BTC, ETH, XRP Daily Report- 28th March, 2022
BTC is experiencing a price slowdown after a parabola move. This slowdown is obviously expected and seen as buyers exhaustion. As pointed out in my BTC MONTHLY report, the red box above the rising wedge is a SUPPLY AREA, which means that buyers could step in if price does not have a successful reclaim of this level.
Currently there are bearish divergences in the indicators and I will update on further development in my next daily report.
Same price action on Ethereum like BTC. A parabolic move up and the worrisome part of there are no major support levels created on this move up. Furthermore, this kind of price action also does not look very sustainable. Maybe after the ETH Merge, short-term traders might take profit.
The next resistance for ETH on the chart is around $3413 and any major pullback on BTC will drag ETH down as well. Late longs are the worst trade ideas created out of FOMO.
XRP has some major bullish pressure and it clearly shows in price action. The 4H Inverse Head & Shoulders we have been tracking since the past couple of Daily Reports has finally broken out and we see a nice retest of the headline level as well. If the structure stays intact, my XRP/USDT price target stands the same at $1.2
Caution: Do not FOMO into XRP currently. BTC might experience a pullback due to its price structure and if that happens, be rest assured XRP will follow suit.
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