Bitcoin (BTC) made news for its meteoric rise and its equally meteoric fall. But lately, outside of the news, Bitcoin is at an interesting technical point on a long-term chart. Let’s look.

Weekly Bitcoin Price Chart

The BTC/USD currency pair made a key resistance level in December 2017 at $19,666. (I didn’t make up those last digits!) The price pulled back where it went sideways for three years. But when it did break through that level again, it showed huge momentum with historic gains not seen at that time in its history.

Fast forward after its all-time highs near $69,000 in November 2021, Bitcoin has fallen back to the resistance made in December 2017. But this time it is testing the level as a support. In Technical Analysis, this is known as “role reversal” where resistance turns into support. The reason this happens is that the sellers at a previous resistance become buyers when the level is reached again because they missed out on the previous move, thus creating support at the same level.

$19,666 is obviously a key level on the chart, and it’s already become a support level over the last few weeks. Because of the level’s historic significance, there’s a good chance it will hold and stall the fall in value.

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XRP/USD is challenging long-term support levels with prices not seen since March of 2021, as broad cryptocurrency market nervousness rips through the trading landscape.

XRP/USD remains under a vast amount of pressure in early trading this morning.  Ripple has challenged the 47 cents level a couple of times in the past day. While the price of XRP/USD has recovered slightly the fact that it is trading below the 53 cents mark is not about to start a parade of buyers who will proclaim the lows have been seen and a strong reversal is underway. The broad cryptocurrency marketplace is suffering from a sea of losses and XRP/USD is among the victims.

Speculators who are willing to wager on price direction under the present trading conditions need to acknowledge the market is dangerous. XRP/USD like many of its major counterparts has brushed aside long term technical support levels.  Values are now hitting ratios not seen in over a year, which underscores the magnitude of the bearish trend which has shown its claws and produced steep declines.

Price velocity in XRP/USD has been fast. On the 6^th of May XRP/USD was trading above the 61 cents juncture, early this morning’s low of 47 cents represents a price change that is strong and shows why speculators need to use cautious amounts of leverage. Traders who have been wagering on downside price action may be inclined to pursue additional drops in value from XRP/USD, but they are also advised to cash in profitable trades before they vanish into thin air.

Bullish speculators who believe the crypto market is vastly oversold may still be within the midst, but the bearish trend has made their speculative bets dangerous. Positions seeking upside price action may seem like a rather logical decision, but take profit orders should be used to capture winning positions quickly, because downside price action is likely to resume if behavioral sentiment remains poor.

If the 51 cents XRP/USD level fails to hold in the short term, further tests lower could be demonstrated quickly. Traders looking for upside should keep their targets realistic and be able to make fast transactions. Sentiment can be described as more than fragile under the present trading conditions. The bearish trend has not only created downward momentum, but created the need for technical traders to find long term charts and consider further declines which some may have believed were impossible.

Ripple Short-Term Outlook

Current Resistance: 0.53100

Current Support: 0.50450

High Target: 0.54170

Low Target: 0.44580

The USD/JPY is touching new long-term highs, and technical traders who are considering direction may feel as if they are looking into the clouds for answers.

The USD/JPY has continued its higher move in early trading today, following in the footsteps from the previous few days. Sustained trading above the 124.000 level the past week has spurred on the belief the USD/JPY could actually propel further upwards and challenge values it has not fully embraced since 2015. The USD/JPY did approach the 125.000 mark temporarily on the 28^th of March, but the past hours have seen the Forex pair break this resistance and become more emboldened.

As of this writing, the USD/JPY is traversing near the 125.450 level and traders may want to use seatbelts to securely position themselves while trying to speculate today. The last time the USD/JPY has traded at these heights was in June of 2015. Long-term charts need to be called upon by technical traders to gauge the landscape and consider where the USD/JPY will trade next. In early morning trading today, the USD/JPY did approach the 125.750 level before being slightly pushed back.

The ability of the USD/JPY to break past highs seen in late March, and sustain the loftier heights now being tested may make financial houses suspect new record highs can be achieved sooner rather than later. Yes, the USD/JPY has traded within this ‘landscape’ before, but to put it into perspective the USD/JPY traded above the 126.000 juncture in April of 2022. Folks, this means the last time the USD/JPY traded highs above the 126.000 mode was twenty years ago.  The sky must be searched by technical traders when looking at the loftier highs.

Speculators who are brave enough to swim the current volatile waters of the USD/JPY should use all of their risk-taking tactics in a razor sharp fashion. Conditions are likely to remain fast and volatile. It will be essential to monitor the USD/JPY carefully, and use entry price orders to step into the Forex pair without risking a sudden spike delivering a starting point in a trade that was unexpected. However, the intriguing thing is that the higher ground now being churned by the USD/JPY is actually producing rather stable prices.

Meaning the USD/JPY may in fact have the ability to go higher from its current levels.  If current resistance near the 125.550 to 125.600 levels becomes vulnerable, there may be a suspicion the 125.750 mark will be challenged again. If the 125.750 mark crumbles, traders may want to target the idea that 126.000 may be seen in the short term. Stop losses are highly urged for USD/JPY traders today.

USD/JPY Short-Term Outlook

Current Resistance: 125.800

Current Support: 125.010

High Target: 126.060

Low Target: 124.510