Hi guys,
Legend:
Dark blue line: BTCUSD price
Light Blue Line: Key support/resistance level @ 0.90
Green dash lines: downward trend
Black solid lines: Pattern formation
Orange solid line: possible 4*7 = 28 period EMA
Bold pink line: Target price @ 0.56 by 6-10 Feb
Explanation:
1. XRPUSD is basically reacting in line with BTC, just like the overall Crypto market.
2. Similar to BTC sharp decline Feb 1 XRP, triggered by comments in India, also saw a dip from 1.10 to 0.74.
3. the sharp pullback and then fall in price combined with declining net buy volumes to lower net sell volumes, makes me thing of a downward break down
Conclusion:
IF price continues to break down from 0.79 and closes below it with a signal from MACD THEN my TP is 0.56 by the end of the week ELSE a strong positive news flow needs to break 1) 28-EMA @ 0.88 and 2) 1.01 for a TP failure and and chances of a structural change.
I have just stared to publish my ideas on this platform, so if you do like it please to hit the like button
***Disclaimer***
- This information is not a recommendation to buy or sell.
- I am not a pro trader, but someone learning technical analysis, as i go along, constructive criticism and positive feedback is most welcome :)
Legend:
Dark blue line: BTCUSD price
Light Blue Line: Key support/resistance level @ 0.90
Green dash lines: downward trend
Black solid lines: Pattern formation
Orange solid line: possible 4*7 = 28 period EMA
Bold pink line: Target price @ 0.56 by 6-10 Feb
Explanation:
1. XRPUSD is basically reacting in line with BTC, just like the overall Crypto market.
2. Similar to BTC sharp decline Feb 1 XRP, triggered by comments in India, also saw a dip from 1.10 to 0.74.
3. the sharp pullback and then fall in price combined with declining net buy volumes to lower net sell volumes, makes me thing of a downward break down
Conclusion:
IF price continues to break down from 0.79 and closes below it with a signal from MACD THEN my TP is 0.56 by the end of the week ELSE a strong positive news flow needs to break 1) 28-EMA @ 0.88 and 2) 1.01 for a TP failure and and chances of a structural change.
I have just stared to publish my ideas on this platform, so if you do like it please to hit the like button
***Disclaimer***
- This information is not a recommendation to buy or sell.
- I am not a pro trader, but someone learning technical analysis, as i go along, constructive criticism and positive feedback is most welcome :)
Trade closed: target reached