As ETC Reaches Range Highs, What Level Should Short-term Investors Expect?

Audy Castañeda
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<strong>As ETC Reaches Range Highs, What Level Should Short-term Investors Expect?</strong>

ETC’s range highs were tested, but a breakout was not confirmed at press time. Market structure remained bullish.

Bitcoin [BTC] traded at $24.6k and faced stiff resistance at $25.2k. Both a breakout and consolidation below the Bitcoin resistance will likely present many altcoins with a bullish scenario. Classic Ethereum [ETC] is also a coin that could rise if sentiment remains bullish.

However, from a price perspective, it was possible for ETC to retrace a large part of the gains it made over the past week. This was because the $24 area has been strong resistance over the past month.

Highs of a Month-long Range Tested Once More

Since mid-January, Ethereum Classic has traded within a range between $20 and $24, with the midpoint at $22. The price has respected all three levels in recent weeks. Recently, ETC was trading at $23.5, near the highs of the $24 range.

The RSI was at 61, and has risen higher in recent days, to show increasing bullish momentum. Lower time frames like an hour also showed a strong bull market structure. Therefore, momentum and structure continued to favor buyers. OBV also showed an uptrend, to show that buying pressure was constant and demand was present.

However, from a risk-to-reward point of view, it was not feasible to buy ETC at $23.5. A breakout of the H4 market structure would occur on a drop below $22, the mid-range mark. On the other hand, with $24 being a significant level of resistance, short sellers can wait for an opportunity.

Analysis of the one-hour and 30-minute time frame charts showed that the momentum was neutral. A move below $22.76 would break the structure of the market and turn it bearish. Therefore, if ETC moved below $22.76 and then retested the $23-$24 area, short sellers may look for open positions targeting $20 support. Its stop loss can be set near $24.25.

On the other hand, a clean break beyond $24.5 and a retest of $24 for support may offer a buying opportunity.

Open Interest Showed Bullish Dominance Has Not Waned

The one-hour chart showed rising open interest along with price. This was a strong indication of the bullish sentiment in the futures market. In addition, the funding rate was also positive. Therefore, long positions were in the majority.

Taken together with the price movement, the conclusion was that more rises were likely. However, buyers should be prepared for a sharp recession. If a move below $22.76 materializes, short sellers on lower time frames may look to enter a trade.

By Audy Castaneda

BTC Fear and Greed Index Rises to Signal a BTC Run to $26,000

Audy Castañeda
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<strong>BTC Fear and Greed Index Rises to Signal a BTC Run to $26,000</strong>

It was a bullish Monday, with BTC rising 2.27% to end the session at $24,835. A quiet session on Monday left the bulls in control, with BTC revisiting the $25,000 level for the fourth time in five sessions. The Fear and Greed Index remained within the Greed zone, increasing from 58/100 to 60/100.

On Monday, bitcoin (BTC) rose 2.27%. Reversing a 1.42% drop since Tuesday, BTC ended the day at $24,835. Despite the bullish session, BTC revisited below $24,000 for the first time in three sessions.

A choppy start to the day saw BTC slide to an early morning low of $23,862. BTC briefly fell through the first major support level (S1) at $23,934 before rising to an early afternoon high of $25,114. BTC broke through the first major resistance level (R1) at $24,922 before pulling back to end the day at $24,835.

US Regulator and Lawmaker Silence Offers a Bullish Session

There were no external market forces to sway investors, with US markets closed for George Washington’s birthday.

While there were no US economic indicators for investors to consider, there were also no regulatory moves or talk from US lawmakers to sway sentiment. The quiet session supported BTC’s recovery from early losses, although BTC failed to hold the $25,000 level, reflecting lingering regulatory uncertainty and Fed fears.

It could be a difficult time for US crypto participants. The market would need bipartisan bills to introduce proper regulatory controls.

BTC Action Price – Technical Indicators

BTC needs to avoid a drop through the $24,604 pivot to target the first major resistance level (R1) at $25,345. A move through Monday’s high of $25.114 would signal a breakout session. Crypto news wires need to be crypto-friendly to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $25,856 and resistance at $26,000. The third main resistance level (R3) sits at $27,108.

A drop through the pivot would bring the first major support level (S1) into play at $24,093. However, barring a crypto event-driven sell-off, BTC should avoid below $23,500 and the second major support level (S2) at $23,352.

Looking at the EMAs and the 4-hour candlestick chart, it was a bullish sign. BTC settled above the 50-day EMA ($23,928). The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.

A hold above S1 ($24,093) and the 50-day EMA ($23,928) would support a break out of R1 ($25,345) to target R2 ($25,856) and $26,000. However, a drop through S1 ($24,093) and the 50-day EMA ($23,928) would give bears a run at the 100-day EMA ($23,384) and S2 ($23,352). A drop through the 50-day EMA ($23,928) would send a bearish signal.

By Audy Castaneda

XRP Shows a Return to $0.40 to Target $0.42 on SEC Versus Ripple Sentiment

Audy Castañeda
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<strong>XRP Shows a Return to $0.40 to Target $0.42 on SEC Versus Ripple Sentiment</strong>

On Monday, XRP rose 3.17% to end the day at $0.39832. Silence from US regulators and lawmakers provided some respite after last week’s regulatory scrutiny. Technical indicators turned bullish, indicating a return to $0.42.

On Monday, XRP rose 3.17%. Reversing a 2.12% drop since Sunday, XRP ended the day at $0.39832. The bullish session supported a return of XRP to $0.40 for the first time in four sessions.

A bearish start to the day saw XRP slide to an early morning low of $0.3775 before making a move. XRP briefly fell through the first major support level (S1) at $0.3817 to test the second major support level (S2) at $0.3772.

However, finding support in the crypto market, XRP surged to a high of $0.40861 in the early afternoon. XRP broke above the first major resistance level (R1) at $0.3941 and briefly through the second major resistance level (R2) at $0.4020 before pulling back to end the day at $0.39832.

Ripple Expansion News Offers Bullish US Holiday Session

It was a quiet Monday session with US markets closed for George Washington’s birthday. Monday’s US holiday left the crypto market free of regulatory activity and chatter from US lawmakers, supporting a broad-based crypto rally.

With no SEC versus Ripple updates for investors to consider, Ripple news provided price support.

XRP Price Action – Technical Indicators

Investors should continue to monitor the Binance, FTX, Genesis, and Silvergate Bank news wires and talks related to the SEC v Ripple case. However, SEC activity, as well as talk by US lawmakers, is expected to remain the key factor, unless the courts rule in the SEC v. Ripple case.

XRP needs to avoid the $0.3948 pivot to target the first major resistance level (R1) at $0.4121. A move through Monday’s high of $0.40861 would indicate a bullish session. However, the broader crypto market, as well as the SEC versus Ripple talk, would need to support a breakout.

In the event of another prolonged rally, XRP would likely test the second major resistance level (R2) at $0.4259. The third main resistance level (R3) sits at $0.4570.

A fall through the pivot would bring the first major support level (S1) into play at $0.3810. However, barring an extended cryptocurrency sell-off, XRP should avoid below $0.38 and the second major support level (S2) at $0.3637. The third major support level (S3) sits at $0.3326.

The EMAs and the 4-hour candlestick sent a bullish signal. A bullish cross from the 50-day EMA through the 100-day EMA would support a break from R1 ($0.4121) to bring R2 ($0.4259) into play. However, a drop through the EMAs would give the bears a run on S1 ($0.3810). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

Four Mistakes Investors Should Never Make with Cryptocurrencies

Audy Castañeda
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<strong>Four Mistakes Investors Should Never Make with Cryptocurrencies</strong>

There are numerous ways investors could lose a lot of money in the crypto market.

With 2023 off to a strong start, cryptocurrency investments will once again be popular with many investors. The difficult year 2022, in which prices almost only fell, is over. It also means that new investors could enter the market.

The crypto market is considered wild and volatile. Many investors have made extremely high profits, while others have lost a lot of money. Prices keep experiencing strong gains or losses in a short time. In addition to volatility, it is paramount to address the fact that cryptocurrencies are barely regulated.

A total loss of invested money has happened to quite a few investors in recent years. On top of that, cryptocurrencies have always been stolen in various ways, or investors have lost the coins. Therefore, investors could lose a lot of money in the crypto market in many ways.

Below are four serious mistakes that a crypto investor can make.

Buying from Dubious Sellers

To buy cryptocurrency, investors must either buy it peer-to-peer, or through a central provider. Peer-to-peer has its own risks and is often more complicated. Most investors buy through central providers, the crypto exchanges.

It would be a big mistake to buy from dubious suppliers, as investors may be victims of fraud, or, in another case scenario, the provider may have security gaps. The trusted providers in the market are Coinbase, Binance or Bitfinex.

When choosing which trading platform to trade with, it will be important for investors to do their own research before trusting their money with an unknown company.

Neglecting Storage Security

While there are certain reputable cryptocurrency exchanges, the FTX bankruptcy highlighted the weaknesses of central cryptocurrency storage on cryptocurrency exchanges. There have been hacks and bankruptcies in the past, in which investors have lost large sums of money. Therefore, it is necessary to take care of the secure storage of cryptocurrencies. In this sense, hardware wallets are the most secure storage method.

Giving the Keys to Someone Else

“Not your keys, not your coins!” is a well-known saying when it comes to storing one’s cryptocurrencies. Therefore, the investors themselves must keep the cryptocurrencies in a wallet. However, one of the biggest mistakes is giving one’s keys to a stranger or, even worse, to the internet. Wallet providers will neither ask for keys, nor for recovery phrases.

Losing the Keys

The last and probably the worst mistake is probably losing the keys. This can happen if the password is forgotten, or a hardware wallet is lost. If the recovery phrase is then lost, the cryptocurrencies are gone forever. So it is essential to take good care of the keys.

To conclude. when planning to enter the world of cryptocurrencies, there are doubts or distrust about whether or not it is worth investing in them. This happens especially to beginners, as they may not have the necessary knowledge about this relatively new market that, obviously is not risk-free.

By Audy Castaneda

Fed Fears Giving Bears a Peek below $0.390

Audy Castañeda
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<strong>Fed Fears Giving Bears a Peek below $0.390</strong>

ADA rose 1.00% on Monday to end the session at $0.404. Updates from Input Output HK (IOHK), as well as the broader crypto market, provided a bullish start to the week. Technical indicators remained bullish, leaving $0.450 up for grabs.

ADA rose 1.00% on Monday. Partially reversing a 1.48% loss on Sunday, ADA ended the day at $0.404. Despite the bullish session, ADA failed to reach the $0.420 level for the fourth session in a row.

A bearish start to the day saw ADA slide to an early morning low of $0.390. ADA briefly fell through the first major support level (S1) at $0.394. However, finding support in the broader crypto market, ADA rallied to a late-morning high of $0.410. Facing the first major resistance level (R1) at $0.409, ADA saw a late pullback to end the session at $0.404.

IOHK and the Broader Crypto Market provide support

It was a quiet Monday session with US markets closed for George Washington’s birthday. There were no US economic indicators weighing on investor sentiment. Investors also took a breather from US regulatory scrutiny following the White House reaction to FTX’s bankruptcy.

Investor sentiment towards developer activity on the Cardano network remains bullish, supporting ADA at current price levels. An influx of new projects on the Cardano network would spark another bull run to bring $0.50 into view. However, investors are likely to need more clarity on the regulatory outlook to support the bullish momentum.

ADA Price Action – Technical Indicators

This morning, ADA was down 0.50% at $0.402. A mixed start to the day saw ADA rise to an early high of $0.406 before falling to a low of $0.400.

ADA has to avoid a drop through the $0.401 pivot to target the first major resistance level (R1) at $0.413. A return to $0.410 would support a bullish session. However, updates to the Cardano network and the broader crypto market should provide support.

In the event of a breakout, ADA would likely test the second major resistance level (R2) at $0.421. The third main resistance level (R3) sits at $0.441.

A drop through the pivot ($0.401) would bring the first major support level (S1) into play at $0.393. Barring a broad-based cryptocurrency sell-off, ADA should avoid below $0.390 and the second major support level (S2) at $0.381. The third major support level (S3) sits at $0.361.

ADA broke above the 50-day EMA, currently at $0.396. After the bullish crossover on Wednesday, the 50-day EMA has broken further away from the 100 day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.

A hold above the 50-day EMA ($0.396) would support a break of R1 ($0.413) to the target of R2 ($0.421). However, a drop through the 50-day ($0.396) would bring S1 ($0.0.393) and the 100-day EMA ($0.389) into play. A drop through the 50 day EMA would send a bearish signal.

By Audy Castaneda

BTC Fear & Greed Index Falls to Sub-60, Signaling a Bearish BTC Session

Audy Castañeda
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<strong>BTC Fear & Greed Index Falls to Sub-60, Signaling a Bearish BTC Session</strong>

It was a bearish Sunday, with BTC slipping 1.42% to end the day at $24,284. Fed fear and regulatory risk sent investors into profit ahead of an uncertain week. The Fear & Greed index remained within the Greed zone, despite falling from 60/100 to 58/100.

On Sunday, bitcoin (BTC) fell 1.42%. Reversing a 0.21% gain since Saturday, BTC ended the week up 11.53% to $24,284. Despite the bearish session, BTC revisited the $25,000 handle for the third time in four sessions.

After a morning of range bound, BTC rose to a late afternoon high of $25,209. BTC broke above the first major resistance level (R1) at $24,857, and the second major resistance level (R2) at $25,082, before pulling back.

The reversal caused BTC to slide to a late low of $24,221. BTC fell through the first major support level (S1) at $24,429, to close the day at $24,284. The second major support level (S2), at $24,226, cushioned the decline.

Fed Fear and Regulatory Risk Resurfaced to Send BTC into the Red

Investors locked in gains on Sunday night to leave BTC in the red for the session. While scrutiny by US lawmakers of the SEC’s moves against crypto platforms provided support midweek, regulatory risk lingered.

Following the collapse of FTX, investors are expecting a change in the regulatory landscape that could materially affect the US crypto market. Last week, the Wall Street Journal reported that Binance must pay fines following an investigation by the Department of Justice and the CFTC on platform operations.

Fed fear continues to be a headwind for the crypto market. Following the latest round of US economic indicators and the Fed talk, markets are betting on a more aggressive interest rate path. The Fed could raise rates to a maximum of 5.5% and hold them for longer, to bring inflation to target.

Fear & Greed Index Remains Greedy Despite BTC Pullback

Today, the BTC Fear & Greed Index fell from 60/100 to 58/100. However, the Index remained within the Greed zone, with BTC avoiding a return below $24,000 for a second session providing support.

After returning to the Greed zone, the Index should avoid the Neutral zone to support a BTC breakout of $25,000 to $30,000 as a target. However, a return of the index to the zone of fear would indicate a reversal of the bullish trend in the short term.

SEC activity and conversations by US lawmakers will continue to be the key factors in the near term.

Bitcoin (BTC) Price Action – Technical Indicators

BTC settled above the 50-day EMA ($23,670). The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.

A hold above S1 ($23,934) and the 50-day EMA ($23,670) would support a break out of R1 ($24,922) to target R2 ($25,559) and $26,000. However, a drop through S1 ($23,934) and the 50-day EMA ($23,670) would give bears a run at S2 ($23,583). A drop through the 50-day EMA ($23,670) would send a bearish signal.

By Audy Castaneda

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