BTC/USD
The first chart I’ll bring in front of you is the Bitcoin market. You can see we initially did pull back just a bit during the trading session here on Friday, but we have seen bullish pressure since it’s been more of a risk on type of session on Friday. And that of course helps Bitcoin. The next question that we’ll have to deal with probably over the weekend is going to be the $117,000 area, where we’ve seen a little bit of noise and that could cause some issues.
But ultimately, I think we’ve got a scenario where at the moment I can continue it very well could have Bitcoin looking for the $120,000 level an area that it’s been paying close attention to for quite some time. It’s probably worth noting that recently we’ve seen Wall Street institutional traders come back into the fold and come back from vacation season. And pretty much since then, we’ve seen Bitcoin rise. So maybe that’s a little bit of a precursor as to where we go over the next couple of months.
ETH/USD
Ethereum looks very positive. We’ve broken above the $4,500 level, an area that had been a bit of a problem previously, although minor. And now it looks like we’re opening up the possibility of returning to the $4,800 level. Short-term pullbacks are possible, although even if they occur, I think there’s plenty of support near the $4,200 level to keep Ethereum somewhat afloat.
Remember, if Bitcoin rallies, typically that means Ethereum will as well, both of which will be paying close attention to the Federal Reserve on Thursday of next week as an interest rate decision, of course, has ramifications on risk appetite. It won’t necessarily be the decision. It’ll be what does the Fed see? Do they just see a need for loose monetary policy or do they see something much more nefarious. If it’s much more nefarious, then you could see crypto taken on the chin. But if it’s just a matter of trying to come to terms with an economy that’s struggling slightly, that’s probably positive for most crypto.
XRP/USD
Ripple looks like it’s going to try to grind a little higher. We continue to see the $3.10 region offer a little bit of resistance. So we’ll see if we can get above there. $2.80 underneath is significant support. So that’s worth watching as well. But ultimately, I think you’ve got a situation where we may try to jump up into the next consolidation area, perhaps testing $3.40. Out of all three of these markets, Ripple is probably my least favorite just because there’s the use case scenario, but it looks bullish as well.
And I suspect you’re going to see a lot of alt coins come into the picture over the next couple of weeks as well, especially if Ethereum can continue the upward momentum.