Bitcoin (BTC), XRP (XRP), Litecoin (LTC) & Stellar (XLM)
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Bitcoin (BTC)

Bitcoin started the day deep in bear territory at $6700, before testing a low of $6200. Though it has slightly retraced back to $6400, the momentum is still bearish, and could see Bitcoin test $6000 in the next 24 hours. As such, for a trader looking to trade in bitcoin (BTC), a short entry at $6400 with a target of $6000 is most ideal.  A break below $6000 could see Bitcoin retest 5800, a price level that has offered significant support in the past.

However, if there is an upsurge in buying volumes and bitcoin (BTC) pushes above $6700, it would be more practical to go long with a target of $7000. The volatility in the market makes such wild price swings possible within the day.

XRP (XRP)

Like the rest of the market, XRP started the day in the red, and hit a low of $0.26. However, it has since retraced, and is now trading in a narrow range between $0.286 and $0.278, though overall momentum is still bearish. For a day trader, the key level to watch is $0.278. If XRP breaks below the price level, then it would be most practical to go short, with a profit target of $0.257. This is a level that has offered a significant level of support in the last few weeks.

However, if there is a surge in buying volumes and the price breaks above $0.308, it would be most pragmatic to go long, with a target of $0.32.

Litecoin (LTC)

Litecoin is heavily bearish at the moment having broken below the 100-day moving average support level at $59 to test a low of $53.  Going by the heavy bearish momentum in the market, Litecoin could drop further and test a low of $51.33. That’s a key support level, at which Litecoin (LTC) could range for a couple of days.

However, if a sudden volumes spike takes Litecoin (LTC) above $58, a long entry would be more ideal, with a profit target of $60.63 in the day.

Stellar (XLM)

Stellar opened the day in the red, but its drop has been minor relative to most of the market. In the day, it has touched a low of $0.192 before consolidating at $0.198 – $0.196. For a day trader looking into Stellar (XLM), it’s most practical to wait for a break outside of this range. If the price breaks below $0.196, a short entry would be idea with a target of $0.184. That’s a more long-term support level, one that would most likely hold.

But if the price breaks above $0.198 and momentum pushes it above $0.20, it would be best to go long, with a target of $0.21. However, with the heavy selling volumes in the market today, a short entry offers the best risk/reward ratio for a day trader.


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