Sideways action, Thats what we have seen the last couple of days. I do think this was the last upwave, it almot reached the 14K, dont think we will see it anymore. I am lowering my overal stop to around 14.500 now. IF it drops below the 13K again, i will lower it to the 14K. I dont think this sideways action will take much longer and that the market will choose a direction today or tomorrow
I expect something like this, making a bigger H&S. This is my last update for now
In have added a few more at 13.800, i have a stop for the extra short position at 14.050
Now the question ofcourse is, what does this mean for the price development. Some people want to push the price up, that's obvious now, but if fundamentals don't improve for BTC i don't really see this upswing having a long life. If price is able to stay above the 15.000 and a minimum of 14.500 for at least a few days, than things will improve. Otherwise i will only see this as a short term strategy. I am on the sideline now and waiting for a new moment to go short or maybe to go long, i will let the charts guide me
Lets see if volume kicks in as well
Like i said yesterday volume needed to kick in when it broke out of the flag, now we can see why. From this point it's just guessing what it will do. I favor down more than up now, but i am on the sideline again now and waiting
This H&S looks allot like the one at 16.400. The right shoulder is getting to high and big, but something to keep in mind!
To stay very bullish it has to stay above the green area, than taking out the 15.400 will be a certainty. This is the third attempt now for the 15.400, if it does not succeed than there is a chance the bulls will give up for the short term and we will see a drop to maybe 14.500. But i think it's 90% sure it will break through the 15.400. This could be a nice trade with a stop around 15.100 with the potential of 15.800 or higher
I am out, cant extend the stop anymore
A passage of this article.
Instead, the 100 billion XRPs (the cryptocurrency's coded limit) are already available, with most under the control of Ripple itself. Ripple currently controls about 61 billion XRP, although in May (where the price ranged from 5 cents to 41 cents) the company announced it would move to lock up 55 billion XRP is escrow, to be released at a rate of 1 billion a month for at least four and a half years.
I knew a long time that they have more than half, but the releasing (sweet word for cashing out) is new for me. I think 95% of the buyers now dont even know what the real facts are. The other 5% is riding the wave and profiting of this. People are getting are getting insain!!
smaller time frame, lets see if 16.400 can hold
16.400 is not gonna hold, 16.200 is more important!
So the 16.730 was taken out in an instant with volume! Some did not want it to be an obstacle. As long as it stays within this pattern, all bullish. I did not go long because it did make a fake breakout downwards. My fingers were on the trigger but i did not pull it.
If the volume stays and it takes out the 17K again and the 17.100 this time, big chances it will go on towards the 17.500/18.000.
My gut feeling knows this market is beeing steered! But to wich level, 20K and above again? Or are some with big amounts of BTC seeking another good oppertunity to unload at higher prices again, between 17K and 18K.
Stop around 16.600, if it moves towards the 17K i will move the stop to my entry level.
The flag is a bit to big now, i will use the grean area is my stop. Putting back at 16.600 again
Now it has set itself up to break the 17K, it has to stay above the green area, otherwise sideways action will take much longer
I see 2 options, the green and the blue line. Blus is most bullish, stays in that cirkel of the 1 min chart, or it drops out, stays above 16.600 and moves a few hours more sideways and than takes out the 17K
It fll out of the smaller cirkel, now it will probably take a few hours more to take out the 17K
bullish flag, target 17.500/17.600