What now? A price analysis

Bitcoin finally closed slightly above its previous weekly high set in 2019, but then retreated on Wednesday. It could be a chart breakout which means new strength, if that level can be bought back and maintained.

Other cryptocurrencies tend to trade in similar patterns to each other, but each has a distinctive look depending on the time frame involved. Check out these price charts to see what I mean.

Up Bitcoin’s daily price chart, a classic candlestick motif:

The bearish swallow is not good news for cryptocurrency investors, as the name suggests, at least for the short term. Today’s high is (barely) higher than yesterday’s high and then sold below yesterday’s close before ending the day just above those lows.

The Bitcoin weekly chart appears to send a similar message:

After returning through mid-2019 to around 14000, the price has returned to the lower end of the weekly range. This happens when investments occur in previous main selling zones: resistance levels. The challenge for Bitcoin investors will be to see a close or 2 above 14000.

The Ethereum daily chart looks a little different from the Bitcoin newspaper:

The cryptocurrency is underperforming its sister Bitcoin by failing to reach a higher high in October. For whatever reason, the intense September sales from the 480 level are preventing Ethereum from making too much progress. However, it looks like a nice short-term uptrend from last month’s low to today.

Here the Ethereum weekly Look:

This cryptocurrency has already reached its mid-2019 high. That breakout came early this summer. From that point of view, it was before moving up relative to Bitcoin. Note the steady upward trend taking place since this year’s March lows.

Also note that Ethereum is managing to stay above the old 2019 high almost steadily since the breakout. The next level of significant resistance could be the April / May 2018 high where the big sellers dumped the last time it was up there.

The XRP daily price chart It looks like this:

That late July rally is a monster for this penny stock version of the cryptocurrency world. Looks like my blackjack-savvy friend in Vegas called him. Since the highs of August, XRP has not kept pace with other cryptocurrencies. But this is the start of a decent uptrend since the September low. A close above 33 resistance could be bullish.

The weekly chart for XRP It looks like this:

Yes, that’s right: XRP sold for over $ 3 at the start of 2018. From then on, it’s not hard to ascertain the steady decline to the downside through 2020. This year’s seemingly bullish action has dropped significantly. on this graph. It looks like this cryptocurrency could find resistance up there near 0.80 from the high in September 2018, where sellers have regained control.

Neither of these are buying tips. It remains to be seen the idea that these could benefit from selling other types of investments.

I have no positions in these investments. No recommendations are made one way or the other. If you are an investor, you would like to investigate each of these situations. You can lose money by trading or investing in stocks and other instruments. Always do your independent research, due diligence, and seek professional advice from a licensed investment advisor.