Plotting some basic levels on
BTCUSD
and using Fib Retracement to do it. Using lows from late November as the anchor, some interesting levels are apparent. First, the 50 fib has been a relatively clear pivot level on the chart where it was resistance at the end of 2020 as well as recently. Then you've got the 382 level to keep in mind. Now that BTC has broken above 50, the 382 would be the logical "next level" right? Well, hold your horses for a second because you've still got the 200DMA to watch....Look at the chart and you'll see that this has been resistance for the last few months and BTC tested it again this weekend. It was denied once again. So before anyone starts looking at the 382 level (which was an area of support during the big crypto breakout months), the 200dma could be the real level to watch for longs. We'll see what happens when the week gets started.
"The most prominent crypto penny stocks are the ones that mine cryptocurrency. These are few and far between, however, there are a select group of penny stocks to watch that engage in crypto mining. Next, we have the penny stocks that work with blockchain technology or are producing it. These could be tech penny stocks, software companies, or a combination of both.
Additionally, these companies could also be producing technology used in cryptocurrency mining. This includes machines used for mining Bitcoin, DogeCoin, Ethereum, and any others.
Lastly, we have the ancillary crypto penny stocks. This could be companies that have crypto holdings, ones that offer NFTs, or companies that are working to utilize blockchain technology in their practice. The level of involvement that a penny stock has in the cryptocurrency industry, should illustrate how large its correlation is to the frequent moves of crypto.
So the more involved a company is, the more likely it is to swing from crypto price swings. And, the less involved, the less likely it is to do so. In 2021, there is a whole list of penny stocks that work with cryptocurrency or blockchain-related tech. And knowing how and where to find them will be your greatest asset. Considering this, are these the best cryptocurrency penny stocks to buy now?"
Quote Source & Read More: Best Penny Stocks to Buy Now? 3 Cryptocurrency Companies To Watch
BTCUSD
and using Fib Retracement to do it. Using lows from late November as the anchor, some interesting levels are apparent. First, the 50 fib has been a relatively clear pivot level on the chart where it was resistance at the end of 2020 as well as recently. Then you've got the 382 level to keep in mind. Now that BTC has broken above 50, the 382 would be the logical "next level" right? Well, hold your horses for a second because you've still got the 200DMA to watch....Look at the chart and you'll see that this has been resistance for the last few months and BTC tested it again this weekend. It was denied once again. So before anyone starts looking at the 382 level (which was an area of support during the big crypto breakout months), the 200dma could be the real level to watch for longs. We'll see what happens when the week gets started. "The most prominent crypto penny stocks are the ones that mine cryptocurrency. These are few and far between, however, there are a select group of penny stocks to watch that engage in crypto mining. Next, we have the penny stocks that work with blockchain technology or are producing it. These could be tech penny stocks, software companies, or a combination of both.
Additionally, these companies could also be producing technology used in cryptocurrency mining. This includes machines used for mining Bitcoin, DogeCoin, Ethereum, and any others.
Lastly, we have the ancillary crypto penny stocks. This could be companies that have crypto holdings, ones that offer NFTs, or companies that are working to utilize blockchain technology in their practice. The level of involvement that a penny stock has in the cryptocurrency industry, should illustrate how large its correlation is to the frequent moves of crypto.
So the more involved a company is, the more likely it is to swing from crypto price swings. And, the less involved, the less likely it is to do so. In 2021, there is a whole list of penny stocks that work with cryptocurrency or blockchain-related tech. And knowing how and where to find them will be your greatest asset. Considering this, are these the best cryptocurrency penny stocks to buy now?"
Quote Source & Read More: Best Penny Stocks to Buy Now? 3 Cryptocurrency Companies To Watch