Potential setting up here on HOT with adam and even maybe. It is current right on the 50 day MA and will need to see strong support there or could potentially go lower first to form more divergence which isnt the greatest ATM.
Interesting setup because it has a different pattern than most alts right now. #BTC Dominance also just lost the 200 Day MA so lets keep...
EOS just recently found support on the long term rising trendline.
Bullish divergence on the daily right on the support. RSI and MACD.
If this were to be end of wave 2 then we could see a structure like this play out.
Just my thoughts and idea of how this could play out.
If you look at the run up we had from 3.5K to 14K it was very quick did not form much sideways support.
Then we see the very large descending triangle form. Bearish confimation broke the 200 day then dead cat bounce back up to 9600-10K to offload distribution pattern.
Now we are back below the 200 Day MA and looking to test lower in my opinion there is the...
Really the next major fib level on XRP is the 50% retrace at .13 cents. After that the golden pocket at 0.064 cents. All depends on BTC if it drops all the way to sub 3k this one will get wrecked.
-not financial advice just me charting my opinion
- Testing Key previous support now becoming resistance around 33-34 cents
- Showing bearish divergence both RSI and MACD
-If bulls cannot rip through resistance could be looking at the 1.272 at .12 cent
Jusy my opinion not financial advice
Bear flag still looking valid. If BTC drops to next fib levels we are most likely going to see a violent move on XRP.
Measured move puts you near 0.20 cents but it could go lower in time into the 0.13-0.18 cent range if BTC prolongs its bearish trend.
Not financial or trading advice just my observation on the market.
Ain't nothing but a backtest?
XRP/USD Bitstamp weekly chart of what looks like a crazy potential backtest or resistance line from beginning of 2018.
Did a measured move and funny enough put me around $1.10 range and back onto the bullish uptrend line. But we would need a very strong bounce from here on large green volume.
Some bear signs at the moment is...
- Bullish break of the 200 DAY MA on great volume.
- Currently consolidating nicely above cluster of daily candle closes back in Dec. '18 and April '19
- Possible Bull Flag Formation short to -mid term and ascending triangle pattern.
- Still possibility to Retest 200 Day MA confirm as support if BTC Dumps
- Price contraction after bullish impulse up forming. Large move will take place on confirmation to up or down. Here are the simple measured moves for each.
Not financial advice just my own charting opions for entertainment only.
- Bear Trap just under the falling wedge support
- Rejected prices under 200 Day MA
- Good Volume Came in on Bull Break and retest to confirm support
Intermediate targets for me is 39-42 Sats, if that is broken the next level is around 50-52 Sats.