"To the moon!" is the sentence I heard the most when I read about Bitcoin and other cryptocurrencies.
We are talking of a new technology, with enormous potential, so it's normal to expect a huge growth in value for the future.
The problem is that there are different ways to go: we can use a rocket, that brings us straight to the moon, or alternately a ladder, reaching our target step by step.
Everyone can choose his preferred option: my pick is the second one and it's based on chart observation.
Have a look...
BITCOIN
MEDIUM TERM
Daily chart
Do you see the steps? Trend is positive and maybe at the end of that green channel we'll see the moon, but now we have to be realistic and consider the most probable scenario.
As I wrote two days ago in this article, after the strong movement that brought Bitcoin on the upper part of the channel, we should expect a retracement that is happening actually.
In this context, I identified a target price (marked by a red cross) at 4967$, previous high.
This prediction is also confirmed by indicators:
- RSI was in overbought and needs to unload
- MACD is going to give a sell signal.
Consider that this retracement will not change the medium term view, that continue to be positive until we remain in the green channel.
SHORT TERM
1 hour chart
Short term chart confirms the medium term view: support at 5446$ was broken and next target is confirmed at 4967$.
ETHEREUM
SHORT TERM
1 hour chart
Price is moving in a descending channel. For the moment trend is negative and first target is at 291$, even if we could expect a short term rebound to 310$.
RIPPLE
SHORT TERM
1 hour chart
Not a good movement for Ripple, with a break of the ascending trendline, a pullback and a new low. In my opinion we have to work on levels: supports are at 0.215$ and 0.195$.
RSI is in oversold area, so we could expect a short term rebound with target on first resistance is at 0.2328$.
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