targets at $2335 and $2260.

And now we're moving to ripple. To me, ripple represents attractive buying opportunities above $0.667, with targets on the long side at $0.68 and $0.707. Conversely, if we break below the support at $0.667, we could see declines to $0.66 and $0.65 on the short side. 

And now, let's take a look at litecoin. Litecoin rallied substantially over the last couple of trading hours, presenting good buying opportunities above the support level at $141, with targets at $147.50 and $152. Conversely, if we break below the support at $141, we could see retracing some of these gains, and on the short side, you could target $136 and $130. 

And the final idea from today is from neo. Neo is trading in a range in the last couple of days but is now showing a very strong rally, giving us an opportunity to buy above $38, with targets at $40 and $44. However, below $38, we could see declines to $37 and $36.

These are all the ideas for today. 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. Thanks for joining me today. Trade wisely, and I'll see you soon.

Bye-bye.

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