Should retail investors purchase and hold? The significant players may push crypto prices down first, accumulate at the lesser levels and boost prices. Thus, retail investors may stagger purchases instead of buying everything at once. Let’s see if there are any buys this week.
Price Analysis For Ethereum
Ethereum’s dip below the 20-day chart was aggressively purchased, resulting in a shift to the overhead resistance at 745 USD. Currently, the digital currency is looking strong holding above the 700 USD level. This inevitably increases the chances of a break out of the 745 USD level again. Aggressive buyers can take a short-term extended position beyond 750 USD. The actual target is 838 USD, but this appears to be a risky trade, hence, should only be attempted with about 30% of the regular position size.
Price Analysis for Bitcoin
Bitcoin has found support at the 50-day chart. The bulls will defend the support between 7,900 USD to 8,400 USD. If this support holds, the digital currency will stay between 7,900 USD -10,000 USD. The 50-day chart has been flat for some days while the 20-day EMA became flat last week. This shows that Bitcoin will enter a consolidation period soon. There’s resistance at 10,000 USD, but the support is still unclear. Hence, it is recommended that you wait for a few days before clarity emerges before buying.
Price Analysis For Ripple
Ripple went below in the 50-day SMA but found strong support at the 0.632 USD level one day later. Currently, it the digital currency has returned above the 50-day chart. On the upside, Ripple will face resistance at 0.76 USD, which was its previous support range. On the 20-day EMA, it is just above this same level which is also resistance. If both levels are crossed, Ripple will become positive. The probability of a rally to the 0.9377 USD level happening increases. If the bulls don’t scale higher than the overhead resistance, Ripple can slide to the 0.56 USD – 0.58 USD levels.