After it has failed 3 times in the last 6 days to jump above the 20 days Moving average, the price seems to be close to cross the Pivot Level as well, looking for a confirmation of a bearish trend.
This confirmation may come at the end of the day if the closing price will be lower than 0.4645$ because a red candlestick will be created and according to the Bollinger Bands, this is exactly what we need.
The RSI is about to leave behing the "neutral" area, the Stochastic is clearly showing that the price is "overbought" while the MACD line seems to continue along the signal line.
As a result, with no strong fundamentals which can lead to bigger trading volumes in the market, it seems it's just a matter of time until the price will test 0.4046$.
could take a look of he weekly chart XRPBTC? XRPBTC weekly seems to have more bullish signal than the lower time frame.
I dont think we will see another major sell off till at least November 10 2018.
August 13th, September12th, October 11th, were all important recent date for the market, specially BTCUSD.
So I just expect November 09th or 10th to be a very important date for the market .
The reason is that the week of November 9th 2017, BTC was up 38.6%, which initially sparked the altcoin bullrun.
That 38.6% ($2242), is the biggest gain BTC has since that week.
It is the same week that is holding us as a major support right now because that week opened at 5810.00, Low 5780, High 8130, Close 8052.7.
If you Notice the BTCUSD weekly chart, the week of 25 June 2018 had a Low of 5780, Which coincide with the Low of the week of November 9th.
On the week of 25th of June, 13th of August and 17th of September, BTCUSD had shown a very important character. It reversed the previous aggressive downtrend with a powerful hammer stick with an average gain of ~3.1% in each of those candle stick. Those 3 weekly candles are currently forming the Higher lows of the current bottom formation.
My final observation is that if BTC does not break the strong support formed by the "week of 25th of June, 13th of August and 17th of September". the market can spark a bullish trend and challenge 11200, which is 0.382 fib level from all time high.
I dont think we will see another major sell off till at least November 10 2018.
August 13th, September12th, October 11th, were all important recent date for the market, specially BTCUSD.
So I just expect November 09th or 10th to be a very important date for the market .
The reason is that the week of November 9th 2017, BTC was up 38.6%, which initially sparked the altcoin bullrun.
That 38.6% ($2242), is the biggest gain BTC has since that week.
It is the same week that is holding us as a major support right now because that week opened at 5810.00, Low 5780, High 8130, Close 8052.7.
If you Notice the BTCUSD weekly chart, the week of 25 June 2018 had a Low of 5780, Which coincide with the Low of the week of November 9th.
On the week of 25th of June, 13th of August and 17th of September, BTCUSD had shown a very important character. It reversed the previous aggressive downtrend with a powerful hammer stick with an average gain of ~3.1% in each of those candle stick. Those 3 weekly candles are currently forming the Higher lows of the current bottom formation.
My final observation is that if BTC does not break the strong support formed by the "week of 25th of June, 13th of August and 17th of September". the market can spark a bullish trend and challenge 11200, which is 0.382 fib level from all time high.