CRYPTO TRADE OPPORTUNITIES

CRYPTONAIRE LYWEEK

CRYPTO investment journal

CRYPTO TRADE OPPORTUNITIES

BITCOIN - BTC/USD

Bitcoin corrected sharply on November 25 and 26. Although the price dipped below the 20-day EMA, the bears could not capitalise on this weakness and sustain the lower levels.

This suggests that traders viewed the fall as a buying opportunity. The strong bounce off the 20-day EMA has carried the BTC/ USD pair near the psychological resistance of $20,000, as suggested in the previous analysis.

The upsloping moving averages and the RSI near the overbought territory suggest advantage to the bulls. If the bulls can push and sustain the price above $20,000, the next leg of the uptrend to $25,000 could begin.

Conversely, if the bulls fail to sustain the price above $20,000, the pair may consolidate in a range for a few days before starting the next trending move.

The trend will turn in favour of the bears if the price turns down and plummets below $16,000.

We believe that the risk to reward ratio is not attractive. Hence, we will wait for the price to correct, stabilise, and form a bottom before proposing a trade.

CRYPTONAIRE LYWEEK

CRYPTO investment journal

ETHEREUM - ETH/USD

Traders who had followed the recommendation to book profits near $621 given in the previous analysis would have avoided the sharp fall on November 25 and 26.

Although Ether broke below the 20-day EMA, the bears could not sustain the lower levels. The fall to $488.95 gave an opportunity to the traders to buy as the risk to reward ratio was favourable.

The ETH/USD pair picked up momentum on November 28 and surged to $617 on November 30.

Currently, the bears are attempting to defend the $625 level but if the bulls do not give up much ground, it will increase the possibility of a break out of the overhead resistance.

If successful, the biggest altcoin could start its journey to $800. The rising moving averages and the RSI near the overbought zone suggest advantage to the bulls.

Contrary to this assumption, if the bears sink the price below $565, the pair could enter a rangebound action for a few days.

Aggressive traders could buy if the price sustains above $625 for a few hours. This is a risky trade, hence, a close stop-loss can be used. Positional traders can remain on the sidelines and wait for the next low-risk buying opportunity.

RIPPLE - XRP/USD CRYPTONAIRE LYWEEK

CRYPTO investment journal

We again got this trade and the level of the correction right in the previous analysis. XRP plunged sharply on November 26 and declined to an intraday low at $0.45961, but the lower levels attracted buying and the altcoin closed at $0.53823.

On November 27, the bulls again defended the dip to the psychological support at $0.50. The bears are currently attempting to stall the relief rally at the 61.8% Fibonacci retracement level at $0.65761. If the price turns down from the current levels, the XRP/USD pair could drop to $0.50 and remain range-bound for a few days.

But if the bulls can push the price above $0.68, a retest of $0.78 will be on the cards. The upsloping moving averages and the RSI in the overbought zone suggest advantage to the bulls.

This positive view will be invalidated if the pair turns down sharply from the current levels and sustains below $0.50. Such a move could suggest bears are back in the game.

We do not find any reliable trading setups at the current levels; hence, we are not suggesting a trade in it.

CRYPTONAIRE LYWEEK

CRYPTO investment journal

BITCOIN CASH - BCH/USD

The bulls pushed the price above $350 on November 24 and 25 but could not sustain the higher levels. This gave an opportunity to traders to book profits as suggested in the previous analysis.

Bitcoin Cash turned down sharply on November 25 and 26 and plunged to a low of $251.59, much below our expectation of $300.

The buyers again purchased at lower levels and pushed the price above $280 on November 29.

This attracted strong buying by the bulls and the BCH/USD pair surged to $322.78 on November 30.

The bears are likely to defend the $326.73 to $350 overhead resistance zone. If the price turns down from this zone, the pair could remain range-bound for a few days before starting the next trending move.

On the downside, a drop below $280 will suggest advantage to the bears while a break above $350 will open the doors for a rally to $500. We do not find any reliable buy setups at the current levels; hence, we are not recommending a trade in it.

CRYPTONAIRE LYWEEK

CRYPTO investment journal

CHAINLINK - LINK/USD

Chainlink turned down from $16.42 on November 24 and fell to a low of $11.28 on November 26. This fall would have hit the stop-loss of the traders that were kept at breakeven according to our suggestion given in the previous analysis.

The bulls purchased the low below the 50-day SMA and have again pushed the price above the $13.40 overhead resistance. The RSI above 56 suggests that the bulls are attempting to make a comeback.

If the bulls can sustain the price above $13.40, a retest of $16.42 is possible. A break above this resistance could carry the LINK/USD pair to $18 and then to $19.50.

On the other hand, if the price turns down from $16.42, the pair may remain range-bound for a few days. A break below $11.28 will tilt the advantage in favour of the bears.

We do not find any reliable buy signal at the current levels; hence, we are not suggesting a trade in it.