This week we first take a look at the successful short continuation trade that we took from last week’s analysis. It was a nice trade, with price pushing strongly to our target resulting in a quick and tidy trade!
Currently, we are now seeing BTCUSD stalling on top of a strong support area. This area has held on multiple occasions and sellers are struggling to push through it once again. As such, it is best to wait and see what price does over the coming days before entering any trades. Realistically, price could go in either direction at the moment. If it goes short, we could see another potential short continuation. We would prefer it reverses though!
ETHBTC, LTCBTC, XRPBTC
We take a first look at crypto only pairs this week! In the future, we will be keeping a close eye on these pairs. They are not traded in a volume that is near that of BTCUSD but they do have some nice movement which could give us trades down the road.
ETHBTC has just broken through the 200 moving average and we discuss the impact of the 200 MA with this pair. A long trade with a reasonably tight stop loss is a potential trade with this pair, so keep an eye on price over the next 24 hours.
With cryptos, it is important to stay up to date with different pairs. As it is such a new corner of the market you never know what pairs are compatible with your trading strategy. We encourage all traders to experiment with demo accounts and different crypto pairs – this is an exciting and new space that has a lot of discoveries and theories to uncover!