Bitcoin (BTC) retains its place as the top cryptocurrency with a long entry of $10,200. Ethereum (USD), Zcash (ZEC), and Crypto (MCO) follow Bitcoin.
Based on the Point & Figure chart, the buy entry of Bitcoin remains on top. The entry has been in that chart since October 26, 2019, and it stayed unchanged. The price made a retracement of more than 50%. Moreover, it dropped all prevailing unbiased trendlines.
A cryptocurrency’s entry is a situation where the cost breaks beyond a sequence of downtrend lines.
Bitcoin’s entry retained as the best among other cryptocurrencies because of its $10,200 long entry. This amount broke the double-top entry, which was at $10,000, and it changes this cryptocurrency to a bull marketplace.
Ethereum has an undesirable look in the Point & Figure charts as per Jonathan Morgan, a Cryptocurrency and Forex trader. There was a significant amount of price action. However, Point & Figure eliminates the majority of incorrect signals. Despite the downtrend, the position sits at $200, and it’s a break out of the triple-top of $195.
On Ethereum’s short side, the entry under the triple-bottom part is at $160. Morgan stated that there’s no price target on a triggered short entry.
Morgan shared how he will observe the behavior of Ethereum in the chart as cost level breaks can make the price swing lower and higher, which is cryptocurrencies’ nature.
Morgan stated how impressive the app Crypto.com is. He also mentioned that the intention of downloading it is to test and use it. Crypto’s token (CRO or MCO) has an infrequent performance, wherein it’s one of the altcoins that followed the performance of Bitcoin. It even outperformed it, making it a leader in its peers.
Once the price breaks a $4.50-double top, Crypto’s buy stop-entry is at $4.55. As for the long entry of limit buy, the price is at $4.00. It’s the retracement to the primary impartial uptrend angle. As for the short entry, Morgan explained that if prices move below the trendlines of the bull market, short positions are considerable.
Zcash is a near major breakout, and it’s finally in the bull market. This cryptocurrency is on top of the bear trend angle, returning it to $44. As per Morgan, he stated that the long entry is at $42, and it’s below the angle.
Morgan also explained that any multi-bottom or multi-top entry creates substantial moves. One or more boxes from the leading trend line also generate these moves.