This is an update of our previous XRPBTC view, but this time based on weekly chart. We were right to stay careful and not to chase the price based on few patterns from the past (the original post is here). So where are we now? Have a look at the below weekly chart then. The
I like the breakout that has happened recently. For now, the current pullback should be treated as a test and as long as the 375/350 zone holds (close on daily basis) we may see the 435/440 (again), followed by 495/505 and 590/600. Should you have any questions feel free to contact us anytime. Good
Some may call me crazy, but I am not bullish here yet. On daily chart it looks like we may see a replay of one of the previous patterns (visible on the daily chart). My favorite is the first one from the left, meaning we may see an attempt to break higher followed by a
Looks like the Bulls have decided for a late push around the end of the week-quarter-month. Are they going to have enough time to push and close above psychological 0.01 level? Yes or no? I would like to see at least double day close above it with retest (an ideal scenario) that may open the
Bulls need to hold 0,002 level and we are very, very close to that level. It’s like last line/zone in the sand. Positive thing is that we have left the downtrend channel but dipping lower is still possible. Anyway, as long as we can hold 0,002 based on a daily close, the rally at least
This is a daily chart and both short- and long-term favor Bears. There is a wall of supply in our opinion: short term 0,09 and 0,11/012, then long-term all the way up to 0,15/16. Line in the sand for Bulls lies around 0,05. First sellers line up towards top of the downtrend channel.
These two bullish scenarios were created based on the previous analysis from daily available here. We may see very tiny pullback (based on rejection from daily supply) as 1 to 1 or wider once both visible on the chart. Possible targets in that case are 7400/7500 and 8000. This bullish case will be invalidated with
Before the hurray-optimism will take over or we decide to turn the light off… let’s check the chart with cool head: We need a daily close above 7000. Possible supply based on daily chart starts around 6800. …and we have hit that supply, the first attempt was rejected (but it was not a strong rejection….yet)
Looks good on daily chart and with latest volume it is possible we will see prices higher. What I would like to see is a 2x daily close above 1100/1150.
The intraday scenario is based on our previous longe-term analysis. The recent price action is positive however we did not get the full advantage of lower levels. We do expect intraday stop hunting to the downside (see chart) followed by higher prices after that (as long as we do not make lower low on higher