Hello fellow Degenerates,
This time I got both XRP and ADA charts together to show you both theories that created this slow and boring drama we are facing now. This week we might finally get to its conclusion, for better or worse so watch closely.
If you been observing and watching the crypto market, you know that these two tickers are the ones that will drive a lot of the market this year, and for better or for worse, their price action have always been kinda similar, with a few deviations or delays but the doodles kinda look alike.
- For better visualization, in the XRP chart is the bearish view. We need to have a break of that $2.6 level to confirm that the bulls are back. The price movement of last week created a lot of hope but we all know that this is also how the institutions enjoy playing with our emotions. If price continues down, $2.0 could be broken and $1.5 PT might be our next landing.
- On the ADA chart is the hopium for the bulls. Although it doesnt looks as bullish as XRP, it is also a characteristic of the market when starting new impulsive waves. Retail is usually not believing it, they are skeptical of the movement. The fact is that Cardano and XRP are filled with Institutional money and a faithfull community, so what the market needs is a catalyst to shake things up. What could it be? SPX recovery? XRP vs SEC settled? ETF approvals?(that wont be until at least another month)
- If you compare RSI's, the Daily RSI has still some room down towards the Higher low trendline being formed. The 1H RSI shows that this little dump we had this weekend was enough to bring it to the same levels as last week's lows and the lows from before the strategic reserve news.
The point is that we need to look at the different perspectives and be prepared for both.
Understand where price could go, manage your risk, but also understand what is coming.
I do not believe the bull cycle is over. The geopolitical and socioeconomic cycles are keeping the market in this stagnant state, but they are also what will drive it to boom like never before.
Keep your eyes open.
Bullish or Bearish? Let me know what you think!
*I am not a Pro, I'm just a beginner learning Elliot Waves and technical Analysis. This is simply my humble attempt at losing money while looking smart*
This time I got both XRP and ADA charts together to show you both theories that created this slow and boring drama we are facing now. This week we might finally get to its conclusion, for better or worse so watch closely.
If you been observing and watching the crypto market, you know that these two tickers are the ones that will drive a lot of the market this year, and for better or for worse, their price action have always been kinda similar, with a few deviations or delays but the doodles kinda look alike.
- For better visualization, in the XRP chart is the bearish view. We need to have a break of that $2.6 level to confirm that the bulls are back. The price movement of last week created a lot of hope but we all know that this is also how the institutions enjoy playing with our emotions. If price continues down, $2.0 could be broken and $1.5 PT might be our next landing.
- On the ADA chart is the hopium for the bulls. Although it doesnt looks as bullish as XRP, it is also a characteristic of the market when starting new impulsive waves. Retail is usually not believing it, they are skeptical of the movement. The fact is that Cardano and XRP are filled with Institutional money and a faithfull community, so what the market needs is a catalyst to shake things up. What could it be? SPX recovery? XRP vs SEC settled? ETF approvals?(that wont be until at least another month)
- If you compare RSI's, the Daily RSI has still some room down towards the Higher low trendline being formed. The 1H RSI shows that this little dump we had this weekend was enough to bring it to the same levels as last week's lows and the lows from before the strategic reserve news.
The point is that we need to look at the different perspectives and be prepared for both.
Understand where price could go, manage your risk, but also understand what is coming.
I do not believe the bull cycle is over. The geopolitical and socioeconomic cycles are keeping the market in this stagnant state, but they are also what will drive it to boom like never before.
Keep your eyes open.
Bullish or Bearish? Let me know what you think!
*I am not a Pro, I'm just a beginner learning Elliot Waves and technical Analysis. This is simply my humble attempt at losing money while looking smart*
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.