Bitcoin
The Bitcoin market has rallied a bit early on Thursday, gaining about 1.5 % as we continue to see the $110,000 level offer significant support. It does make a certain amount of sense because it had been significant resistance previously and now it looks like we are reaffirming this level. The 50 day EMA sits above near the $114,400 level. So do be aware of that, but over the longer term, Bitcoin is still bullish. It’s still a very buy on the dip type of market. Keep in mind, institutions are away at the moment in New York for the most part, it’s vacation season. So that’s part of what’s going on here. There just isn’t a lot of institutional participation at the moment. Nonetheless, I do think that eventually we will go looking at the $120,000 level again, as we are still very much in a strong uptrend and this correction is no different than the one before it that occurred earlier this year in the month of May. It looks very much like the same pattern, truth be told.
Ethereum
Ethereum is rising as well, and it does look like it’s going to continue to pressure the $4,800 level. At this point, it would not surprise me at all to see Ethereum break out and go looking for $5,000. But again, I think you have a situation where the volume drifting a little bit lower normally would be a warning sign, but this time of year, quite frankly, is expected. So, I think you have a situation where we just continue to drift higher. Short-term pullbacks continue to be buying opportunities with the $4,250 level and the $4,000 level both offering support, especially now that the $4,000 level is backed up by the 50 day EMA and what’s been a very nice and strong uptrend since basically the Independence Day holiday in the United States. So, with all of that being said, Ethereum looks like it is going to make a serious play for the $5,000 level.
Ripple
And Ripple looks like it is trying to rally a bit in this huge kind of triangle like pattern. This out of the three of the digital assets in this video that I’m covering is probably the one I would be worried about the most. And I don’t even know I’m that worried. I just recognize that the highs at least so far are getting successively lower. Now we have not made a lower low so that might just mean we’re trying to find a range and that would make a certain amount of sense. Look at what we did in July. We went from $2.12 all the way up to $3.66. So, some sideways action in this area would make a certain amount of sense. Ripple remains bullish, but out of the three, it’s probably my least favorite at the moment. The $2.70 level I think is going to end up being a major area of support. So as long as we can hold that, you’re probably okay with this one.