Time to consolidate the markets for this week into one great post. Don’t worry this will be short and sweet.
What’s Next for Bitcoin?
An intense week for bitcoin with price looking to close above $9000. In my last post, I had stated that we should be looking for a buy order above the 30-day VWMA. There was an aggressive move at $8400 to break through the 30-day VWMA. With this strong move at the start of the weekend, we will be heading into next week with momentum. $9000 is the new price which bitcoin needs to hold, and this will set us up for a move towards $10000.
Conclusion: Both the 14-day and 28-day VWAPs are aligned at $8600, which is an excellent value area to buy if price pulls back. The road to $10k is going to be volatile as we will be at midway point from $20K. Continue to wait for a pullback to re-enter and be warned there will be a sharp pullback at 10k.
Litecoin – BE READY
Let’s get to it, the multiple rejections at $140 is not a good sign for Litecoin. When taking a step back from the market, it would seem that the aggressive bull move has run out of fuel. I would not be surprised if we head back down to $125, while Bitcoin takes some of the shine from altcoins. One positive for the end of the week is the fact that Litecoin will not be dropping lower than $100 as the 90-day is now clearly sitting at this price. Until the halving, I don’t think Litecoin will breach $150. Litecoin needs more momentum to break through $140 and $150.
Conclusion: At the current price above $135, I would not purchase Litecoin. No need to take my word for it but I think there is more value between $125 – $130. Check the value area below the Blue line. If you can buy Litecoin within the green value area that would be amazing.
XRP – The struggle is real
Well XRP is a pain, and I hope no one has invested too much money in XRP. From my last analysis, I had stated that I hope we do not close below $0.38, and luckily, we were able to see intense buying pressure at this price to move back to $0.40. Now the aim is to break $0.46, but I can honestly say there is no indication that we have the momentum to reach this price. If you look at the 90-day we are not far off its current level at $0.40. This substantial consolidation around the would mean that we need something special to move towards 0.44-0.46.
Conclusion: I am not going to be stupid and give you a price to buy or sell at this point. The 14-day has started forming a potential downtrend, and if we get to the end of the month lower than the 28-day VWAP, it’s not going to be pretty for XRP. Remember XRP is just a token to keep the company Ripple floated lol.
True or false? Let the debate begin 😉
My essential opinion is that if you believe in the company then purchase more XRP only if price can hold above $0.44.
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“Patience is the key to any market” – Nathaniel.
Thank you for your love and support.
Nathaniel – “The value Trader”
Little Big Movement / IONIC Capital