When Crypto catches fire: Bitcoin, Ethereum, and Ripple

COIN:BTCUSD, ETHUSD, XRPGBP #CAC40 #Nikkei Despite UK regulator action on crypto currency trading, there appears plenty who still trade the products, using slightly offshore platforms. On Tues 23th Feb, with considerable horror, traders watched Bitcoin losing $13,000, Ethereum dumping $600 and XRP tossing 11p in the bin! Perhaps percentage terms shall prove more relatable, Bitcoin lost 22%, Ethereum lost 29% and Ripple lost 26%.

It is probably safe to say it was not the finest session for many traders. For legendary Bitcoin miners, it was a nasty cave in and we’re not certain the tragedy is over yet.

But then again, it might be!

With Bitcoin, the immediate cycle which led to $57,000US had been presenting the threat of reversal to $43,250 but when the price imploded, the value “only” shrunk to $44,888. Perhaps this is an implication of strength as our bottom number was not troubled. Using the same logic, Ethereum has presented the potential of $1300 but on the day, it bounced from $1367. Again, an implication of strength. Finally, XRP hit a low of 0.2950 rather than bother our calculation of 0.27250.

We’ve a (sometimes dodgy) logic which tells us to be cynical, if price drops fail to breach target on the day of the initial correction. Even though our target level may be broken in future days, we’re cautious advocating flat panic in the event prices bounce just above targets. In the case of each of the three crypto cons, we are loathe to suggest they present an immediate short opportunity.

 

Needless to say, we can give some potentials for the insanely brave.

With Bitcoin, below $43,000 now permits reversal to around £37k with secondary, if broken, at a bottom of $31k. The visuals even make sense. Alternately, we can present a scenario with a trigger level at $51k which calculates with the potential of $54.5 with secondary, if exceeded, $60k and yet another high.

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For Ethereum, below $1300 carries the potential of a visit to $1150 and hopefully a bounce. If broken, our secondary is pretty vile at a bottom around $570. The other side of the coin, if we take a positive viewpoint, allows for strength above $1780 to now bring recovery to £1930 with secondary, if exceeded, at $2271, an all time high.

Hey, chart goes here

Finally, Ripple XRP. Weakness next below the 0.27 level shall prove troublesome, allowing an initial 0.22 with secondary, if broken, down at 0.14. We cannot calculate below such a level. On a happier note, it need only exceed 0.47 to suggest an initial ambition of 0.60 with secondary, if bettered, a significant 0.74.

Hey, chart goes here

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:50:40PM BRENT 64.25 Success
10:53:09PM GOLD 1806.21
10:54:51PM FTSE 6627.34 ‘cess
10:57:09PM FRANCE 5783 5718 5691.5 5657 5761 5788 5793.5 5816 5766 ‘cess
10:59:11PM GERMANY 13881.91 Success
11:05:05PM US500 3879 Success
11:07:53PM DOW 31539
11:10:57PM NASDAQ 13181 Success
11:13:31PM JAPAN 29997 29920 29788.5 29565 30100 30100 30155.5 30325 29918 Success
23/02/2021 FTSE Closed at 6625 points. Change of 0.2%. Total value traded through LSE was: £ 8,400,811,010 a change of 24.64%
22/02/2021 FTSE Closed at 6612 points. Change of -0.18%. Total value traded through LSE was: £ 6,739,937,565 a change of 0.76%
19/02/2021 FTSE Closed at 6624 points. Change of 0.11%. Total value traded through LSE was: £ 6,689,261,003 a change of 15.24%
18/02/2021 FTSE Closed at 6617 points. Change of -1.39%. Total value traded through LSE was: £ 5,804,629,617 a change of -22.73%
17/02/2021 FTSE Closed at 6710 points. Change of -0.56%. Total value traded through LSE was: £ 7,511,824,336 a change of 35.06%
16/02/2021 FTSE Closed at 6748 points. Change of -0.12%. Total value traded through LSE was: £ 5,561,960,634 a change of -0.72%
15/02/2021 FTSE Closed at 6756 points. Change of 2.53%. Total value traded through LSE was: £ 5,602,276,757 a change of 0.88%

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