Exchange Rates UK TV: Review of current price action as we move into the weekend. Technical analysis covers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), NEXO, and Cardano (ADA).

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Good afternoon. Good morning. Good evening, everyone it is the 29th of January 2021, 07:23 in the morning Eastern Standard Time. I want to go over cryptocurrencies. Just got done writing an article over cryptos and talking about the spike that we’ve had here in the cryptocurrency market. Elon musk recently changed his Twitter bio hashtag Bitcoin and that has caused a pretty significant run up, just check out that article later on today. But then that begs the question of what happens with our crypto markets.

Yesterday, it was a pretty nice run for Bitcoin. Good close. And then we look at today. You know, it’s early morning still for the New York side and the volume is greater than yesterday’s prices up over 10% on Bitcoin. So is this the pullback we were looking for? And does it continue moving up?

This could have completed structurally this could have completed the pullback and we could see that resumption, however, when you get these news kinds of kinds of things like Elon Musk tweets, and really anything kind of related to noise, there’s often a mean reversion. And so, I’m very wary of any continuation move higher here, but we do need to look at both sides of the market. On the conservative side for the short, probably waiting until there is a clear close below the daily Tenkan Sen again, so we need I need to see a close below 33K, that’s what I would be looking for, some type of short after there’s a daily close, below 33K.

Otherwise, if this is an honest move, and continue higher, I really want to see what happens over the weekend here and then to Monday, and see if it sustains otherwise, I’m holding off on adding to any long’s on Bitcoin right there.

best exchange rates todayEthereum, a little bit more muted response, but nonetheless, it’s continuing to trudge along higher here, it’s very tight, constricted range, or the actual range has been pretty range has been pretty expansive, but the top part here is been pretty taut. And be aware of that here.

I mean, I and again, on the weekly charts, there’s a lot of things that are just really on the on the overdone side of things, so we just got to be very careful about that. But saying that, there, there is a good case for prices to keep moving higher here. The lagging span is an open space, there is relatively little to no resistance up ahead.

I want to take a look at the other timeframes here. I mean a three week chart on the top left, that is very overdone. The weekly chart up above that’s in lala land territory, we’re still gonna have that cross down event there. I’m very wary of a resumption higher given the extended conditions in price, not just in he length of time it has been in this run, and the conditions of the oscillators the specifically the RSI in the Composite Index. There’s just a lot of a lot of warning signs here that I think it looks like it’s going to trap a lot of long’s across the board.

I will actually have sell stops below 1200 even where this volume point of control is. that coincides with the daily Kijun Sen. So I think that’d be a good zone to look at. There’s just a heat for Ethereum. There’s just a massive gap on both the weekly and the three week chart between the candles, the weekly candlestick and through candlestick both of their respective candlesticks and the blue line, the Tenkan Sen, there’s a really really big gap and that is not something that sticks around. Very Very long, you can have extended gaps away from the kitchens and, but extended gaps from the Tenkan Sen. Those don’t last very long. And there’s often a pretty fast return to those levels.

Taking a look at Litecoin (LTC), it’s had a nice little bounce as well, but if we take a look here, it’s in the cloud on the three week chart, that is not a very good sign. It’s just a sign of indecision and congestion. Taking a look at the weekly chart, we have wicked off of the Kijun Sen. And the Tenkan Sen and we’re really trading in the same range, we were at the close from two weeks ago, the week of January 11.

Three week chart looks weak, looks like it could continue south, the weekly is very indecisive, but the daily, this is the tricky one. Now Litecoin could surprise us and out of the three we’ve looked at so far Bitcoin, Litecoin and Ethereum, if something transitions long, I’m more convinced that there’d be a sustained move for Litecoin as opposed to Bitcoin and Ethereum. And the reasons are because there’s a very clear, and actually this pattern exists on the other two as well. But the difference is that Litecoin, out of the three I consider light coin, one of the big three, and and a Litecoin isn’t one of the big popular cryptocurrencies anymore, but on coin base, and how it how there’s how a lot of some institutions have created index indexes of cryptocurrencies Litecoin still makes up a bulk of that, for whatever reason, that is just the case.

But there’s a nice bull flag on Litecoin’s chart and the current daily looks like we’ve broken out above that. But we’re still below the Kijun Sen on the daily chart, which is really flat. Okay, it’s a very flat Kijun Sen and that makes me a little nervous. But if we do trade higher, if we get close above the daily Kijun Sen, that’s not the trigger, I’m looking forward to go long. I’m waiting for the lagging span to get an open space. Basically, I’m waiting for the lagging span to close above the candles. And at this point, that means it needs to close above 186, and that’s to take the long setup. Short side of this is going to be a fairly simple one. That’s if it returns back down to 115 19, either way though, I’m really more watching this one to see what kind of things appear for us but otherwise, just keeping my eye on it.

Zipping on over to some of our other pairs Stellar Lumens has has grown quite a bit in market value. Its market capitalization is growing quite a bit but we’re seeing it flatline here. I don’t see a lot of opportunity in here.

Nexo, so it’s really paused ever since the Nexo corporate folks came out and said that their buyback programme ended that they purchased they did a lot of purchases between 17 cents and 46 cents, I think. So this is trading in a fair value area. They have said that they’re going to do more buybacks again in the future. But Nexo Token continues to hold and sustain here, it’s certainly had less of a whipsaw compared to some other instruments, so this, this consistency here is good for a token like that.

And then Cardano, likewise, having a breakout here, pretty soon now Goguen will be released here fairly soon, so the smart contracts for Cardano are close to being realised, and that could cause a huge spike because basically that renders Cardino’s network is then more sophisticated advanced than Ethereum’s, It tackles the issue of scalability a whole lot easier, and it’s interoperable with other blockchains so that’s gonna be a big deal.

So Cardano is one where I I’m looking at from an investment standpoint as as opposed to just trade and stamp point where Cardano has a lot of upside potential and the technicals here are setting up for two things. Either continuation move higher, which would be a really nice breakout probably towards that $1 range, or we’re just forming the right shoulder but head and shoulder pattern and then we revisit the 15, 16, 17 cent range, but otherwise that’s it on our cryptocurrencies going into the weekend. Just keep an eye out on these markets. You guys have a good rest of your day. Have a great weekend. Thank you for watching and from all of us here at Exchange Rates UK TV, please don’t forget to like and subscribe. Thank you

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(Excerpt) Read more Here | 2021-01-30 00:59:00
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