*I don’t trade cryptocurrencies. The best strategy for trading a crypto bubble is a classic trend following strategy.
Here’s my outlook for various cryptocurrencies based on the aforementioned strategy.
Discretionary outlook based on charts
- Ripple made a very weak bounce and is starting to roll over.
- Ethereum is retesting $1000 support.
- Bitcoin is on the verge of breaking $10,000 support again
12:52 noon. Ripple made a very weak bounce and is starting to roll over
Ripple made a very weak bounce that did not even retrace 38.2%. It is now rolling over and could be on the verge of breaking down again.
Trend followers should not buy Ripple right now.
9:08 am. Ethereum is retesting $1000 support
$1000 was resistance on the way up. Now it is support on the way down. Ethereum is on the verge of breaking below this support level. Trend followers shouldn’t buy Ethereum now.
9:05 am. Bitcoin is on the verge of breaking $10,000 support again
Bitcoin continues to retest its $10,000 support. The more Bitcoin retests this support level, the more likely it is for Bitcoin to break below this support.
Bitcoin’s bounce from $10,000 is very weak. This is bearish price action.
Read Cryptocurrencies on January 25, 2018.