As multiple cryptocurrency prices have been plummeting, financial media was very quick to display the usual plethora of bearish and sensational headlines. Headlines that appeal to the emotional side of investors while rarely adding value in terms of investing decisions. Remember, though, that headlines are lagging indicators. It is one thing to simply describe the current state of the market, it is a different ballgame to forecast where markets are going.
In the midst of these challenging times, investors need to remain objective and cold headed. The only way to achieve and maintain that is having a plan. A reactive investor or trader is at the mercy of the market while seasoned investors are executing their plans. This includes taking both profits and losses.
As bull markets pull back, the ability to define risk and respect it can make the difference between protecting capital and blowing up. We can never emphasize how important this is for longevity in trading.
So while the media continues scaring investors from the cryptocurrency market at full throttle, our team shared last weekend 36 cryptocurrency charts. This is the type of objective analysis that helps investors understand what really is going on in the market. One key conclusion was the BTC and many other coins are hitting a crucial level and most importantly: secular back-tests across the board.
2 Cryptocurrency Prices At Secular Support Level
The below 2 charts were shared in the premium section last weekend. They clearly show how both Ethereum and XRP are at support levels. With proper risk management, those were outstanding entries, and 24 hours after the alert, we saw a 14% overnight increase in ETH USD price.
What does this mean for the long term? If the price pulls back to test previous resistance levels and buyers show up, the uptrend is likely to continue. That’s what investors should keep an eye on once they identify the select key price levels. And that’s exactly the kind of insight we like to share with our subscribers.
Look how XRP is also hitting a secular level, it’s a back-test of a former breakout level, was far as we can see:
Zooming out even more on ETHUSD price for instance, we see this beautiful secular price action. While ETH and XRP are displaying beautiful back-test action, they are not the only ones in a similar setup. We’ve identified many more constructive looking coins, which in itself is Bullish for the sector.
Also, from our chart research, we could pinpoint June 14th, 2022 as an important date for the crypto market. Mark the date, watch what is going to happen.
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Written by hdcharting, reviewed by Taki Tsaklanos
