Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

Bitcoin, Ethereum On Sale Again

9/24/2021

The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%.

Our outlook

I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short term, this puts a ton of pressure around these digital coins, but lower prices seem like they're setting up better deals for long term success. Mining has already moved away from China as mining activity is starting to pick back up elsewhere. I think we're seeing another sale of cryptos: bitcoin below $40K and Ethereum below $3K seems like great spots to consider getting in.

Trade Setups

BTCUSD

Bitcoin just under support in the $42,000s and possibly making a higher low on the 1D chart. The golden cross is still relevant for this pair, but COT will have to pick up some and help out price action. Additional support lies underneath around $37,300s.

ETHUSD

Price action is the same for ETHUSD as it looks to be making a higher low on the 1D chart. Price is just above its 200 DMA which could act as support should price fall all the way back down to this level. More support is under around $2438.

want trade alerts sent to you?

Join The VIP Community!

Our entries, exits, & analysis
Live webinar coaching calls
Trading chatrooms
Strategy library
Use Code "READER" for $5 OFF!
Join Now

Need a Better Broker?

Need Trading Help? (FREE!)

Headlines That Will Make You Want To Invest In Crypto Right Now

10/26/2021 A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole. Tesla May Restart Crypto Transactions Again Several months ago, Tesla […]

Read More
Inflation: Why Now and Will it Increase?

Today I'll share some economic analysis on the CPI report and what to look for in order to tell if inflation will get worse. Lastly, I'll cover some ways that you can make an investment play on inflation. September CPI Report The Consumer Price Index report for September 2021 was published on October 12, 2021. […]

Read More
What Could Make Gold Shoot To $1830 This Week?

10/25/2021 Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year. Our outlook I think that gold has been due for […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram