Crypto_Down_Unda

Crypto_Down_Unda

I know that the majority of technical analysis out there at the moment is bearish and rightly so, we are in somewhat of a global recession. Call it 'hopium' if you like, but I am still long term bullish! Please share your thoughts, criticism and opinions!

Crypto_Down_Unda

Not financial advice :)

Crypto_Down_Unda

This current formation may play out as a Cup and Handle, first we need to rally up and test the cup's neckline and break out above it.

Crypto_Down_Unda

These Fib levels are a real challenge to break and hold above, it seems. We were rejected off the 0.618 fib as resistance about 5 hours ago (at time of writing) and have been supported by the 0.382 (now broken) and 0.236 fib a few times now. I can see a further retracement from here if the 0.236 fib fails to hold, as the 0.382 seems to be acting as resistance...

Crypto_Down_Unda

As you can see, so far XRP has been playing around inside this triangle/pennant formation. I see it re-testing the bottom of the triangle before continuing up to visit the $1.10 region and possibly beyond! Best of luck! Play it safe :)

Crypto_Down_Unda

Keep an eye on Chiliz, it's broken out of the descending triangle (in blue), however there's still a lot of sell pressure and we seem to be stuck in a descending channel (in yellow). All we need is the volume to come in and for Bitcoin to show some strength over the next 24 to 48 hours (as BTC has a huge influence on overall market sentiment) and we should see...

Crypto_Down_Unda

Check it out! Could this be the beginning of a new up trend? Let's hope so! :)

Crypto_Down_Unda

As can be seen on the chart with the pink/purple lines, quite significant bullish divergence would suggest a new UP TREND soon. The massive wick down we just had shows there is still a lot of buying pressure once price dipped below 0.50. I have indicated strong support zone, also the descending trend zone in blue. I believe we will break out of this triangle...

Crypto_Down_Unda

With about 15 minutes left on the current hourly candle, clear bullish divergence is being shown by the RSI (price: lower low, RSI: higher low). Wait for confirmation before taking a long position. Trade with caution, always use a stop-loss. Best of luck!

Crypto_Down_Unda

With about 15 minutes left on the current hourly candle, clear bullish divergence is being shown by the RSI (price: lower low, RSI: higher low). Wait for confirmation before taking a long position. Trade with caution, always use a stop-loss. Best of luck!