Cryptocurrencies Remain Speculative, Ripple to Test Important Resistance

Some Pundits Claim the Storm has Left the Crypto Marketplace

Some pundits are proclaiming the worst of the cryptocurrency bear trend is over and speculators can safely return to the marketplace. Some analysts claim it is because the ‘the chill’ of the U.S tax season is coming to a close and buyers again are participating. However, two days of short-term gains don’t signal a broad advance and a steady climb to come. It may be wise to acknowledge many U.S traders are simply going to pretend they didn’t participate in cryptocurrencies regarding the IRS and its reporting requirements, and this may catch up to the traders later. Also, it is questionable where most of the buying came from on late Thursday and Friday geographically.

Ripple Rises and XRP Challenging Resistance, Cryptos Enjoying Sunshine

It would be foolhardy to say the rise in cryptocurrency values made on Thursday and Friday means the bear trend is over and that traders can safely proclaim they are out of the woods. However, Ripple along with the other major digital assets certainly enjoyed the sunshine for the first time in weeks. But key resistance has not been toppled yet, so concerns should remain a valid part of the risk management equation. XRP is trading near sixty-five cents per coin and is clearly testing mid- March levels. Resistance for Ripple if it should advance at price – appears to be seventy-six cents. While support should a downdraft occur looks to be fifty-three and forty-two cents respectively if headwinds intensify.

Ripple Daily Chart
Ripple Daily Chart

Crypto Flourish Upwards & Insights about Short Term in Perspective

Last week provided an interesting window into cryptocurrencies regarding their trading correlations. The major digital assets did not climb as news sparked last week regarding threats from the White House about potential military action in Syria. And then when the cryptos put in a solid flourish upwards, it occurred when risks were perceived to be lower. And now this weekend, the broad crypto market has become tame and prices have leveled off from their short-term highs, this after a military action did take place in Syria. Meaning trading insights remain difficult and the marketplace is still quite young, and rough sailing should still be expected occasionally because it remains a speculators market.

Yaron Mazor is a senior analyst at SuperTraderTV.

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Yaron Mazor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology and education. Ten years ago, Yaron sold all of his businesses and became a trader. Yaron started an education provider that taught thousands of people worldwide how to trade. Since then, he has traded every single day across every imaginable financial instrument Organic Trading System (OTS) is an unprecedented, new paradigm of trading technique, developed by Yaron Mazor. The trading system utilizes a combination of essential resources of market data (Fundamental, market participant sentiment and the basic concepts of trends), which are harmonically coordinated, in order to enable a relatively fast, simple and easy way to decide which side of the market to be trading from – the Buy side or the Sell side.