The overall crypto market is a mixed bag today, with BTC, ETH and XRP in the red. Here’s a bird’s-eye view from COIN360 at time of publishing.
Crypto analyst Scott Melker of Texas West Capital says he’s just entered a ‘heavy’ position on Bitcoin after spotting a bullish divergence.
A bullish divergence happens when an asset hits a lower low while an indicator such as the RSI or MACD forms a higher low. Melker stresses the high volatility involved in crypto trading and says he’s managing his risk.
Bullish divergence after touching oversold. I anticipate the 4 hour chart to follow suit. This is how I trade. If I'm wrong, my risk is managed. pic.twitter.com/sxtvELgCc9
— The Wolf Of All Streets (@scottmelker) November 12, 2019
Jim Wyckoff, a former technical analyst for Dow Jones Newswires, has a different take.
He says the bears appear to have taken over for now. He expects BTC to keep moving sideways or trend lower in the short term.
“Prices are trending lower from the October high and the bears have gained the near-term technical advantage, to suggest sideways-to-lower price action in the near term. Stay tuned.”
As for Ethereum, Josh Olszewicz of Brave New Coin says ETH may be targeting a rise to $260 this month.
But in order to do so, it will have to rise above resistance at around $190.
404: volume not found
e2e continues to grind towards inevitability
should b g2g past res of 188-198
hf scheduled dec 4th pic.twitter.com/p6Bu80p02Y
— Josh Olszewicz (@CarpeNoctom) November 10, 2019
Meanwhile, Eric Choe, who won CME Group’s annual trading competition in 2016, says he remains bullish on XRP, despite its drop-off in 2019.
Back in June, Choe said he placed a big bet on XRP in order to shoot for an early retirement.
Since that investment, the price of XRP has dropped from about $0.4049 to its current price of $0.2719.
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) November 12, 2019