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Trading Cryptocurrency, Bitcoin & Ethereum

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Barry Dumas
Trading-Bitcoin-and-Ethereum

What can be said about Cryptocurrency that has not been said or talked about before? Crypto has been the global talking point over the last 12 months and I am sure we all know that guy that bought Bitcoin (BTC) at $1 and sold it at $20 000?

Outlook: The price action has moved significantly lower over the last couple of months and there might be more downside for cryptocurrencies to come. We have seen an increase in countries around the world adding measures on the regulation of cryptocurrencies. The most recent are entities regulated by the Reserve Bank of India (RBI), banks included, will terminate their existing relationships with firms or individuals dealing in cryptocurrencies as of the 5th of July. As a result, crypto exchanges will not be able to let traders liquidate crypto assets.

Technical outlook: we have seen the price action move lower within a descending channel over the last couple of months. There needs to be a clear break and close outside the channel to negate the downward price movement. The price is also trading below the 50 day-simple moving average (SMA) which still supports the lower price movement and might act as resistance if the price moves higher.

Here are the trade technical notes for both bulls and bears on Bitcoin and Ethereum.

Trading-Bitcoin-Gt247

Trade note on Bitcoin (BTC)

We have seen a positive start to the month of July as Bitcoin (BTC) climbed more than 12 percent from the recent lows we saw in June. We might see more upward momentum come through as traders and investors get more confident the price might continue to its former glory. I have looked at two possible trading opportunities for the BTC Bulls and the BTC Bears.

Bitcoin Bulls:

  • Entry (Buy): $ 6912
  • Stop loss: $ 6400
  • Target price 1: $ 7749

Screen Shot 2018-07-05 at 18.10.00

Source: Bloomberg

Bitcoin Bears:

  • Entry (Sell): $ 6232
  • Stop loss: $ 6811
  • Target price 1: $ 5590
  • Target price 2: $ 4941 (possible second target)

Screen Shot 2018-07-05 at 18.20.02

Source: Bloomberg

 

Trade-Ethereum-GT247

Trade note on Ethereum (ETH)

With the jolt we saw in Bitcoin (BTC) over the weekend, the peers have also seen gains of between 10 percent and 15 percent.

Outlook: Cryptocurrencies are heavily influenced by news events and if we see any volatility return to Bitcoin we might see Ethereum (ETH) follow suite.

Technical outlook: we have seen the price action move lower within a descending channel over the last couple of months. There needs to be a clear break and close outside the channel to negate the downward price movement. The price is also trading below the 50 day-simple moving average (SMA) which still supports the lower price movement and might act as resistance if the price moves higher.

Ethereum Bulls

  • Entry (Sell): $ 546
  • Stop loss: $ 485
  • Target price 1: $ 628

Screen Shot 2018-07-05 at 18.23.42

Source: Bloomberg

Ethereum Bears

  • Entry (Sell): $ 444
  • Stop loss: $ 512
  • Target price 1: $ 361

Screen Shot 2018-07-05 at 18.25.12

Source – Bloomberg

Crypto-Bulls-and-Bears-Trading


Trading Cryptocurrency

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

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