InvestingScope
Short

Rejected on a new 1W Lower High. Quick Gap Fill to 0.27100.

BITFINEX:XRPUSD   XRP / U.S. Dollar
XRPUSD broke the previous Channel Down on 1D on fundamental reasons and managed to test 0.79, which is still a Lower High on 1W. Since this price was also inside the 0.681 - 0.786 (0.68967 - 0.81315) Fibonacci retracement zone since the last 0.96716 1W Lower High in April, we expect the price to make an equally quick technical gap fill as the equivalent rise. We have used those levels to short again with TP = 0.27100 (gap fill).
High quality portfolio management, asset allocation with excellent risk management. Grow your account, achieve steady profit levels and increase your trading edge with InvestingScope (http://www.investingscope.com).
We had the kumo breakout and flew high above the cloud, retraced to kijun at 0.52 down to 0.435, then regained strength and found daily suport at 0.49-0.51. Things have progressed positively and we are now set to rocket to 1.78 flat 2D kumo which will act as a magnet for price and is still only a 50% retrace from the high before it.
Reply
Looks like the price shot back up to .55 and corrected to .50. Most TAs are aiming for .80 now. I hope it drops back to mid 30s
Reply


Bitcoin midterm analysis that you need to see
Reply
Lets see if that gap is filled. Resistance at .30 but if papa btc can add some pressure it could work out. Nice chart friend.
Reply
@Halley, thank you for the support. We are monitoring closely the volume on each 1H candle. XRP has the biggest downside potential currently.
+1 Reply
@Halley @InvestingScope Thank you both for the replies. Do you think we will break .40-.42 resistance?
+1 Reply
Halley manjotsbajwa
@manjotsbajwa,

I have several opinions, some that contradict each other but I have a plan in place for these scenarios. Read between the lines, cherry pick or ignore.
1. Depends on btc. Papa bear closes a 4hr candle at or below 6350 and you can look for a break at that xrp resistance we talked about.
1,b. I tend to believe we will see a new lower low or sub 5.7 for BTC, however that's because I want it and I've chosen to believe it for the last 5 months.

2. It's possible the bulls can control this market, the floor is in and we will begin challenging previous lower highs (74xx, 84xx etc) beginning mid OCT. (has nothing to do with breaking current xrp resistance) but if btc's new higher low is 6150ish then don't expect for xrp to drop less than .30 to .35 cents.
2.b. BTC shakes off all the bulls and drops sub 5.5k and you can buy all the xrp you want. But delays Bull run for months.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out