Bitcoin has continued its downtrend following last weeks’ analysis. We predicted that there would be a short continuation at around the $7.8k level. It was not as strong a push down as we were hoping for. Price has stalled at the 7000 level for 3 candles but has now started to turn around. It is too late to go long if you aren’t already in the trade. We have two possible scenarios: price could pull back to the $12k level or we could see price retrace from here and continue its push down. Both are tradeable scenarios so be sure to check out the video for details on both!
Ethereum is currently showing a potential long trade. This would be a counter-trend reversal trade which provides more risk. The bearish trend is strong currently and we have seen previous instances similar to this setup that did not push long. Price could very well turn around but it is simply too risky based off of current price action. If you are open to more risk, this long trade may suit you. The realistic RR is 1.55 but due to the the level of risk you would take on, this trade is not worth it for us!
Litecoin broke below support recently and that support is now acting as resistance. If we see price stalling on this resistance there is definite potential to enter a short trade here. Keep your eye on this pair’s movement over the next 48 hours!
Ripple is currently in our testing phase due to the lack of data provided by the pair. We rearrange our SR areas which gives us a look at some potential future moves for the pair, though taking any trades with Ripple are too risky in its current state.