Bitcoin Wallows While These Coin Shine
It is without doubt the Bitcoin rally has fizzled out. For now. The forces driving the Bitcoin are in consolidation and that may take several more weeks if not months. In the meantime, the entire cryptocurrency market has been in retreat and now sitting at attractive price levels for bullish entries. With that in mind I took a look at some of my favorite tokens to see what was going on and was pleased to find bullish activity in quite a few. Don’t let the Bitcoin consolidation fool you, the cryptocurrency market is still alive and the bull is still in charge.
XRP/USD Is Putting In A Bottom
Ripple has long been a darling of the market. A more specialized version of Ethereum, a more advanced form of Bitcoin, Ripple was and is intended to revolutionize the cross-border banking industry. While Ripple has been making significant inroads towards its ultimate goal it just isn’t gaining traction quite the way the market expected. Go figure. The bad news is the coin has sold off to a long-term and key support level near $0.25-$0.30. The good news it is now showing signs of buying at this key level and may reverse trend. Right now what we have is an end to the down trend, what we need to happen is a confirmation of new uptrend. Without that this token is likely to move sideways within the range of $o.25 and $0.3250. A strong move up from the short-term moving average would be bullish, if that happens a retest of the recent high and then new highs are expected.
The Basic Attention Token, Back At Attention
The Basic Attention Token is the native token for the Brave Browser experience. The Brave Browser is a privacy-oriented web browser that allows its users to get paid for watching ads. The browser is gaining popularity and that, along with fresh lows for the BAT Token, has spurred a new round of buying. The token just confirmed support at the $0.1625 level and looks like it could be in for a serious move higher. The daily chart shows a token putting in a bottom and preparing to move higher. Support is being retested at the short-term moving average, if it is confirmed like I think it will be a move up to $0.50 is very possible.
Ripping Higher With Ripio
Ripio is an Ethereum-based cryptocurrency system that allows Bitcoin to be bought and sold on credit. The mechanics of the network are complex to say the least but the basic idea is owners of Bitcoin can sell them to new buyers on credit using smart contracts. The applications of the network are limitless and may well revolutionize today’s debt markets. Until then, the coin is showing some nice signs of bullish activity and is likely leader for the next rally. The coin is up more than 100% in the last week and poised for even bigger gains. The momentum indicator is telling, it shows a nice convergence that suggests a retest of the new high if not new higher highs are coming.