Hello Friends!
BitBotly here with a simple analysis of the future for Ripple.
But first, let's look back!
As you can remember, our algorithm gave us a signal for a buy zone that we drew on the chart (18 aug 06.30)
Since then price plummeted through all sorts of resistance without reacting causing many panic-sells, furthering the panic and drop in prices.
We stuck through this panic (mostly since I was asleep). When I got up at (aug 18 20.45) I saw the new possible resistance, and the possible triple top (BTB anyone?) I got out of the trade after the price action reacted to the line and the price fell a bit.
This trade gave us 11.5% profit due to the leveraged trading of Bitfinex (thanks Bitfinex for always tripling my profits)
So, let's get back to the future!
As we all can see, there is a possible BTB forming (this one have bounces against resistance instead of the typical support)
We can also see slightly smaller highs are forming which is indicative of selling pressure from those levels and that those levels are coming down, building pressure. This, in turn, causes less volatility as the market-direction becomes unclear, we have higher lows but lower highs.
We can also see that prices are currently interacting with the VWAP and is treating it like resistance which is another indication of more downside.
One should never over-trade a market, so the best course of action right now is to wait patiently until another opportunity shows itself. We will probably see a lot of opportunities in the coming hours, due to the wedge, the pressure, and the BTB
I'll update you whenever we got a new opportunity to trade, make sure you like this idea so you don't miss it!
Check out our trading history
Here's the old analysis:
BitBotly here with a simple analysis of the future for Ripple.
But first, let's look back!
As you can remember, our algorithm gave us a signal for a buy zone that we drew on the chart (18 aug 06.30)
Since then price plummeted through all sorts of resistance without reacting causing many panic-sells, furthering the panic and drop in prices.
We stuck through this panic (mostly since I was asleep). When I got up at (aug 18 20.45) I saw the new possible resistance, and the possible triple top (BTB anyone?) I got out of the trade after the price action reacted to the line and the price fell a bit.
This trade gave us 11.5% profit due to the leveraged trading of Bitfinex (thanks Bitfinex for always tripling my profits)
So, let's get back to the future!
As we all can see, there is a possible BTB forming (this one have bounces against resistance instead of the typical support)
We can also see slightly smaller highs are forming which is indicative of selling pressure from those levels and that those levels are coming down, building pressure. This, in turn, causes less volatility as the market-direction becomes unclear, we have higher lows but lower highs.
We can also see that prices are currently interacting with the VWAP and is treating it like resistance which is another indication of more downside.
One should never over-trade a market, so the best course of action right now is to wait patiently until another opportunity shows itself. We will probably see a lot of opportunities in the coming hours, due to the wedge, the pressure, and the BTB
I'll update you whenever we got a new opportunity to trade, make sure you like this idea so you don't miss it!
Check out our trading history
Here's the old analysis:
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