The Crypto market is still facing some strong headwinds with most coins now below where they were 12 months ago. For the bulls, the forecasts are suggesting you play either really short, or really long. Still some room to go down, so best to play the bumps and don’t get caught in a potential downward spiral.
Bitcoin (BTC), Ethereum (ETH), and DASH Remains Bearish
Bitcoin is still down this week, with a lot of sideways motion happening. There have been consistently lower highs as the price is dipping closer and closer to the 100 day moving average. Many traders are relying on that for some support, but if the price goes lower, there is a lot of room to go down further.
Bitcoin is doing better than its rivals Ethereum and Dash. These two coins are lookin at hitting double digits really soon. Ethereum especially has continued to get demolished with little hope remaining of finding a reasonable bottom.
Ripple (XRP) Up Amidst Chaos
XRP showed an impressive bump this week, but it would have been really hard to catch. Nevertheless, if you were in this trade, you likely are feeling pretty good right now. A bit of a sell off has occurred, likely from investors getting out of old positions, but the price has stabilized higher for now.
The outlook is uncertain on this one as to where it all goes from here, but regardless this coin has the most volume going in right now. Keep on eye on XRP this next week.