Cryptocurrency Long And Short Signals, Charts: Bitcoin (BTC), Ethereum (ETH), Crypto (MCO), Zcash (ZEC) Cryptocurrency Long And Short Signals, Charts: Bitcoin (BTC), Ethereum (ETH), Crypto (MCO), Zcash (ZEC) Bitcoin (BTC)
Bitcoin (BTC)
Bitcoin’s buy entry with the Point & Figure chart style remains unchanged from weeks prior.The entry on the chart above has existed since October 26th, 2019.We can see that price has made a greater than 50% retracement of the previous column of Xs and has dropped back below all of the dominant objective trendlines.An entry at $10,200 remains the best entry on this chart.The double-top that would form at $10,000 would be broken at $10,200.Additionally, the entry is a condition where price breaks above a series of powerful downtrend lines and thereby shifts Bitcoin into a bull market on this Point & Figure chart.
Long Entry @ $10,200 Ethereum (USD)
Ethereum (ETH)
Ethereum has one of the ugliest looking Point & Figure charts I’ve seen.There has been a large amount of whipsaw price action, but thankfully using a Point & Figure chart removes the vast majority of false signals that would be generated on a candlestick chart.Even though we are in a downtrend, I am considering adding to my positions at $200 because this would be a break of the $195 triple-top.
I believe a break of that triple-top would be sufficient to see Ethereum trade significant higher and break the objective downtrend angle.On the short side of Ethereum’s chart, I am looking for entry below the triple-bottom that would form at $160.I have no real price target if my short entry is triggered – I will observe it, though, because the nature of cryptocurrencies on primary price level breaks can generate obscene price swings higher and lower.
Long Entry @ $200 Crypto.com (MCO)
Crypto.com (MCO)
I have to tell you, I’m damn impressed with Crypto.com’s app.My intention with downloading it months ago was to use it, test, and then stop using it because I was sure it was going to be just another crypto app.I have been dead wrong.I will have to do a separate write up on crypto.com but suffice to say it is a fantastic app, and I am incredibly bullish on both of its tokens (MCO, the other is CRO).MCO is almost unusual in its performance as an altcoin – it’s one of the few that has consistently followed Bitcoin’s performance and has outperformed it.It is most definitely a leader among its peers.
I have two buy entries for adding to my positions.The first is a buy stop @ $4.55 – when price breaks a double top at $4.50.If we get a deep retracement lower towards the primary objective uptrend angle, then I am looking to add at $4.00.I will consider taking short positions if prices move below the bull market trendlines and move down to #3.25.
Long Entry (buy stop) @ $4.55
Long Entry (limit buy) @ $4.00
Short Entry @ $3.25 Zcash (ZEC)
Zcash (ZEC)
I’ve almost forgotten about this cryptocurrency, but when I was writing this article, I thought we should take another look at it.And I was a little surprised.
It is very near a major breakout higher and converting, finally, into a bull market.For that to occur, we would need to see Zcash move above the bear trend angle, which would mean a return to $44.I have an entry at $42, which is just below that bear trend angle, but I’ve learned that any entry of a multi-top or multi-bottom that is also one or two boxes from the dominant trend line generally generates substantial moves.
Long Entry @ $42
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