Black Friday is almost here – but cryptocurrency is on sale right now. What are the best deals for bargain hunters? I also look at Ripple (XRP) which has been outperforming Bitcoin (BTC) all week. What’s going on with the banker’s token?
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Crypto Carnage Or Bitcoin Bonanza?
Forget Cyber Monday, and even Singles Day in China – today may represent the deal of the century on some of the cryptocurrency tokens that have suffered in the crash this week.
Let’s start with Tezos. After a rocky start to life, tezzies, as they’re affectionately known, launched successfully on the Mainnet this summer. Since then, the XTZ token has dropped from $1.99 to just 86 cents – but what has really changed? The project has strong fundamentals, and after a 24% drop in just one day, Tezos may represent a great deal.
Another project we like is Maker. Since the DAO is backed by Ether it’s been suffering more than most – a staggering 27% drop yesterday really hurt the market cap. But any recovery in the price of Ethereum could amplify gains for the MKR token~~ Possibly one to watch out for.
We’re not so tempted by Metaverse, though – despite a terrifying 35% drop yesterday, we’re still not sure how successful the ETP platform token will be, and we need to see more proof of concept before we’d consider adding it to our own holdings.
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Switching gears, if there’s one thing crypto has been good for, it’s Internet memes. The Great Cryptocurrency Crash of 2018 has really upped the ante. Our favorite yesterday was this fantastic tweet…
— [ Romano ] (@RNR_0) November 19, 2018
Yep, yesterday was just one of those days.
XRP Pushes Back Against Bears
Now lets’ switch to the charts and take a look at Ripple’s price action against Bitcoin. As the rest of the market sinks, XRP/BTC is actually running up a confirmed uptrend. Just like the forex market, you can trade cryptocurrencies in pairs and if the quote currency, BTC, in this case, gets weaker, the pair skyrockets. On the daily chart, the pair has confirmed a break above the Ichimoku cloud, a Japanese indicator, with the future cloud turning bullish, signaling we may see further gains in the pair towards the 50% Fibonacci resistance level at 0.00011.
This level was tested twice this year, once in February, and then again in September. As Bitcoin price drops like a rock, XRP can easily reach this resistance level where active traders could consider taking profit if they are long XRP. You can extend your profit by waiting to see if the pair can break above this level, in which case doors could open for even more gains towards the next resistance level at 0.00014.
Before you get too excited though, remember that cryptocurrency trading may not be suitable for all investors, my strategies may not be suitable for you, and that you must do your own research and create an investment strategy based on your own unique risk tolerance. You must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Regardless, now I’d like to hear from you. Are you stacking up your portfolio with potential Black Friday deals, or staying away from the bloodbath for now? Do you think XRP will end up reaching all-time highs against Bitcoin? Let me know in the comments, subscribe, and tune in again for more updates tomorrow. Let me know in the comments, subscribe, and tune in again for more updates tomorrow.