Thread for Bitcoin and Etherum Investors

Let’s Discuss Trending Stocks & InvestmentsCategory: Crypto CurrenciesThread for Bitcoin and Etherum Investors
Oge Staff asked 2 months ago

A big congrats to those that keyed into Bitcoin early this year at the bottom price of N3500 – $4000, your portfolio, at the current market price of $7726, should be up by approximately 120%. This is the type of return you will hardly come by in 5 months, a comparable period the NSE index is down by almost 9%. What are the key reasons for the rally, you may ask? Some say it is the growing adoption of cryptocurrencies across the globe. But, this is what I try not to bother myself with as a technical trader who understands price actions and how moving average spots bullish and bearish trends in real time. For someone that may be thinking of buying bitcoin right now, my advice is to hold as the price is already overbought at this stage (according to RSI and MACD). You may go in and see price correct itself on profit-taking. To get the maximum return from the crypto market, it is best to buy at the bottom or the beginning of another bullish run. If you are reading this right now, go load Etherum at $200 or less, the same price pattern that signalled the beginning of bitcoin rally is already forming, the Relative Strength Index on the weekly chart is 54 means price may trend to the north but a further moving average cross over is needed to mop up Etherum aggressively. Meanwhile, price is expected to keep going up in days as RSI of 68 on the daily chart means, there is room for upside.

etherum

A moving average cross on Etherum means that the price may reach $500 before year-end, a potential 150% return for smart investors.

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1 Answers
Oge Staff answered 2 months ago

After reaching $8500, its highest level in 10 months, Bitcoin is no doubt staging a coming back as blockchain adoptions worldwide is expected to increase. As of this analysis, the biggest cryptocurrency by market capitalisation sells for $7815, down by $700 from today’s high with further sell-off likely before the next rally. The emergence of an inverted hammer on today’s trade is a clear sign that the price may dip in coming days, at least close 21-day moving averages before any fresh buy interest. A good re-entry into Bitcoin is at $7500, then average down. The region between to $7400 – $7200 is strong support to watch closely. RSI, MACD and DMI are still indicating a strong buy; this is like buying on little correction when the overall trend is bullish.

 

On Etherum, price is heavily overbought, RSI on the daily chart is 71 which means the crypto is close to its overbought region; sell off is imminent, hence wait for the price to settle (as long as it is above $189 – $190 resistance ). If you intend to trade for days but on the short-mid term or go long, Etherum is perfect at $200 region, its price as of this analysis.

 

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