Opportunity on the tail of a dragon.
The bulls are reacting! After the mini crash the crypto market suffered recently, thanks to the expectations towards the BTC halving, and we see a lot of opportunities here. But first, if you are new here, I invite you to follow me to keep updated about our trades and analyses, I’m every day here, and you are welcome to join our community.
The candles tell us a story. Like other cryptos, XRP is telling us that the bears aren’t so strong as they think. Take a closer look at the two last red candles, notice that they left some big shadows behind, and that’s a scar in bear’s face. The bears tried to push down the price, but they got defeated by the bulls and pushed back far from the red line (previous support).
The most important challenge the bulls face right now is to close a candle above the blue line, because it’s the 38.2% fib retracement and they would cancel the bearish pivot (evidenced by the orange lines). Let’s see the hourly chart:
The price is trading above the 21 ema, which is good, and it seems it will through the blue line, but we need to wait for some confirmation. Personally, I’ll be looking more at the daily chart than the hourly chart.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
The candles tell us a story. Like other cryptos, XRP is telling us that the bears aren’t so strong as they think. Take a closer look at the two last red candles, notice that they left some big shadows behind, and that’s a scar in bear’s face. The bears tried to push down the price, but they got defeated by the bulls and pushed back far from the red line (previous support).
The most important challenge the bulls face right now is to close a candle above the blue line, because it’s the 38.2% fib retracement and they would cancel the bearish pivot (evidenced by the orange lines). Let’s see the hourly chart:
The price is trading above the 21 ema, which is good, and it seems it will through the blue line, but we need to wait for some confirmation. Personally, I’ll be looking more at the daily chart than the hourly chart.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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