Edgy_
Long

Ripple September 2018 vs. Bitcoin May 2019: Will BTC succeed?

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hello dear crypto friends and welcome to this special analysis today! ;)

If we look at grandpa BTC , it currently resembles very much XRP back in September last year: We can definitely see the Ascending Triangle that both have shaped. But still, there are key differences that I'd like to point to you at in this analysis:

XRP September 2018

  • Ripple got saved from breaking the summer lows at 25 cents from strong hands
  • Those strong hands pumped the price until 80 cents -almost 3xed the price in 3 days
  • I highly doubt that this was a mere market reaction at that critical price level
  • At 80 Cents, we saw huge profit taking: just look at the ugly wick that occurred there
  • The Price collapsed 25% after this wick
  • After breaking the Ascending Triangle , the price collapsed another 20%, underlining the the pump & dump scheme

Conclusion

Altogether it was a very short-lived price action: The company could not convince the market participants that XRP tokens would eventually be used in concepts like xRapid, and this is what the market showed as reaction. Only recently we got saved yet again from this critical 25 cents of summer lows, through the strength of BTC & the general correlation, that dragged XRP higher together with the whole crypto market.

BTC May 2019

  • We have institutionals like Bakkt & Fidelity preparing for launch, not just some minor strong hands as in Ripple's case
  • We have had the Bitfinex FUD & Binance Hack, which in the latter case could have led the company/CZ to buy some Bitcoin for the exchange holdings
  • We have not 3xed in 3 days, instead only doubled over the course of a few months since breaking the $4k resistance: this is much healthier
  • We definitely had short squeezes around the $6k resistance wall => Shorts have to cover their position by going 'long' ( -1 +1 = 0)
  • On top we had HODLers FOMOing in, who had been absent from the market for months.

Conclusion

Altogether the recent rallied has surprised HODLers and analysts alike, as all of us were awaiting the $6k to hold as strong resistance, since it was holding up throughout 2018 as strong support (S&R zone). Grandpa BTC is extremely strong right now, and it could definitely break this Ascending Triangle to the upside, which would signal in first $9k and ultimately the magic 5-figures again: $10k. This would give you 10% and 20% profits respectively. So if you're a usually an XRP HODLer/trader, it might make sense for you to take a closer look at grandpa BTC again, which is the horse that the institutional players are betting on.

If you had some value from this analysis, I have only one quest from you: Please smash the like button so we can bring this to the main page! Thank you ;) And leave your thoughts in the comments section -glad to discuss. Have a wonderful weekend!

Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Comment: BULL BREAAAAAKKKKKKK
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Interesting idea. Good job.
+1 Reply
Edgy_ SpartaBTC
@SpartaBTC, thx my man.
Reply
For BTC anything above 8k I am super bullish.
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Edgy_ marko.denda
@marko.denda, yeah, let's see if we can take it out on the first approach! ;)
Reply
@Edgy_, although looking at daily, if Dec/Jan was Wyckoff accumulation, this might be Wyckoff distribution. Should be careful. Will post some charts soon. Just thinking out of the box.
Reply
Edgy_ marko.denda
@marko.denda, awesome, looking forward!
Reply
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