Forwarded from Wolf Crypto News
A dose of Bitcoin from OnePoint
https://www.tradingview.com/x/A7JNmz6G/
Bitcoin : Perspective on the hourly time frame
Hello all, Happy Monday and it's a good day to start the week. Last week, the price has touched the $11000 zone before it's getting rejected to the $10800 ish region. The weekly candle has closed with a huge green candle after last week's doji candle which gives us a good indication. So, how will it be on the short term?
On the short term, the price is coming closer to the minor support zone at the $10800 ish. We have seen some sign of bounce from this zone with a type of long wick candle as the rejection sign toward lower region as well. If you take a closer look at this area, there are a possible sign of parallel channel to form during this pattern.
Another significant thing that we need to see the RSI indicator here where it prints another potential hidden bullish divergence on this 2 hours time frame which indicates a potential upside continuation. I feel like the price can go higher to test the $11500 region on short term to complete the X wave before we see further drop that we anticipated before as the Y wave.
https://www.tradingview.com/x/A7JNmz6G/
Bitcoin : Perspective on the hourly time frame
Hello all, Happy Monday and it's a good day to start the week. Last week, the price has touched the $11000 zone before it's getting rejected to the $10800 ish region. The weekly candle has closed with a huge green candle after last week's doji candle which gives us a good indication. So, how will it be on the short term?
On the short term, the price is coming closer to the minor support zone at the $10800 ish. We have seen some sign of bounce from this zone with a type of long wick candle as the rejection sign toward lower region as well. If you take a closer look at this area, there are a possible sign of parallel channel to form during this pattern.
Another significant thing that we need to see the RSI indicator here where it prints another potential hidden bullish divergence on this 2 hours time frame which indicates a potential upside continuation. I feel like the price can go higher to test the $11500 region on short term to complete the X wave before we see further drop that we anticipated before as the Y wave.
Forwarded from Plutus Capital
Public Request (DOT/USDT)
Our first request is for DOT/USDT. Polkadot is an asset we shorted on August 27th and made good profit.
Looking at the 8H chart, it looks like we will be revisiting the second green support zone. It looks like we're forming the right shoulder of a potential head and shoulders pattern.
We have very immediate resistance at $4.77 which is pushing price down. We expect price to drop into the 1st green support zone, consolidate a bit to finish forming the right shoulder of the HS and then dump to $2.8 - $3.2.
RSI on the 8H is curving down, which means the selling pressure is very much active. Shorts should only be considered for DOT until price is able to close 8H above $4.77.
https://www.tradingview.com/x/5aBPQ70k/
Our first request is for DOT/USDT. Polkadot is an asset we shorted on August 27th and made good profit.
Looking at the 8H chart, it looks like we will be revisiting the second green support zone. It looks like we're forming the right shoulder of a potential head and shoulders pattern.
We have very immediate resistance at $4.77 which is pushing price down. We expect price to drop into the 1st green support zone, consolidate a bit to finish forming the right shoulder of the HS and then dump to $2.8 - $3.2.
RSI on the 8H is curving down, which means the selling pressure is very much active. Shorts should only be considered for DOT until price is able to close 8H above $4.77.
https://www.tradingview.com/x/5aBPQ70k/
Forwarded from Plutus Capital
Public Request (GOLD - XAU/USD)
Even though we've already analyzed Gold, it's great to go back to the chart and see if our bearish idea is still valid.
We've been bearing for some time now on Gold and even shorting it and the current chart makes the bearish idea still stand.
After dropping briefly below $1930, price climbed up to $1955 and once again we another deviation above this resistance.
Now price is back below $1955 and as long as we keep closing under it, we should be breaking down to $1910, then $1880, and then finally $1810.
Looks like we're even forming an HS on the 8H chart. If this 8H candle closes below $1950, we should see $1930 soon.
https://www.tradingview.com/x/zZgOYstw/
Even though we've already analyzed Gold, it's great to go back to the chart and see if our bearish idea is still valid.
We've been bearing for some time now on Gold and even shorting it and the current chart makes the bearish idea still stand.
After dropping briefly below $1930, price climbed up to $1955 and once again we another deviation above this resistance.
Now price is back below $1955 and as long as we keep closing under it, we should be breaking down to $1910, then $1880, and then finally $1810.
Looks like we're even forming an HS on the 8H chart. If this 8H candle closes below $1950, we should see $1930 soon.
https://www.tradingview.com/x/zZgOYstw/
Forwarded from Plutus Capital
Public Request (BLZ/USDT)
In our opinion, BLZ should be avoided at all cost until price is able to close weekly above $0.181.
For now we see a very bearish chart that has price heading for $0.05 - $0.065 green support zone. The past few weeks has been bearish for BLZ and we expect an even aggressive drop in the coming weeks.
We're looking at a drop of between -35% to -50%. After that we'll probably see price bounce.
There is a general trend in the market - most assets that have pumped over 100% this year are retracing. BLZ has rallied a whooping +2900% this year alone.
So if price is retracing, it's a healthy thing as long as we are able to hold above key support areas to help price continue up after a good consolidation.
For now BLZ is only good for shorting. Investments should be put on hold until we reach support. This is a high risk investment asset now.
https://charts.cointrader.pro/snapshot/bR6lG
In our opinion, BLZ should be avoided at all cost until price is able to close weekly above $0.181.
For now we see a very bearish chart that has price heading for $0.05 - $0.065 green support zone. The past few weeks has been bearish for BLZ and we expect an even aggressive drop in the coming weeks.
We're looking at a drop of between -35% to -50%. After that we'll probably see price bounce.
There is a general trend in the market - most assets that have pumped over 100% this year are retracing. BLZ has rallied a whooping +2900% this year alone.
So if price is retracing, it's a healthy thing as long as we are able to hold above key support areas to help price continue up after a good consolidation.
For now BLZ is only good for shorting. Investments should be put on hold until we reach support. This is a high risk investment asset now.
https://charts.cointrader.pro/snapshot/bR6lG
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Forwarded from Plutus Capital
Public Request (XTZ/USDT)
XTZ is one asset we've been shorting on Phemex and didn't want to mention it but someone wants an analysis done on it.
After forming a bearish divergence on the weekly chart, XTZ became bearish and started dropping. Weekly support of $2.55 - $2.87 couldn't hold price and we've broken through. This was expected.
We're still shorting any significant bounces because based on the chart, price is heading for $1.5 - $1.67 (green support zone).
We've switched to the 3-day chart to gauge how the confirmation will work. We expect price to close 3D below $2.14 which will trigger the next dump phase to our final green zone.
We're looking at an extra -20% to -30% drop from here. The RSI hasn't formed any sort of bullish divergence so the possibility of falling is very high and as at this moment, XTZ is also a high risk investment asset.
Shorting is recommended.
XTZ is one asset we've been shorting on Phemex and didn't want to mention it but someone wants an analysis done on it.
After forming a bearish divergence on the weekly chart, XTZ became bearish and started dropping. Weekly support of $2.55 - $2.87 couldn't hold price and we've broken through. This was expected.
We're still shorting any significant bounces because based on the chart, price is heading for $1.5 - $1.67 (green support zone).
We've switched to the 3-day chart to gauge how the confirmation will work. We expect price to close 3D below $2.14 which will trigger the next dump phase to our final green zone.
We're looking at an extra -20% to -30% drop from here. The RSI hasn't formed any sort of bullish divergence so the possibility of falling is very high and as at this moment, XTZ is also a high risk investment asset.
Shorting is recommended.
Forwarded from Plutus Capital
Public Request (FET/USDT)
FET looks similar to many of the charts we've been looking at. Weekly is in a downtrend and it seems eyes are set on $0.037 - $0.045 green support.
We just closed the weekly right at the $0.066 without any bounce which means this support has failed. We should consolidate in the green region and if the bearish pressure is high, we may see wicks into the blue zone.
If you're invested in FET, then recommended to cut losses. This is because we're looking at a potential -40% drop from here to the green zone.
After that, the market will decide whether the asset is worth buying or not. Many assets die out and FET could be part.
So better to cut losses here, wait for price to drop and if the consolidation looks bullish, re-enter. For now, FET/USDT is a high risk investment asset.
Shorts are recommended.
https://www.tradingview.com/x/8HnlcMkY/
FET looks similar to many of the charts we've been looking at. Weekly is in a downtrend and it seems eyes are set on $0.037 - $0.045 green support.
We just closed the weekly right at the $0.066 without any bounce which means this support has failed. We should consolidate in the green region and if the bearish pressure is high, we may see wicks into the blue zone.
If you're invested in FET, then recommended to cut losses. This is because we're looking at a potential -40% drop from here to the green zone.
After that, the market will decide whether the asset is worth buying or not. Many assets die out and FET could be part.
So better to cut losses here, wait for price to drop and if the consolidation looks bullish, re-enter. For now, FET/USDT is a high risk investment asset.
Shorts are recommended.
https://www.tradingview.com/x/8HnlcMkY/
Forwarded from Plutus Capital
Public Request (FET/BTC)
This is the BTC pair for FET. Similar situation just like the USDT pair. However, in this case, looks like we're about entering the support zone.
We don't want to see price closing below the green support zone. If that happens we're looking at a serious capitulation to new lows.
The BTC pair can be considered safe for investment after it has consolidated bullishly in the green zone and closes above it. From there, target would be 0.00000872.
https://www.tradingview.com/x/k0xvKM7W/
This is the BTC pair for FET. Similar situation just like the USDT pair. However, in this case, looks like we're about entering the support zone.
We don't want to see price closing below the green support zone. If that happens we're looking at a serious capitulation to new lows.
The BTC pair can be considered safe for investment after it has consolidated bullishly in the green zone and closes above it. From there, target would be 0.00000872.
https://www.tradingview.com/x/k0xvKM7W/
Forwarded from Plutus Capital
Excellent!!! This is thorough technical analysis playing out. On September 18th we shared with everyone our bigger picture analysis we gave to our Whale Clients on 10th September.
Everything has played out to the very last detail and that's why we've been laddering shorts above $11000. All in all, the rising channel has served its purpose, we mentioned price touching the mid-line of the channel which by then would touch $11227 as resistance and then get rejected.
That's exactly what happened and as can be noticed, the rejection has been quite aggressive. Get ready because we're in for a big ride down to at least $8550 - $9600. Ultimately we're looking at the blue zone being tested once again which is around $6830 - $7537.
After today's daily close, we might expect a relief bounce to at most $10700 if bulls are lucky, but that will be another opportunity to short to new lows.
Remember, being hopeful does not change the direction of the market. You have to make sure the odds are in your favour. And to achieve that you need to do thorough analysis.
Open the chart, switch to the yearly time frame and move down to 30 minutes chart if you have to, use moving averages, RSI, MACD, Volume, anything that will help you get a better view of the market and where it is HINTING on heading and then trade in that direction.
This is what makes you a better trader. It means you're doing your best to minimize risk. Check with reliable traders who have an objective view and are not permabears or permabulls. Find holes in their analysis, correct them and apply it to your analysis.
Yes, if you want to make consistent profit, it's a lot of hard work. In no time you won't be needing someone to give you signals and when the most accurate trader makes a mistake, you'll notice.
Start now!
https://www.tradingview.com/x/pFo7oE8E/
Everything has played out to the very last detail and that's why we've been laddering shorts above $11000. All in all, the rising channel has served its purpose, we mentioned price touching the mid-line of the channel which by then would touch $11227 as resistance and then get rejected.
That's exactly what happened and as can be noticed, the rejection has been quite aggressive. Get ready because we're in for a big ride down to at least $8550 - $9600. Ultimately we're looking at the blue zone being tested once again which is around $6830 - $7537.
After today's daily close, we might expect a relief bounce to at most $10700 if bulls are lucky, but that will be another opportunity to short to new lows.
Remember, being hopeful does not change the direction of the market. You have to make sure the odds are in your favour. And to achieve that you need to do thorough analysis.
Open the chart, switch to the yearly time frame and move down to 30 minutes chart if you have to, use moving averages, RSI, MACD, Volume, anything that will help you get a better view of the market and where it is HINTING on heading and then trade in that direction.
This is what makes you a better trader. It means you're doing your best to minimize risk. Check with reliable traders who have an objective view and are not permabears or permabulls. Find holes in their analysis, correct them and apply it to your analysis.
Yes, if you want to make consistent profit, it's a lot of hard work. In no time you won't be needing someone to give you signals and when the most accurate trader makes a mistake, you'll notice.
Start now!
https://www.tradingview.com/x/pFo7oE8E/
Forwarded from Edward Morra
If $DXY breaks up here, i think it goes to ~94,5 and cryptos will bleed more. Bloody septemba you rememba?
Forwarded from Plutus Capital
SXP followed through with our prediction. Price has dropped -20% in the last 24 hours after our analysis.
Just like we said before, wither price bounces at this green support or we fall through. We're still at the beginning of the week so more time to decide.
We're taking major profit on our SXP short here and waiting for the market to decide. We get a weekly close below the green support and we'll be adding more shorts as we wait for $0.79.
https://charts.cointrader.pro/snapshot/NOWeb
Just like we said before, wither price bounces at this green support or we fall through. We're still at the beginning of the week so more time to decide.
We're taking major profit on our SXP short here and waiting for the market to decide. We get a weekly close below the green support and we'll be adding more shorts as we wait for $0.79.
https://charts.cointrader.pro/snapshot/NOWeb
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CoinTrader.Pro Chart Viewer
charts.cointrader.pro allows you to make TradingView charts of all possible cryptocurrencies for free.
USDT as the next safe haven? Will it cracks down the crypto price? Not sure but if you buy USDT to hedge your BTC position, it's however a good news for us the crypto maximalist. It's however gaining some confidence in absolute view.
Tether’s Booming Popularity in China Sparks a New Wave of Crypto Crackdowns https://www.newsbtc.com/2020/07/06/china-sees-new-wave-of-crypto-crackdown/?utm_source=rss&utm_medium=rss&utm_campaign=china-sees-new-wave-of-crypto-crackdown
Tether’s Booming Popularity in China Sparks a New Wave of Crypto Crackdowns https://www.newsbtc.com/2020/07/06/china-sees-new-wave-of-crypto-crackdown/?utm_source=rss&utm_medium=rss&utm_campaign=china-sees-new-wave-of-crypto-crackdown
NewsBTC
Tether’s Booming Popularity in China Sparks a New Wave of Crypto Crackdowns | NewsBTC
Tether (USDT) has seen massive inflows of capital throughout 2020, with much of this coming about not as a result of turbulence within the crypto market,
Daily OnePoint dose of TA
https://www.tradingview.com/x/0FHKaB3a/
Bitcoin : Complex Correction Wave Structure
Hello all, I will make this update quick and details related the yesterday's drop on bitcoin which has caused the price to touch the .236 fibonacci retracement level as a support once again.
First, the key level for current structure will be the blue support trend line that is still remain unbroken. In the mean time, I'll expect a potential retest toward this support trend line. Which will give us to further confirmation toward the next possible movement in the future. Breaks below this support trend line will be a confirmation of bearishness in the mid term. But, having a bounce at this support trend line will be the confirmation of continuing upside moves to test $12400 again and potential further consolidation on long term degree.
Second thing is about the combination between Elliot wave rules and the phases of market psychology. Based on the EW principle, there will be more complex structure during the beginning of the wave 1 and wave 2 that's why we often see a lot of failure occur on this 2 wave structure. =It's because during the accumulation pattern (wave 1 and wave 2) most of the stakeholder will have less confidence and a lot of doubt toward the market that's why the volume will be very small and a lot of manipulative moves will occur. In this case, if we assume the previous up trend was the wave 1, then this current bearish structure looks like the wave 2 in the same degree. If I assume the wave 2 as the complex waves, there will be 2 failure waves structure that may occur in the future. The first one will be the WXY correction pattern which will ends up on the .382 fibonacci retracement at around $9147 region. Or there will be the WXYXZ which is more complicated than the first structure which will leads the price to lower zone at the golden pocket between $7000 - $6800 region.
Actually, taking any position is not wise right now. We have to wait for further confirmation whether this will be the 1st, 2nd or the 3rd scenarios will occur.
https://www.tradingview.com/x/0FHKaB3a/
Bitcoin : Complex Correction Wave Structure
Hello all, I will make this update quick and details related the yesterday's drop on bitcoin which has caused the price to touch the .236 fibonacci retracement level as a support once again.
First, the key level for current structure will be the blue support trend line that is still remain unbroken. In the mean time, I'll expect a potential retest toward this support trend line. Which will give us to further confirmation toward the next possible movement in the future. Breaks below this support trend line will be a confirmation of bearishness in the mid term. But, having a bounce at this support trend line will be the confirmation of continuing upside moves to test $12400 again and potential further consolidation on long term degree.
Second thing is about the combination between Elliot wave rules and the phases of market psychology. Based on the EW principle, there will be more complex structure during the beginning of the wave 1 and wave 2 that's why we often see a lot of failure occur on this 2 wave structure. =It's because during the accumulation pattern (wave 1 and wave 2) most of the stakeholder will have less confidence and a lot of doubt toward the market that's why the volume will be very small and a lot of manipulative moves will occur. In this case, if we assume the previous up trend was the wave 1, then this current bearish structure looks like the wave 2 in the same degree. If I assume the wave 2 as the complex waves, there will be 2 failure waves structure that may occur in the future. The first one will be the WXY correction pattern which will ends up on the .382 fibonacci retracement at around $9147 region. Or there will be the WXYXZ which is more complicated than the first structure which will leads the price to lower zone at the golden pocket between $7000 - $6800 region.
Actually, taking any position is not wise right now. We have to wait for further confirmation whether this will be the 1st, 2nd or the 3rd scenarios will occur.
Forwarded from Plutus Capital
LTC has been following our prediction for a while now since $63. This is a zoomed in chart of our 1 month analysis and it looks like we just had another test of our uptrend support line.
This is the 3-day chart for LTC and we're once again back into the green monthly support. As we've already established, price needs to hold in this area, else, once again we have eyes on as low as $4.63. That's how low LTC risks falling if we don't hold here.
Not that we can't bounce back before reaching $4.63 but the fact is that under $38, there isn't much support so the worse could happen.
If we should close this 3-day candle below $46.6, we risk falling deeper to $38.5 and eventually break support to $30. Also the 3-day chart is showing the potential formation of a head and shoulders pattern.
As long as we're below $47 on candle closing basis, the HS will be in play which would push price to $30 (-30% drop from current price).
We've been shorting almost all assets we give bearish analysis on. And once again, LTC is a short recommended asset. The time to accumulate LTC is not now even though we're at support.
Accumulation should happen above $50. If we dropped to support in different circumstances, such as in a falling wedge pattern, or a descending channel pattern, or with a bullish divergence on RSI, then we would have considered accumulating.
Either short LTC on brief bounces or stay out entirely for the time being.
https://www.tradingview.com/x/IZBT4aJI/
This is the 3-day chart for LTC and we're once again back into the green monthly support. As we've already established, price needs to hold in this area, else, once again we have eyes on as low as $4.63. That's how low LTC risks falling if we don't hold here.
Not that we can't bounce back before reaching $4.63 but the fact is that under $38, there isn't much support so the worse could happen.
If we should close this 3-day candle below $46.6, we risk falling deeper to $38.5 and eventually break support to $30. Also the 3-day chart is showing the potential formation of a head and shoulders pattern.
As long as we're below $47 on candle closing basis, the HS will be in play which would push price to $30 (-30% drop from current price).
We've been shorting almost all assets we give bearish analysis on. And once again, LTC is a short recommended asset. The time to accumulate LTC is not now even though we're at support.
Accumulation should happen above $50. If we dropped to support in different circumstances, such as in a falling wedge pattern, or a descending channel pattern, or with a bullish divergence on RSI, then we would have considered accumulating.
Either short LTC on brief bounces or stay out entirely for the time being.
https://www.tradingview.com/x/IZBT4aJI/
Forwarded from Plutus Capital
Indepth Analysis (XRP/USD) Part 1
Starting with the monthly time frame for XRP/USD. At a glance we can see weakness in the pair and the fact that we have just 8 days to monthly close is a worry.
Anytime we take a look at the high time frames for the major assets, it looks like there is a big and aggressive bearish season coming and XRP may not be an exception if bulls don't step in.
Poloniex has the most data on XRP so that's what we'll be using. The monthly chart shows that XRP is trading at a very important level. After rallying +94,000% from $0.0037, XRP retraced 50% of that move to $0.1145.
A 50% retrace and then continuing up is acceptable but the charts are saying a different story. Last month closed good but not above monthly resistance of $0.305, we only wicked above it. And in this month we retested the resistance to the dot and started rejecting which is not good.
There is only a number of times a level can be tested as either resistance or support before breaking. XRP has tested the green monthly support zone ($0.163 - $0.196) a couple of times already and it looks like we might be heading there again.
If this month closes below previous monthly open of $0.26 (Crucial Point), then we will be heading for the green zone. We have just 8 days and looking at the general market, we're not sure XRP can make it back above.
The most dangerous aspect is this. XRP testing the monthly support zone again means it has a chance of failing. A monthly close below the green zone means XRP has broken on of its strong bullish structure and will start dropping with eyes on $0.024.
Yes, that's how low XRP can fall if we don't hold support. Bulls can step in and drive price back up anywhere before we reach $0.24 (-89% from current price) but that's the next reliable monthly support.
Maybe the weekly and daily time frames will give bulls some hope but for the monthly, things are not looking too good.
https://www.tradingview.com/x/fsVWnAQX/
Starting with the monthly time frame for XRP/USD. At a glance we can see weakness in the pair and the fact that we have just 8 days to monthly close is a worry.
Anytime we take a look at the high time frames for the major assets, it looks like there is a big and aggressive bearish season coming and XRP may not be an exception if bulls don't step in.
Poloniex has the most data on XRP so that's what we'll be using. The monthly chart shows that XRP is trading at a very important level. After rallying +94,000% from $0.0037, XRP retraced 50% of that move to $0.1145.
A 50% retrace and then continuing up is acceptable but the charts are saying a different story. Last month closed good but not above monthly resistance of $0.305, we only wicked above it. And in this month we retested the resistance to the dot and started rejecting which is not good.
There is only a number of times a level can be tested as either resistance or support before breaking. XRP has tested the green monthly support zone ($0.163 - $0.196) a couple of times already and it looks like we might be heading there again.
If this month closes below previous monthly open of $0.26 (Crucial Point), then we will be heading for the green zone. We have just 8 days and looking at the general market, we're not sure XRP can make it back above.
The most dangerous aspect is this. XRP testing the monthly support zone again means it has a chance of failing. A monthly close below the green zone means XRP has broken on of its strong bullish structure and will start dropping with eyes on $0.024.
Yes, that's how low XRP can fall if we don't hold support. Bulls can step in and drive price back up anywhere before we reach $0.24 (-89% from current price) but that's the next reliable monthly support.
Maybe the weekly and daily time frames will give bulls some hope but for the monthly, things are not looking too good.
https://www.tradingview.com/x/fsVWnAQX/
Forwarded from Plutus Capital
Indepth Analysis (XRP/USD) Part 2
A lot can happen within a month and as we switch to the weekly time frame for XRP, we realize things might not be hopeless for bulls after all. There are a couple of levels that can help bulls push price back up, this doesn't mean the bearish outlook is missing, even on the weekly there are still bearish events playing out.
We've been shorting this since $0.32 and our total take profit target is at $0.22. Looking at the weekly chart, we have 5 days to close the candle and XRP is trading below the $0.24 bullish level. If we manage to close the week above $0.24, then XRP may very be out of the woods.
For now, we see the bearish pressure building on smaller time frames and price heading for our $0.22 target. If my week's end we're still below $0.24 or $0.22, XRP will be heading for $0.178.
At $0.178, this is where XRP needs to make sure to close all weekly above. If that happens then we'd be forming the right shoulder of a potential inverse head and shoulders pattern (IHS) which is bullish.
If not and we lose the $0.178 then last weekly support of $0.147 has a high chance of breaking. So XRP has a couple more levels to test to prevent any super bearish season. However, the more we close below those levels, the stronger the bearish argument becomes and the bullish structure weakens.
We in the Whale Program so far are leaning bearish until we touch $0.22. After that we'll be using the lower time frames to determine if we continue lower or move up. If we will continue lower then we'll add more to our shorts and prepare for a long bearish season.
https://www.tradingview.com/x/YRR9iB0f/
A lot can happen within a month and as we switch to the weekly time frame for XRP, we realize things might not be hopeless for bulls after all. There are a couple of levels that can help bulls push price back up, this doesn't mean the bearish outlook is missing, even on the weekly there are still bearish events playing out.
We've been shorting this since $0.32 and our total take profit target is at $0.22. Looking at the weekly chart, we have 5 days to close the candle and XRP is trading below the $0.24 bullish level. If we manage to close the week above $0.24, then XRP may very be out of the woods.
For now, we see the bearish pressure building on smaller time frames and price heading for our $0.22 target. If my week's end we're still below $0.24 or $0.22, XRP will be heading for $0.178.
At $0.178, this is where XRP needs to make sure to close all weekly above. If that happens then we'd be forming the right shoulder of a potential inverse head and shoulders pattern (IHS) which is bullish.
If not and we lose the $0.178 then last weekly support of $0.147 has a high chance of breaking. So XRP has a couple more levels to test to prevent any super bearish season. However, the more we close below those levels, the stronger the bearish argument becomes and the bullish structure weakens.
We in the Whale Program so far are leaning bearish until we touch $0.22. After that we'll be using the lower time frames to determine if we continue lower or move up. If we will continue lower then we'll add more to our shorts and prepare for a long bearish season.
https://www.tradingview.com/x/YRR9iB0f/
Forwarded from Plutus Capital
Indepth Analysis (XRP/USD) Part 3
Now to the 3-Day chart. Things are quite straightforward forward on this level. We're currently stuck in between support and resistance.
After dropping down to $0.228 early this morning, price climbed and deviated above $0.245 resistance. Now price is back below that resistance and even below the $0.236 mid-line. So far the only thing holding XRP up is the $0.228 support line, we break that it may be game over for XRP.
Until we close back above $0.245, XRP is in a lot of trouble. Even if we close above the mid-line, we're still not out of the woods, it could only be a board to do a bearish retest at $0.245.
XRP could do a bullish deviation at the green support zone and climb back above $0.228. The green support zone is the last place bulls need to defend. It would be better to not go there at all because it also raises the chance of falling through.
As at now XRP is at a deciding factor. Bulls could start pushing this up and bears could also start pushing this down.
https://www.tradingview.com/x/fIX0SzGa/
Now to the 3-Day chart. Things are quite straightforward forward on this level. We're currently stuck in between support and resistance.
After dropping down to $0.228 early this morning, price climbed and deviated above $0.245 resistance. Now price is back below that resistance and even below the $0.236 mid-line. So far the only thing holding XRP up is the $0.228 support line, we break that it may be game over for XRP.
Until we close back above $0.245, XRP is in a lot of trouble. Even if we close above the mid-line, we're still not out of the woods, it could only be a board to do a bearish retest at $0.245.
XRP could do a bullish deviation at the green support zone and climb back above $0.228. The green support zone is the last place bulls need to defend. It would be better to not go there at all because it also raises the chance of falling through.
As at now XRP is at a deciding factor. Bulls could start pushing this up and bears could also start pushing this down.
https://www.tradingview.com/x/fIX0SzGa/
Forwarded from Plutus Capital
Indebth Analysis (ADA/USD) Part 1
Even though ADA has been one of the assets we've been trading, we haven't covered it this year. Believe it or not, ADA has been an asset that is quite clear to read just like ETH and ADA has more or less been leading the whole major alt market.
Because we can't find a longer time frame data on most trusted exchanges, we'll be using CoinTraderPro. We'll start with the monthly time frame and move down to as low as possible.
Since April, ADA has been rallying non-stop. Price did so well and even took out $0.09 resistance. However, the support of the previous bullish structure was tested for the first time as resistance and we're seeing a rejection, so in our books, this is not such a bad thing.
What is a bit disappointing however is that, it would have been better if ADA could hold $0.09 as resistance. So far we've broken below it but we still have 8 days left and if bulls can push above it, ADA would be set to test $0.14 resistance again and probably break it.
Looking at the general market structures across board, we think ADA is still going to end up closing the month below $0.09 (Deciding Factor) and then head towards another key support at the green zone ($0.048 - $0.054).
This will be where ADA needs to hold at all cost to save the last bullish structure. The ideal scenario for bulls is to initiate accumulation at the green support zone. And then move price to reclaim $0.09 back as support. As long as we're below $0.09, price has a high chance of breaking the support zone and heading for $0.03 and we certainly don't want that.
If we bounce from the green zone and end up getting rejected at $0.09 again then it's doom for ADA. For now we have our eyes on the green zone to finally take all profit on shorts and wait it out to see how price behaves.
In conclusion, ADA is a medium risk investment asset. The decision to buy or not can be determined in 8 days from now. Closing above $0.09 is a mild buy signal and closing below is a sell signal.
ADA is in a correction of the move from $0.21 to $0.153. The green zone is about 50% - 60% retracement so it's okay and healthy. Frankly, ADA has been the most technical asset so far and makes it easier to trade.
Scenario 1 is the bullish idea and Scenario 2 is the bearish idea. Which will play out after we hit the green zone?
https://charts.cointrader.pro/snapshot/I40fK
Even though ADA has been one of the assets we've been trading, we haven't covered it this year. Believe it or not, ADA has been an asset that is quite clear to read just like ETH and ADA has more or less been leading the whole major alt market.
Because we can't find a longer time frame data on most trusted exchanges, we'll be using CoinTraderPro. We'll start with the monthly time frame and move down to as low as possible.
Since April, ADA has been rallying non-stop. Price did so well and even took out $0.09 resistance. However, the support of the previous bullish structure was tested for the first time as resistance and we're seeing a rejection, so in our books, this is not such a bad thing.
What is a bit disappointing however is that, it would have been better if ADA could hold $0.09 as resistance. So far we've broken below it but we still have 8 days left and if bulls can push above it, ADA would be set to test $0.14 resistance again and probably break it.
Looking at the general market structures across board, we think ADA is still going to end up closing the month below $0.09 (Deciding Factor) and then head towards another key support at the green zone ($0.048 - $0.054).
This will be where ADA needs to hold at all cost to save the last bullish structure. The ideal scenario for bulls is to initiate accumulation at the green support zone. And then move price to reclaim $0.09 back as support. As long as we're below $0.09, price has a high chance of breaking the support zone and heading for $0.03 and we certainly don't want that.
If we bounce from the green zone and end up getting rejected at $0.09 again then it's doom for ADA. For now we have our eyes on the green zone to finally take all profit on shorts and wait it out to see how price behaves.
In conclusion, ADA is a medium risk investment asset. The decision to buy or not can be determined in 8 days from now. Closing above $0.09 is a mild buy signal and closing below is a sell signal.
ADA is in a correction of the move from $0.21 to $0.153. The green zone is about 50% - 60% retracement so it's okay and healthy. Frankly, ADA has been the most technical asset so far and makes it easier to trade.
Scenario 1 is the bullish idea and Scenario 2 is the bearish idea. Which will play out after we hit the green zone?
https://charts.cointrader.pro/snapshot/I40fK
charts.cointrader.pro
CoinTrader.Pro Chart Viewer
charts.cointrader.pro allows you to make TradingView charts of all possible cryptocurrencies for free.
Forwarded from Plutus Capital
Indebth Analysis (ADA/USD) Part 2
Now switching to the weekly time frame. Things are pretty straightforward. After testing the $0.14 resistance level for the first time, we've moved rapidly below $0.96 again and it's already resistance.
Price has formed a head and shoulders pattern on the weekly which should send price down to the green support zone. The only thing remaining is the neckline at $0.076 which should break soon.
Once again, ADA looks healthy and if we should manage to close above the strong resistance on the weekly after tapping the green support zone, then ADA should be heading for the Bullish Resistance at $0.37.
So far the weekly has only shed light on the current bearish structure.
https://charts.cointrader.pro/snapshot/tLHtF
Now switching to the weekly time frame. Things are pretty straightforward. After testing the $0.14 resistance level for the first time, we've moved rapidly below $0.96 again and it's already resistance.
Price has formed a head and shoulders pattern on the weekly which should send price down to the green support zone. The only thing remaining is the neckline at $0.076 which should break soon.
Once again, ADA looks healthy and if we should manage to close above the strong resistance on the weekly after tapping the green support zone, then ADA should be heading for the Bullish Resistance at $0.37.
So far the weekly has only shed light on the current bearish structure.
https://charts.cointrader.pro/snapshot/tLHtF
charts.cointrader.pro
CoinTrader.Pro Chart Viewer
charts.cointrader.pro allows you to make TradingView charts of all possible cryptocurrencies for free.
Forwarded from Plutus Capital
Indebth Analysis (ADA/USD) Part 3
The 3-Day chart much clearer for the asset. We can see the formed head and shoulders pattern.
There isn't much to go on with thay we've not covered on the monthly and weekly charts. We've fallen below the $0.088 resistance and until we reclaim it on the 3-Day, we have eyes on the green support zone.
The neckline can be found around $0.076 and with less than a day to go, the chances of closing below the resistance and breaking the neckline is high.
Our forecast for ADA still stands, we're expecting more downside until we're at support and then we monitor how price action develops.
https://charts.cointrader.pro/snapshot/ZOvAC
The 3-Day chart much clearer for the asset. We can see the formed head and shoulders pattern.
There isn't much to go on with thay we've not covered on the monthly and weekly charts. We've fallen below the $0.088 resistance and until we reclaim it on the 3-Day, we have eyes on the green support zone.
The neckline can be found around $0.076 and with less than a day to go, the chances of closing below the resistance and breaking the neckline is high.
Our forecast for ADA still stands, we're expecting more downside until we're at support and then we monitor how price action develops.
https://charts.cointrader.pro/snapshot/ZOvAC
charts.cointrader.pro
CoinTrader.Pro Chart Viewer
charts.cointrader.pro allows you to make TradingView charts of all possible cryptocurrencies for free.