The BTC/USD trading pair seems to be stuck at the first arc pair of a daily Gann Square set-up. Volume seems to be declining today which could mean that people are not happy to buy at these levels.
I conclude that we either break free of the arc pair today or tomorrow or a decline takes place to the top of the first square around 8500.
Please note that a...
I was just going over some chart and, admittedly, the OMG daily chart looks best by far.
We are trading both of above the MA50 and MA100. EMA 20 is rising and may break above the MA50 soon.
Entry levels may be around the recent high of 17.5 USD or 13.2 USD being the 0.5 retracement.
Mid term exit target could be 35 USD where we will meet the top of the 3rd...
I assume Bitcoin could correct short term. The reason for that is, it reached the 3rd arc pair on a 240min set-up and it left a short term price channel. Since market conditions are still quite unstable it is unclear how far Bitcoin would correct.
1st support would be 7830 (bottom of the square)
2nd support would be 7600 (0.5 fib retracement and 2x1 fan )
Trade safe.
Support levels for Bitcoin are:
- 7825 (top of the 2nd square) and
- 7500
A break below the 0.682 retracement would indicate weakness and could trigger further selling.
My daily Gann Square set-up indicates that Ripple may enjoy upwards support from the 3rd arc pair. Targets could be EMA 20 and MA 50.
The assumption should be rubutted if XRP falls below .0401 USD.
Please note that the notion of arc support can be quite speculative after previous volatitly in my opinion.
Verge performs nicely in anticipation of positive news to be announced on the 16/4 or 17/4.
On a 60min chart we can see that the price almost touched to top of the 2nd square. Therefore, I believe a correction to the bottom of the 2nd square is immanent which constitutes a possible entry point around 0.069 USDT.
Afterwards, and only if Bitcoin does not fall...
As expected, the down trend continues. The rising prices of other cryptos, i.e. Litecoin, Ripple and EOS during the past days indicate that the down trend may be almost exhausted.
Nevertheless, it seems plausible that BTC reaches our short term goal of 6000 USD today, which is the double bottom. I do not expect a significant bounce here. Maybe we can hold that...
This super bounce rally is loosing steam. First, price will hit the down 1x1 line then a bit of overshoot is expected to finally stop dead in the yellow curve.
Cheers,
Keops
With all those positive news out for XRP it can only be a matter of time until it breaks out big time.
In my opinion a whole cycle is about to complete and it will rise again to new power. We will see what happens in a couple of hours.
Happy Trading.
This is not financial advice. DYOR.
