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/

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/

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/

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

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

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

Yes I do sound sleepy 🤣 but I had to get this audio out before any of my lads get rekt.❤️

Another reason to sit on the sidelines.

⁠MicroStrategy CEO could ‘liquidate $200M in Bitcoin on Saturday’

‘We can liquidate it any day of the week, any hour of the day,’ said Michael Saylor.

https://ct.com/8yxt

To be honest, the real drop hasn't began yet. RSI and the chart on the 3D time frame all look very bearish. Any ideas of swing longs should be avoided, only shorts are recommended still. Longs should be very quick scalps.

We're sitting right on top of the support of the rising channel. Sometimes when price closes right on the support, it is a way for more buyers who are not seeing the bigger picture to be lured in to buy.

Then they get dumped on and stopped out or liquidated. It seems $9600 will only be a brief pause. We have eyes on $8550. This is where we may get some consolidation for a while before we continue dropping.

We've been shorting since $12000, we take partial profit at key supports and re-short on bearish retests. This is what we'll keep doing until the market shows more bullishness.

https://www.tradingview.com/x/Omdn4EVA/

The general trend is bearish for the whole crypto market and this makes it easy to spot bearish patterns such as the HS we have on COMP.

Seeing a nice head and shoulders pattern forming on the COMP asset. This is the 1H chart. The target is a bit aggressive. We could fall lower than that.

https://www.tradingview.com/x/PUAus7hs/

Credits CryptoPro

Daily dose of TA from OnePoint

https://www.tradingview.com/x/CebZXGwI/

Bitcoin : A review on the higher time frame

Bitcoin is entering a very long consolidation phase which makes the volume decrease over time which causes a lot of manipulation in the short time frame and lower degree in the intraday basis. Therefore, I choose to cover the movement on the higher time frame which makes the significant zone become more clearer.

Currently, the price is still trending above the white zone which is becoming a strong support zone for bitcoin. You can see that this white zone could be the neckline that has been broken by the price which previously formed an inverted head and shoulder as well. Therefore, we can assume that the current drop could be the phase 2 of break out strategy which is retesting previous broken resistance as a support. In other word, the next huge movement will be determined by whether the price can breaks below this white zone or will it able to hold the price and having a bounce to confirm the next cycle of bullish market.

For now, the MACD histogram on the weekly time frame is printing a tick toward the negative side for the first time which is showing us another weakness in momentum as well.

In my opinion, the price will has another consolidation continues above the white support zone before it determine the next target to be. That's why we have to be extra patient at this level. Under a long consolidation like this, there will be a lot of choppy movement even it's on the weekly time frame. Watch the liquidation zone toward the $9000 region as well (as the potential WXY pattern which I've anticipated at previous analysis).

We've already done an indebth analysis on ADA so this should be easy. We're at resistance and we'll be loading shorts in the red zone. Our eyes are on the green zone.

Almost all the assets have head and shoulders pattern which is bearish.

https://www.tradingview.com/x/YzxL2BMg/

LTC is doing its rising channel thing again which makes it much easier to short it. We'll be loading up shorts until $46.5.

LTC is still an asset we'd love to short because of how much it can fall if it begins.

https://www.tradingview.com/x/CGNw9ZdG/

Closed our long scalps and started gradually shorting some of the majors. Considering we;re entering at resistance zones, these trades are low risk.

We're expecting the big head and shoulders to play out. We'll be loading up shorts for ETH from here till $360.

Don't lose sight of the bigger picture. Not until we move higher. If ETH stop is hit, then we'd consider $500 on the table and start looking for longs.

https://www.tradingview.com/x/SLdy3gQZ/

Doing same for BTC. Even though we're still swing short from $12300, we've been taking profit lower and are adding more shorts in this resistance level. The highest we'll expect BTC to go is a wick to $10820.

Just like ETH, we expect BTC to start facing some resistances here. A close above $10820 and we'll start looking for longs.

This is a swing trade with target at $9600 and $8500.

https://www.tradingview.com/x/J39RK7vn/

If you're not already short, then this might be to your liking. Also something for the EW lovers.

We don't use EW in our analysis but once in a blue moon we reference it. In this case we're using EW because of the Fib tool. The Fib tool is something we use a lot.

We ca see that BTC just did a 61.8% retrace of the move down. Now we'd expect price to continue down.

If you're conservative, short after breaking below the 50% Fib line.

https://www.tradingview.com/x/yRtOjMFx/

Those who are conservative should have gotten their shorts filled in. Before the 12H close, price tried to pull a quick bullish move up but bears were strong enough to halt any significant up moves.

The attempt however caused some anomalies in some assets such as ADA but the general market is still exhibiting some bearish signs. Looks like bulls couldn't do anything to save the day.

Now $10646 has become a crucial level that bears need to defend. The next step is to close 1H or better 4H below $10547. The moment this happens, bears have total control of the market again. All bears need to do is defend $10646 until we close below $10547.

https://www.tradingview.com/x/53liMw0q/

Cryptocurrency Exchange KuCoin Hacked.

A lot of Bitcoin, Ethereum, and other cryptocurrency left the exchange all at once. About $150 million worth, actually.

https://decrypt.co/43015/cryptocurrency-exchange-kucoin-likely-hacked-reports
https://www.kucoin.com/news/en-kucoin-security-incident-update