BTC 1 month down and 1 month recovery idea.
There has been a sharp upward trend for one week already.
(STRICT) STOP LOSS=3800~3900$ (daily close)
LONG idea TARGET=5600$ (with follow-through, 6000$ possible)
FINAL TARGET=3000$ in two month.
This idea was inspired by the Japanese market NIKKEI 225 bubble.
I think the patient is the key... this year's the lowest, the last price is coming.
We probably can go 8500s with those day's bullish run and then next month we might loosing energy to go higher with the monthly lowest volume, and then the price will goes trajectory down to 4500$.
HOWEVER, WE NEED TO WATCH DAILY, WEEKLY, MONTHLY VOLUME CAREFULLY,
BIG FLOOD OF...
I am waiting next price action of XRPUSD
If the upper line of the long-term uptrend channel break,
we may test lower line of channel,
and long position can be 0.41$ area, hopefully bounce back to upper line again to 0.70$.
(since this chart is log scale, this uptrend channel means exponential growth!)
It can be also looks like fractal of last year or a...
Suddenly everybody notice this pattern, then pattern often does not works.
There is high possibility of RED, SAD June.
But don't cry, If that happen, that bottom will be lowest of the year and we can slowly recover.
My expectation of this year lowest are BTC 4500$, ETH 300$, and XRP 28cents. Trade small volume, stay in cash.
We are going down with perfect same homeomorphic shape(with getting smaller box height) to 6900$ area.
Personally, IF the price cannot stop or bounce back at that level(6900$),
THEN we are heading to 5500$ (which is 45% drop same as the last one) which needs 1 more week, with no guarantee to go up again soon.
I have a buy order at around $7000s somewhere but I personally feel very uncomfortable with this...(with drying volume, I expect no significance bounce)
Next safe entry will be $5500 area if bear market continues with increasing volume.
IF this drop does not happen, there will be no chance of massive profit, and the market going to be pro institutional trader's party.
I think BTCUSD is very likely to touch lower green trend line(long-term bullish support), so, possible long entry setup can be :
1) If we can see strong bounce from 7500~7800$, target is 11000$ (ORANGE LINE)
2) otherwise, next long entry can be 5500~6000$ to 9000(BLUE LINE).
If bear market continues and if a rejection from 9000 happen, next will be 4500(maybe...
I think cryptocurrency world will bearish for couple of months. Do we seriously need XRP for real living?
My idea of safe XRPUSD entry setup is from mid 50s and sell 80 cents, or if 50s does not hold, buy at mid 30cents and sell for 70cents.
I think low 30 cent level could be lowest of this year for XRPUSD and somewhere 30~60 cents level for 2018 is most likely scenario.