Benjingtai

Benjingtai Updated 

The analysis below is based on my opinion and is not to be used to initiate trades, always make your own analysis. Left Chart - 4H XRP: XRP has been consolidating in an ascending triangle which was broken to the downside, this is the smaller pattern visible. On a larger timeframe, XRP is consolidating within a larger falling wedge pattern which is a bullish...

Benjingtai Updated 

The verdict from yesterday's post: We correctly identified a bullish divergence on the short-term timeframe and successfully did 3 short trades. 1-Hour Chart: I'm expecting a revisit towards the 24 cent area and then a continued consolidation in a bearish pennant. I would not risk entering the market at the moment. 4-Hour Chart: On the right side we can see the...

Benjingtai Updated 

Left chart - 1HR: We can see a small bullish divergence forming over the past 2 days. To be explicit this does not mean it will rise, but it's a factor speaking for it. Moreover, this is a short-term signal. Right chart - 4HR: On the long-term chart there's not too much positive price action. ADX indicator is showing a strong downward trend, which was caused by...

Benjingtai

We've made a successful breakout from the symmetrical triangle that has built over the past few weeks. As per my previous analysis were looking for 85-90 cents now. If we fail to break the previous high at 80 cents we might be looking for a stronger correction.

Benjingtai Updated 

LEFT Chart 1hr: We can see that XRP has been consolidating within a triangle that I interpret as a bullish pennant. Upwards price action is supported by multiple EMA´s and ichmoku cloud support. RIGHT Chart 4hr: The support of the ichmoku cloud becomes even more apparent here. While this looks like a bullish pennant and a break to the upside is more likely. I...

Benjingtai

Could go either way ... like always, but downside seems more relevant.

Benjingtai Updated 

XTZ is looking like it could use a correction, after touching a resistance trendline and breaking above with little volume its likely well see a decline/correction. I've marked 2 paths, we either see strong bullish action which I deem less likely or a stronger correction that coincides with a break of that parabolic curve. Shorting this is rather risky, as the...

Benjingtai Updated 

In my previous analysis, we quite easily identified that symmetrical triangle XRP successfully broke out of. Moreover XRP subsequently reached both TP´s outlined in the previous post. Now with the whole crypto market seemingly a bit overheated, its not illogical to expect a consolidation period within a bull flag (blue lines) obviously just an approximation not a...

Benjingtai Updated 

A parabolic curve shape is usually a sign for accelerating bullish momentum, the exponentially increasing nature of the curve results in a break of the trendline eventually. This should ideally result in correction as the bulls cannot sustain the absurd growth anymore, this works well as ETH and other cryptos are also ripe for a correction. Therefore I'm not...

Benjingtai Updated 

On the right side, you can see XRP being close to breaking out of a symmetrical triangle, no matter which direction the breakout will be, it will come soon. On the left side, you can see ETH is consolidating within a bearish wedge, which might be a bear trap as the typical characteristic of the declining volume is absent. My opinion is that it all depends on BTC.

Benjingtai Updated 

Continuation to yesterdays post: On the left side, we can see Ethereum forming a bearish wedge on the 4hr timeframe. Its validity is difficult to determine, as the volume does not clearly decline while the price rises within the wedge , moreover there's some strong EMA / Ichimoku support below and a medium-term uptrend line originating from the March low. It can...

Benjingtai Updated 

On the left side, we can see Ethereum forming a bearish wedge on the 4hr timeframe. Its validity is difficult to determine, as the volume does not clearly decline while the price rises within the wedge, moreover there's some strong EMA/Ichimoku support below and a medium-term uptrend line originating from the March low. It can potentially be a bear trap, unlikely...

Benjingtai Updated 

Short-term double top at resistance with receding volume and clear bearish divergence on the 1-hour chart. For information; I am currently short and in the negative, so I might be biased.

Benjingtai Updated 

BTC and ETH are still trading within their respective falling wedges (red lines), BTC is central for the whole crypto sentiment at the moment. I expect bitcoin to move towards 9,200 dollars and quickly fall back down towards 8.4k in the coming days. This thought is motivated by the movement of BTC price within a potential falling wedge and ABC correction that will...

Benjingtai Updated 

BTC, as seen on the left chart, has made a smaller falling wedge following the recent decline and has broken it to the upside. I believe that we are within a larger falling wedge both in ETH and BTC marked in red. This is subject to speculation as most TA in crypto. Moreover, I believe that BTC is completing an ABC correction, with a subsequent rise in price and...

Benjingtai Updated 

XRP is completing its last wave inside of the triangle, the E wave. After this, in theory, we should start another main wave pushing us outside of the triangle and upwards of 50 cents. The 1hr chart shows a regular flat ABC correction with a proposed path for corrective wave C. The 4hr chart on the left shows the individual 5wave ABC correction for the outer main...

Benjingtai Updated 

After my previous two analysis and a lot of back looking it becomes clear that the breakout from the symmetrical triangle was a bull trap, it caught many people off-guard including me. Nonetheless, I've corrected my assumption and we are in an ascending triangle, which is completing a perfect Elliot triangle wave. The 1-hour chart is forming another bear flag,...

Benjingtai Updated 

After XRP breaking out from the bullish pennant and the retest of the symmetrical triangle line XRP is looking for a breakout of the 50 cents, which has represented itself as a huge hurdle. I have charted a five wave Elliot structure that projects the price to end up somewhere in the 80 cent range in the following weeks. If XRP surpasses 50 cents, things should...