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XRP whale alert; BTC, ETH, DOT, CHZ ideas

11 Jun, 2021 Martin Petkov
XRP whale alert

Hello and welcome, everyone. It's Martin here with CryptoGains. Happy Friday. We're beginning with a Glassnode on-chain analysis highlighting that 13.38% of Bitcoin money supply has moved between $31,000 and $40,000, signifying a very significant concentration of Bitcoin prices. And also, the same analysts point out that the key thing is to flip $35,000 to $36,000 to become support instead of being a resistance like it currently is. In addition to that, the same analysis also suggests that the per cent of Bitcoin supply in profit on the 7-day moving average basis has just reached a 13-month low of 72.14%, and Bitcoin is on track to record its first down quarter since Q1 2020.

Now, on the surface, this may seem like negatives, but the reality is that when markets are most depressed, usually these are the best opportunities to buy. In addition to that, it's worth highlighting that Invesco, one of the biggest investment management firms, with over $1.5 trillion in assets under management, has filed documents seeking approval to launch two cryptocurrency-based ETFs, which, of course, is going to provide more opportunities for institutional investors to invest in cryptos and drive market prices higher.

Also, a significant development with Ripple. It was highlighted that 140.5 million XRP was shifted, signifying that some whales are moving very, very significant amounts of money, preparing to do some transactions with Ripple, which suggests that market prices are likely to experience significant fluctuations in the near term. Let's move to the technical charts and see how we can trade these insights. 

Looking at Bitcoin versus Tether, at the time of filming, it comes with a buy signal on the StormGain platform. Above $37,000, good opportunities to buy Bitcoin, with targets at $38,000 and $39,280. Conversely, below $37,000, selling Bitcoin, with targets at $36,000 and $34,700.

Now let's move to EthereumEthereum has not experienced a similar recovery like Bitcoin but nonetheless presents some good trading opportunities. For example, above $2450, a good opportunity to buy Ethereum, with the first target at $2540 and then $2620. Conversely, however, below $2450, there is a good opportunity to sell Ethereum with targets at $2360 and $2290.

And now, let's take a look at what's going on with Ripple. To me, Ripple is a good buying opportunity above $0.86, which is acting as a good pivot point, with the first and the nearest target at $0.88 and then the mid-term target at $0.925. Conversely, below $0.86, selling Ripple with targets at $0.832 and $0.80.

And now, we're moving to Polkadot. After dipping to below $20, Polkadot already recovered nicely. And now, above $22.35 is a good buying opportunity, with targets at $23.20 and $24 on the long side. Conversely, below $22.35 on the short side, some good selling opportunities, with targets at $21.45 and $20.60.

And now, finally, let's take a look at Chiliz. Chiliz is one of the best performers of the last 24 hours with very robust recovery, and it broke about very critical resistance at $0.315. So, it presents a very good buying opportunity on the long side, with targets at $0.335 and then longer-term $0.395. Conversely, however, if we break below $0.315, you could sell Chiliz, with targets at $0.30 and $0.283.

So, these are the ideas for today. Keep learning with the video education section in the CryptoGains Market Insights subsection. And very importantly, remember to join the Crypto Signals Made Easy channel for lots of insightful articles, market analysis and trading ideas. Have a good weekend. Trade wisely, and I'll see you soon.

Bye-bye.

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