Bitcoin (BTC) has been trading in positive territory for the last 12 hours. It has now bounced above the 100-day moving average at $6331 and pushed above the 200-day moving average support level to hit a high of $6500.This is an indicator that there is strong buying momentum in bitcoin (BTC), that could see it test higher valuations in the day. For a day trader looking to trade in Bitcoin (BTC), the $6400 – $6500 price level offers a good entry for a long position. Such a long-entry would have a target of $7000, which is the next key resistance level on the 55-day moving average.
However, in case there is a price reversal and it breaks below $6400 and further below $6378, it would be best to go short with a profit target of $6270. That’s the next key support level on the 21-day moving average, one where the price could range in the course of the day. For a more accurate intra-day trade, it is important to also keep an eye on the volumes. If volumes continue to rise, then a bull rally towards $7000 is highly likely. Conversely, a decline in volumes could support a bearish reversal below $6400.
Monero (XMR) is one of the biggest gainers in the day. It started the day above a key moving average (100MA) support level at $104.5 and pushed to a high of $116.50. Its bullish momentum is evident in its strong break above the 200-day moving average resistance level at $110. For a day trader looking into Monero (XMR), a long entry at between $115 and $112.52 would be a low-risk entry. But, a more refined entry would be a retracement to $111.66.
A buy entry at these levels would have a target of $120 on the daily chart’s 100-day moving average. A break above this level could see XMR rise to $142, the last high it has hit in the last one week. On the other hand, if Monero (XMR) drops below the 200-day moving average at $109.93, then it would be more prudent to go short with a target of $103.81. That’s a key support level on the 55-day moving average. It is also prudent to keep an eye on the price of bitcoin as well, to determine the movements in sentiment across the market. If bitcoin holds above $6500, it can support a long-entry into Monero (XMR).
Like the rest of the market, Tron (TRX) has benefited from today’s bullish reversal that that has pushed bitcoin to $6500. In the last 2 hours, Tron has made a strong push above the 200-day moving average support level at $0.00198. It has since rescinded but it’s still holding strong above this level.
If it holds above it for the next 6 to 12 hours, it would be prudent to go long, with a target of $0.026 on the daily chart. That’s the first key resistance level in the short-term. However, if Tron (TRX) drops below $0.0198 and extends further below $0.0193, it would make sense to go short, with a target of $0.0188 on the 100-day moving average. A break below this could see it test $0.0183 on the 1-hour 55-day moving average.