Hi traders, I hope you all had a wonderful weekend.
Here we have XRP/USD on the 4 Hour chart.
My closed group has been in this trade already for some time, with over 10% profit so far. With this in mind, I decided to share the chart on Tradingview, as I find Ripple highly interesting at the moment.
XRP/USD appears to be in an up move. Price has recently had a higher low at 0.8940, and has picked up momentum since.
Price is picking up momentum to the upside. Price had an initial low at 0.5870, and is since recovering. Price is trading above a resistance line turned support. Once the side-wards resistance line is tested properly, I am expecting some nice upside potential.
I am expecting Bitcoin 4.56% to continue with the current upside momentum, and I am expecting a move to at least 1.6080. It will move further if the side-wards resistance turned support holds without a lower swing retest.
This trade could play out in 2 ways, I have outlined these below:
-Price continues it's strong momentum to the upside, and hits the upside target at 1.6080 in one strong swing move. Bare in mind if this does happen it is extremely likely that price will once again be going back into higher levels, and would show a significant change of investors sentiment in Cryptocurrency as a whole, and prices returning to their higher levels would be extremely likely. -Price retests the side-wards resistance turned support at around 0.8840 before the up move begins.
Bare in mind that seeing a retest at horizontal support at 0.5800 would not be a good test.
If price retests the lower support, it will still bounce and go to the upside, but it is less likely. The first scenario above is the ideal one for Bitcoin's best outcome.
I will updating this analysis if it exceeds 40 likes.
Great post and analysis. Appreciate your work you put in for everyone. Cheers!
PHILTOWERS
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Tom,
Valued analysis, thanks.
What effect do you think the Asian New Year might have on the market. Traditional gift is money that might be invested in the crypto market? Possible increase in volumes? Upturn in the popular ETH, BTC and XRP after Friday?
I am not entirely sure. If I had any guess, I would assume to see more volume across the markets. That's all I can be sure of.
Think Cryptocurrencies across the board will continue their upside
ribame4
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hello, bitcoin volumes is descrease and its rising , is this healhty ? without volume how can break 9000 and stay there bitcoin ?
Giovi6969
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@ribame4,
It's possible, if you have a look at the global crypto market cap, it is growing up since a last week.
Giovi6969
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@Giorgioversace,
Without "a" lol.
TomProTrader
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@Giorgioversace, Market cap and volume are considerably different things.
Giovi6969
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@TomProTrader,
Of course it's not the same lol, i just find it encouraging to see the market cap growing.
ribame4
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@Giorgioversace, thanks for comment , i dont know all market how it was but i remember i checked cryptocompare site when down until 5700 dollar bitcoin in that price range ( 6000 rrange ) if Bitfinex was 100 now Bitfinex is 40 and this means 60 percent 24 hours volume dropped , for other markets also same thing happened , as i know in this place if you want sell it in your price you need to find buyer if you cant find buyer for your price then someone sell lower than you and price is down , and for my opinion right now not enough buyer in market thats way cant go up healhty , Of course this is just my opinion i can be wrong too
Giovi6969
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@ribame4,
you are right, volume is very very important regarding buy and ask, and as cryptocurrencies are basically only the buy and ask game (that evolves with the news and market sentiment), a lack of volume could make Btc go lower in value.
As you spotted correctly, volume is decreasing since the 5900Usd low of 02/06/2018, but Btc price is not dramatically falling so far, it is even slightly, "horizontally" going higher for the moment.