NEO (NEO), Ripple (XRP) & Bitcoin (BTC) Technical analysis – 7th May
The entire crypto market may be on a downward trend but it still presents an opportunity for long-term investors. There are great opportunities for intra-day trading too. Let’s now look at a few cryptos that you can invest in at the moment and make some good money.
NEO is one of the best performers at the moment, having pushed from lows of under $50 in Q1 to the current price levels of about $80. If you are looking to make an intra-day entry, this could be the best time to make an entry. That’s because NEO is dipping, and as they say in finance, in an uptrend, buy the dips, and in a bear market sell the highs.
From the intra-day charts, NEO is trending downwards towards the 200-day moving average, at around the $81 price level. If it holds at this price level, we are likely to see it trend higher towards $88.
That’s where NEO is likely to face resistance. Other technical indicators all point to a similar scenario. The NEO RSI in intra-day trading shows a reading of 45. This is an indicative of an early bull-run, which is a positive indicator that it is time to buy into NEO before the next intra-day bull-run.
After months in the red, ripple has been on the rise again in recent weeks in tandem with the rest of the market. On Friday, Ripple was one of the best performing cryptos as it headed towards the $1 mark. This is a very psychologically significant price level, and as it approaches it, the momentum will continue to rise.
The same is reflecting in Ripple’s intra-day price charts. In the hourly charts, we see the price trending towards the 200-day moving average after drops in the entire crypto market in early Monday trading. The intra-day RSI reading too is indicating a strong uptrend.
Getting into Ripple at the moment can give a good return in the next 24 hours. The next the area of major resistance is at around $0.85, which would be a significant gain for someone who gets into this Ripple at current prices.
Bitcoin is on a roll at the moment, edging closer to the psychological $10,000 price level. This is drawing in investors towards bitcoin and away from most of the altcoins.
This is quite clear in Bitcoin’s RSI in intra-day trading. At the moment Bitcoin’s RSI is at 45, which is indicative of a strong, and continuing bullish run. A similar scenario is visible in the charts where bitcoin seems to be breaking above the 200-day moving average. That’s after a drop in early day trading.
That’s an indicator that the momentum is there, to push Bitcoin higher in the next 24 hours. For someone looking to make an entry into Bitcoin, this is the best time to make your trade in anticipation of a bull run in coming hours.
Overall, the market at the moment is pegged on the decision of U.S regulators towards Ethereum. If positive, everything else will see a major push to the upside.
Disclaimer: This content is for information purposes only and is not intended as financial advice or any other advice. It is not an offer or solicitation to buy or sell nor is it meant as an endorsement or recommendation for any security. The information is general in nature and does not take into account your individual financial position. You should seek advice from a registered professional investment adviser and undertake due diligence before making investment decisions.