After a strong move from $0.21 on the 4th of January $xrp got to a peak of $1.66 on the 26th of April 2021. So far it has broken down below the support at $0.86 which has turned to resistance, a bearish pinbar candle has formed at the new resistance, and there is a good chance that price falls all the way to the next level of support at $0.46. Which is also the...
BTC technical Analysis.
On the weekly time frame, Bitcoin has formed a bearish pattern indicating that a likely correction all the way to $30,759 is imminent.
Bitcoin has also formed a lower high indicated by the white arrow candle, the low is identified by the massive bearish engulfing candle that eclipses the 2 weeks before it.
A head and shoulder pattern...
Playing around with the short time frame and I think BTC is about to form an inverse head and shoulder pattern by falling all the way to $54,000 and most likely a quick move towards $67,000. $54,000 happens to be the 61.8% retracement zone for the move from $51,000. This idea gets invalidate if price breaks and retests $59,000
SNXBTC on the weekly timeframe has formed a higher low which is indicative of a possible higher high. the higher low is confirmed by the formation of a bullish engulfing pattern on the 61.8 retracement level of the last move from 0.0002. I am expecting a sustained move upwards towards 0.0009 as that is the 1.618 Fibonacci extension point.
ETHBTC has been in a downtrend since june 2019. The down trend is characterized by the successive lower lows and lower highs on the weekly timeframe. Currently price is consolidating between the range of 0.038 and 0.017, and has formed an inverse head and shoulder pattern.
