Following a cryptocurrency exchange’s recent hack, price has crashed and pushed down to the $7,000 support area. This support area has held over the last two crashes – a wick did dip down to $6,000 but the candle bodies held at $7,000. So we are on the third bounce currently for this support. You should be looking for a potential long entry at this support area! Price is starting to stall which is a good sign. You can get a good risk-to-reward ratio for this potential long – around 1.8 – so let’s keep a close eye on price and how it moves over the next 24 hours. If price pushes below support there will be potential for a short continuation. Continuation trades are great for Bitcoin so whatever happens, monitor price!
Price is correlating with Bitcoin at the moment so we will be keeping our focus on Bitcoin for now. Stay up to date with these pairs though as there are slight deviations.
Ripple has the least correlation with Bitcoin at the moment. It is still similar so we won’t be looking for trades on the higher timeframes with Ripple. The 30 minute charts are tradeable with Ripple which is something we will explore in the future.