So this is a technical trade. On my thoughts about cryptos and why digital currency is coming in the next crisis, check my work linked below.
Ripple had a nice downtrend with lower highs and lower lows. Remember, the market ONLY moves in 3 ways. We did then begin to range a bit which is another market movement, which leaves one more move which is the uptrend. That's it. market moves in uptrends, ranges, and downtrends. If you can dissect this and learn about market movements, you will succeed in your trading.
So with this break we are awaiting now for a higher low. Remember, this swing is REQUIRED in order to validate an uptrend. It can very easily sell off without making a higher low meaning it is still in a downtrend. This breakout occurred above a major flip zone as well, above the 0.28 zone adds further confluence.
Ideally, we want a retrace to this resistance now turned support zone before breaking above the recent highs to confirm our first swing in an uptrend.
The flip zone at 0.38 would be first target. I generally look for patterns that indicate reversals, however the large green candle indicating the strength in the breakout is definitely a confluence and worth watching.
Could this be a move into non fiat assets as the Fed is expected to cut rates tomorrow? For this purpose I do prefer Gold but we will see how cryptos respond in a confidence crisis situation. I still think cryptos require regulation and Bitcoin is pretty much dictated by Chinese money.
We know all central banks will end up killing their currencies by cutting to 0 to inflate. It is a race to the bottom. Human history is cycles of hard and soft money and no soft money has ever stood the test of time. I believe we are approaching this confidence crisis and you can already see the political/social and economic tensions.
Ripple had a nice downtrend with lower highs and lower lows. Remember, the market ONLY moves in 3 ways. We did then begin to range a bit which is another market movement, which leaves one more move which is the uptrend. That's it. market moves in uptrends, ranges, and downtrends. If you can dissect this and learn about market movements, you will succeed in your trading.
So with this break we are awaiting now for a higher low. Remember, this swing is REQUIRED in order to validate an uptrend. It can very easily sell off without making a higher low meaning it is still in a downtrend. This breakout occurred above a major flip zone as well, above the 0.28 zone adds further confluence.
Ideally, we want a retrace to this resistance now turned support zone before breaking above the recent highs to confirm our first swing in an uptrend.
The flip zone at 0.38 would be first target. I generally look for patterns that indicate reversals, however the large green candle indicating the strength in the breakout is definitely a confluence and worth watching.
Could this be a move into non fiat assets as the Fed is expected to cut rates tomorrow? For this purpose I do prefer Gold but we will see how cryptos respond in a confidence crisis situation. I still think cryptos require regulation and Bitcoin is pretty much dictated by Chinese money.
We know all central banks will end up killing their currencies by cutting to 0 to inflate. It is a race to the bottom. Human history is cycles of hard and soft money and no soft money has ever stood the test of time. I believe we are approaching this confidence crisis and you can already see the political/social and economic tensions.
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