Risky area. Spring support is gone and a Chuvashov fork is possible if current support breaks, hence a break under 9000$.
So far bulls managed to get a pullback ( technical rebound ) to previous support, but now the broader 11k area is resistance.
Bias is actually bearish.
Short time bulls may still try to find an inverted H&S with a right shoulder above...
A massive short squeeze was enough for BTC to break up both MA100 ( Blue ) and MA50 ( Green ) and move over 6300$.
This is something we saw back in 2015 and it basically confirmed the end of bear trend.
While it's highly likely we'll see a deeper "technical" pullback on the upcoming days/weeks ( as MA50 still lags under MA100 ), Bitcoin is poised to move much...
We have 2 bullish options, meaning an ascending triangle and an inverted H&S.
Yet bulls lacked punch and volume so far.
We have a noticeable bearish divergence acting as a flashing warning.
Only a strong green candle would negate it.
Price sits at the top of daily BB.
While bias is still slightly bullish, a stop loss here is mandatory as a bull trap may well...
The triangle above long term ( 2017 ) support is about to close.
Why going Long ?
There's nothing confirming it on the chart: it's a bet.
A risky one.
Basically i think the Foundation wouldn't allow a strong support breakdown and a sub 0,20$ XRP price.
So i'd watch out for an organised pump within the next couple weeks.
Otherwise things may turn really bad ...
Bears may push price down to 3250-3300$ ( key support area ) or even into low 2000$.
Yet as long as that falling wedge holds bulls will finally have the upper hand.
So it's a Long already ?
Not yet, but maybe it's not that far.
It's *about time* to stop caring about the bottom and to start *patiently building* a Long medium term position.
Use dips to your own advantage.
Seemingly a diamond bottom.
Bullish bias as long as price breaks up pattern on volume.
We had an unconfirmed falling wedge ( breakout on no volume ).
We still have a slight bullish divergence on RSI, unconfirmed on MACD.
Watch for the breakout, BUT remember to look for confirmation in volume.
Mind the support ( blue ) and resistance ( red ).