Fans of XRP were a bit to excited to see BTC correct almost 50% over Christmas, while proclaiming their own darling was on it's way to impossible gains. Now XRP has already had it's own 50% correction and more blood may be coming.
If XRP fails to break this massive H&S, expect a further retrace to 1.1$, representing a painful 66% retrace for XRP bulls....
Anyone who thinks BTC will drop hard from here have been smoking their own socks. Look at that spiderweb of trendlines holding it up. And I didn't even bother adding support lines.
However, we could drop hard later, after banging our heads again $16-17k for a while.
Stay long for now.
Running out of space between the upper downtrend line and support around $12k, yet plenty of lines to break over and under in between. We're looking at a civil war in no mans land: unless something unexpected happens (which granted, it always does in crypto), we'll be going sideways for the next two days.
No, we did not bounce of the channel again, as some people were quick to claim. But we probably will.
For now we bounced off the downtrend line we broke through 12 hours ago, just as we did in a similar scenario in September.
Should see some sideways actions here, before making a decision around New Year's Eve. Use this opportunity to accumulate alts like IOTA...
I'm relatively new at this, but it seems to me there is an obvious historical trendline that btc has respected for months. If it continues doing so, the absolute bottom for the short-term downtrend is at 2400$. Unless it completes its current cat leap, as it did twice under similar conditions in the middle and the end of May, and even once more in June, in which...