This week has been incredibly volatile for Cryptocurrency and has continued to be BEARISH overall.
The possibility of seeing XRPUSD hit 30 cents was completed today
The possibility of seeing ETHUSD hit 300 is nearly there
When you look at the strength and momentum of downside movement on those two assets, you can clearly see they are moving differently than BTC is right now... but this could be a clue to anticipate further taking profit and another push down to make the low of 2018 on this asset as well.
There is a high selling pressure and while we await approvals on things such as ETFs and further guidance on how the markets will be regulated, it would be no surprise to see Bitcoin breach the next quarters zone and trade below 5750 by August 13.
If we see price pull back and move towards 6250 - 6400 watch for price action to CONFIRM the anticipated sell and give us a better than anticipated entry... the way the 08-10 20:00 candlestick on the H4 moved though leads me to believe a move ABOVE 6400 at this point in time would be unlikely
Price action on the small timeframes (M15) show a wedge forming with multiple wicks indicating price could potentially pop upwards before it drops (as a result of people getting liquidated on their sells and having to buy back in because they were stopped out of trades causing temporary relief) however it is definitely possible to expect during the Asian/London markets more movement lower.
Trading involves risk and I am not a financial adviser. You are responsible for any actions you take in the market :)
The possibility of seeing XRPUSD hit 30 cents was completed today
The possibility of seeing ETHUSD hit 300 is nearly there
When you look at the strength and momentum of downside movement on those two assets, you can clearly see they are moving differently than BTC is right now... but this could be a clue to anticipate further taking profit and another push down to make the low of 2018 on this asset as well.
There is a high selling pressure and while we await approvals on things such as ETFs and further guidance on how the markets will be regulated, it would be no surprise to see Bitcoin breach the next quarters zone and trade below 5750 by August 13.
If we see price pull back and move towards 6250 - 6400 watch for price action to CONFIRM the anticipated sell and give us a better than anticipated entry... the way the 08-10 20:00 candlestick on the H4 moved though leads me to believe a move ABOVE 6400 at this point in time would be unlikely
Price action on the small timeframes (M15) show a wedge forming with multiple wicks indicating price could potentially pop upwards before it drops (as a result of people getting liquidated on their sells and having to buy back in because they were stopped out of trades causing temporary relief) however it is definitely possible to expect during the Asian/London markets more movement lower.
Trading involves risk and I am not a financial adviser. You are responsible for any actions you take in the market :)