A new home for BTC miners; Grayscale adds SOL, MATIC
Hello and welcome, everyone. It's Martin here with CryptoGains. First of all, it's interesting to observe that Chinese Bitcoin miners are just about to find a new home. And it's a rather beautiful place, as you can see. Basically, the mayor of Miami is attracting them with cheap nuclear energy and opening an embrace, opening the city for them to migrate and begin mining cryptocurrency there.
Here is a quote: "We understand how important this is… miners want to get to a certain kilowatt price per hour. And so we're working with them on that; We want to make sure that our city has an opportunity to compete". Of course, this is going to be very substantial support for the US economy, as well, so there is clearly political motivations behind that move. But, nonetheless, it's something very positive for the crypto world in general.
Also, despite the sharp corrections on a risk-adjusted basis, Bitcoin and Ethereum continue to be the best performing assets. "The Sharpe Ratio is one of the most-used metrics in traditional finance to assess the risk-return performance of an asset". Basically, it's a bit of a complicated story behind this ratio. It divides the performance of an asset by its volatility to arrive at the measure of its performance, which accounts for how volatile or how risky it is. And we can see Bitcoin and Ethereum at the top, beyond Google and beyond Tesla. So, no doubt that despite everything, Bitcoin and Ethereum remain very attractive assets for long-term investors.
Finally, Grayscale, one of the biggest investors in cryptocurrencies, is exploring the addition of MATIC and Solana, that's Polygon and Solana, to its products. So now we're going to take a look at the charts and start with the discussion of Bitcoin, Ethereum and Ripple, and then we're going to move to Solana and Polygon.
Beginning with Bitcoin on the one-hour chart, $38,000 is a critical point in my view. Above that level, buying Bitcoin, with targets at $39,000 and $39,500. Conversely, however, below $38,000, we could see more declines, with support at $36,400, which is a reasonable target at the moment and then further down to $35,000.
Now let's take a look at Ethereum. For Ethereum, I like $2330 as my pivot point for long positions, with targets at $2380 and $2440. Conversely, below $2330, we could see more declines on the short side, with targets at $2265 and then further down at $2200.
Now we're moving to Ripple. As you can see, at the time of filming, Ripple comes with a buy signal on the StormGain platform. And the pivot point from which you can initiate long positions is $0.84, with targets at $0.86 and $0.88. Conversely, however, should we break below $0.84, we could see more declines take us down to $0.83 and $0.81.
And now we're moving to the two other assets that we discussed, namely Solana and then Polygon. Above $39, Solana represents a very good buying opportunity, with targets at $41 and $43. Conversely, however, below $39, it may be more prudent to sell Solana, with targets on the short side at $37.60 and $35.
And, finally, let's explore MATIC or Polygon. Ideally, I'd like to see Polygon breaking above $1.49 before initiating long positions at a long-term critical level. And, then on the long side, I'm looking for targets at $1.54 and $1.60. Conversely, below $1.49, selling Polygon, with targets at $1.425 and $1.335.
These are only ideas for today. Keep learning with the video education section and the CryptoGains Market Insight subsection. And very importantly, remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas that can help you be a more coherent and wiser trader. Thanks for joining me today. Trade wisely, and I'll see you soon.
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