Eth & Xrp: Time for double bottom?
Both are breaking down at the current moment, can we expect Local Double Bottom now?
Well sadly yes it's my current stand, Xrp broke down and re-tested the lost level yesterday. From here there should be alot of downside to come even if Btc manage to hold 7 850.
For Eth it's pretty much the same situation but a day later, we are currently breaking from the important area of support at 140.8 - 142.1 if the daily candle closes lower we should see a re-test and more downside afterwards.
Let's look at indicators:
- Price action is around 2-3 days from entering the cloud, a drop below would make
totaly sense;
- Big sell volume on both when we broke up, and now volume is fading has we are
falling;
- Lost of MA50
- Little oversold on Macd & hit directly the resistance at 58(Eth) and 63(Xrp) on the
Rsi;
So what to expect?
From here alot more downside, the only thing that could give them some life is if Bulls manage to keep the 7 760 - 7 850 area on daily and afterwards start grinding back too 8 500.
I'm still going to try a short on Eth if we get a re-test, here's my personal play (Targeting around 12 - 13% move):
Portfolio Risk: 5%, Leverage: x10 - x25
Short: 140.1 - 140.3
Sl: 141
Target: 122.6
If you are already short on Xrp my target is 0.184.
If you have questions feel free to ask, or click on the link below you'll be re-directed to my groups.
Well sadly yes it's my current stand, Xrp broke down and re-tested the lost level yesterday. From here there should be alot of downside to come even if Btc manage to hold 7 850.
For Eth it's pretty much the same situation but a day later, we are currently breaking from the important area of support at 140.8 - 142.1 if the daily candle closes lower we should see a re-test and more downside afterwards.
Let's look at indicators:
- Price action is around 2-3 days from entering the cloud, a drop below would make
totaly sense;
- Big sell volume on both when we broke up, and now volume is fading has we are
falling;
- Lost of MA50
- Little oversold on Macd & hit directly the resistance at 58(Eth) and 63(Xrp) on the
Rsi;
So what to expect?
From here alot more downside, the only thing that could give them some life is if Bulls manage to keep the 7 760 - 7 850 area on daily and afterwards start grinding back too 8 500.
I'm still going to try a short on Eth if we get a re-test, here's my personal play (Targeting around 12 - 13% move):
Portfolio Risk: 5%, Leverage: x10 - x25
Short: 140.1 - 140.3
Sl: 141
Target: 122.6
If you are already short on Xrp my target is 0.184.
If you have questions feel free to ask, or click on the link below you'll be re-directed to my groups.
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