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It is quite surprising to write this, but the XRP rally has raised Bitcoin and Ethereum from yesterday's lows. As I wrote yesterday in the Bitcoin cover, my bullish enthusiasm has been dampened by the $ 300 Bitcoin fall. XRP rising has renewed the hopes that the minimums for the year will enter and that prices will increase.
XRP Rally
The most frustrating part of the XRP rally was the news of our competitors. We read that the XRP rally was due to the launch of xRapid shortly and that even a large Saudi Arabian bank had joined the international payments Ripple network. I have exchanged cryptocurrencies long enough to know that nobody knows the exact reason why something happens on the market. This is an important spike in purchases that came out of the left field.
Bitcoin
I certainly feel better on Bitcoin now than I was 24 hours ago. The lack of volume and price action had the impression that the market was lowering. Today, however, we're back on the 6350 levels.
The problem is that it's still not enough to make me buy more Bitcoins. We are still in the middle of the interval between 6100 and 6500. This neutral area is not an area that I want to put on the market. Yesterday's jump was really positive, but it is necessary to show that it was not an isolated event before heading down. If we start to break higher, the only trade I see is buy above 6600 and look for a move from 6900 to 7000. On the downside, I'm looking at the 6100 level. A break there and we're going to test the 5900 then the lows of the year to 5740.
On the fundamental side, there are some noteworthy developments. Number one, Fidelity is looking at cryptographic products by the end of the year. Even if it is not clear what the products will be, it is more evident that traditional finance wants its piece of cryptographic cake. Secondly, "Crypto Mom" Hester Peirce gave a speech in which he displayed his support for cryptocurrencies. Here are my suggestions on his speech:
- If the general public wants to invest in the crypt, the SEC should not be an obstacle.
- Risk is always involved when it comes to risks. Crypto is not necessarily more risky than other asset classes.
- The SEC should encourage innovation, not hinder it or try to be the innovator. Let the free market innovate.
- Welcomes the "Crypto Mom" moniker.
Ethereum
Ethereum is back above the critical mark of $ 200. The case can be done for higher lows and last week's Ethereum lows will be the lows of the year. While I'm more positive than yesterday, just like with Bitcoin, it's not entirely convincing. We must see an interruption above 230 then 250 to confirm that the minimum is in. For now, support for 190 must be pending otherwise we will test again 170.
Bottom line
I am recovering my neutral prejudice and I'm just waiting for the market to make its move. It is important not to force an excessive exchange or trade. Let the market decide what you want to do, then act accordingly. I still have limited purchases in case the market dives. Orders now are 5900, 5700, 5400, 5000 and 4800. For those who missed it, here I am at the Crypto Rich show on Monday
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Charts courtesy of Trading View
Image courtesy of Pexels
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