BTC/USD key support and resistance levelsGood day! I haven't posted my analysis in a while. I think the time has come) Now we are at an interesting level on the chart, further movement will determine the trend for the midterm. I have marked the key support and resistance levels on the chart. Below 4400 BTC rate is not predictable, it can Scam)))
Tehnicalanalysis
XRP/USD Descending triangleXRP/USD pair is forming descending triangle on weekly timeline. This formation is bearish, and the range become extremely tight, last time this kind of formation is seen, bitcoin broke its 6K support. The more tight range become, the more brake will be violent. Compared to BTCs 6k brake, the XRP drop could potentially be 50+%. As the range is getting close to the end of triangle tip, the brake is imminent. As there is very high coherency between Bitcoin and other alt coins, the dump must happen simultaneously on BTC/USD and XRP/USD to get some follow thru on XRP/USD. If the BTC/USD start to moon the XRP/USD will probably brake to upside and nullify the bearish formation, due to high coherency.
Pros:
- Unable to close and stay above weekly EMA 12, which indicate weakness.
- Lower high after lower high, meaning there is no trend reversal in sight.
- Research proved that the ~95% of volume on exchanges is fake, meaning low liquidity.
- RSI has a lot of space for downside.
- No capitulation candle and V shape recovery in crypto market as a whole.
Cons:
If BTC start to moon.
BTCUSD - STOP DISPOSALWe see that there was a powerful movement from 3905 to 4282. During this movement, we see several accumulations with a continuation to long. The price made a false breakdown at 4215 and impulsely went down. Now I expect that the price will go to collect the stops of the longists, who traded from 3905 to 4282 and put stops under their savings!
Goals are 3631 to 3523, since there is the latest accumulation and unclosed level.