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We've been following XRP for very long time.
Our assumption is that another leg up is on the way for the usd pair.
falling broadening wedge breakout is likely to happen. Targets on chart, stop below last wick low.
What do we see on the chart? Equal highs, BTC Dominance with impulsive move to the upside. This is not the time you would like to be trading alts with ease.
Dominance rapidly going up means most alts are on very bearish trends versus bitcoin. And in times like this where traders want to cut their risk, it is natural.
We see more upside for the dominance chart...
BTC has been moving in a rising wedge since the big drop to 3600.
Currently the majority of shorts prevent it from falling.
Yet many people are expecting it to fall, we may see some more short term upside first, potentially hitting the 7.3k supply zone area.
Price action is showing a range deviation formed.
Short positions at 6.4k are quite in good shape now. When a range is deviated, likelyhood for price to return to opposite range side is high. For btc this means 3.7k usd.
Will it go up? YES likely. There's a big gap ABOVE us and too much confluence for further upside.
FA - Fed cut interest rate by 0.5
Support at 100MA on weekly
Perfect support at demand zone weekly
Perfect bounce on 0.5 fib!
RVN has been forming bearish structures in the short term. Now that it fell back to accumulation zone and retested two times for a perfect double bottom the top of previoous accumulation and brokeout of short term downtrend, it's ready to start another push upwards to higher short term targets. Enjoy!
Long btcusd idea
Currently ranging on lower timeframes. It's possible to revisit range low.
KEY LEVEL 8580 as visible on chart.
We must hold it so we can have further continuation to the range top of $8850.
XRPUSDT pair retraced to Daily Demand zone.
Printing Bullish PA on HTF.
Lower TF PA still showing re-accumulation.
Scalp Long with targets at Breaker and Swing High.
Once MS broken and W.O. reclaimed as support = Long scenario activated.
Hi to all followers,
ETH moving in strong uptrend.
Taking Key Liquidity levels and not droping for a dip retracemnts.
For now ETH has Pressure Gap 199-215.
No buys were at this zone and it was easy to push down.
Price will go through it with the same ease as dropped.
For now best option to play Long S/R Flip levels (zones) Setups.
In our previous update we outlined how Dominance chart is taking a beating and is now consolidating around previous support levels. But is this consolidation to be considered re-accumulation or distribution?
The fact that this is the 4th time that support level is being touched, leads us to believe any bounce in the dominance will be short lived and more...
Market Maker held level without volume.
Re-accumulation taking place.
If ENG would have leverage - crowd would short this.
The same logic:
Crowd selling here their ENG holdings, and trying to catch lower level, but it's just the second phase of pshychological games.
Stay tuned with ENG.