market is matured, organic growth, moon, moon, moon....
In the middle of the world biggest crisis, people dying, economy will be a desaster in the coming months and BTC is creating one of his biggest bull trap in history...
great and tactical move of the whales to milk the foot soldiers one last time.
Maybe it‘s the final last big breath before it goes where it belongs...
Take the 1M chart
Invert the scale
look for double top formation
So there is a double top at about 6.4 K (yellow line)
another one at about 3.2 K (purple line)
or use the red line if BTC should be infected by COVID-19 and will die...
The choice is yours...
No financial advice - only my stupid view on the current situation
My lines are certainly not 100% correct, but if you look at the triangle on the 1W chart - watching the last 2 years - it could break south if something positive doesn‘t happen soon...
I‘m using the tradingview disjoint channel tool, so the angle should be correct.
No fnancial advice, only my personal view on the current situation.
Did we really break out of the longterm downward channel?
I don't think so.
If you use the parallel channel tool of Tradingview and first you paint the lower line with about 6 connection points and then move up to the highest point in 2019 then you see that today we touched the upper channel a second time.
Furthermore we are at the end of the upward channel...
I guess we're in the correction wave B and we're going up to Fib 0.786 (about 8250).
Then correction wave C will start and will lead us to approx. 7.2k within the next days.
No financial advise! Only my personal view and guess.
I guess we could see a mega crash this week (or weeks)- perhaps until next monday we could be at 7500.
After a few days or weeks of consolidation we could see a reversal.
Hopefully it will not go more down to 6k or even below.
ALTs will bleed like hell this week (or weeks) and many of them will see new alltime lows.
BTC.D (Dominance) will shoot to about 75%...
The long triangle comes to an end and XRP has to decide what to do: upbreak or downbreak.
Although my gut tells me that we will see an upbreak I see some signs for a downbreak.
First: Fib level at 0.3185 will be difficult to mbreak
Second: there is a nice bearflag channel / flag which usually breaks down.
Third: there is a rising wedge which usually break...
After we fall down from the small upward channel (yellow lines) (or ascending wedge -> dotted yellow line - but I guess it was only an upward channel), we could start now to build another pattern.
When I look at the 4h chart, I see a possible inverted H & S pattern (white neckline).
On the left shoulder in the left loupe you can see a trend reversal candle...
Wow, what an amazing dip until now (until now...!)
My last hope of support is the more than 1 year valid support trendline, currently exact at 0.30$.
If this line should break and a daily candle should close below this one - then RIP Ripple...
One the one side currently we have a very strong support between 0.325 and 0.30 - but what does „strong support“ really...
We could have some red days in front of us.
First we have a small rising wedge (green lines) with high probability to break down in the next hours or 1-2 days.
If the green wedge break down then we have another bigger rising wedge (red lines).
If these wegde will break down in 1 or 2 weeks then we have our strong trendline (pink) starting from Jun 10.