Like we said in our indebth price analysis for XRP/USD, our total take profit was at $0.22 and we did take all profit there because definitely we would expect some bullish reaction.

We realized XRP had the potential of forming some inverse head and shoulders patterns so it was better to take profit and watch the market.

This is the daily time frame and as we can see, we even have a potential inverse head and shoulders forming which could take price to our 3-Day resistance at $0.28.

Weekly close is a few hours away and if bulls can manage to close the week above $0.24, then there is a high chance of testing $0.258 (Monthly Crucial Point) and then $0.28.

So far things are starting to look good for XRP. And it also looks like all of the price action above $0.22 here is forming the right shoulder of the possible inverse head and shoulders on the weekly.

For now XRP is one of the major coins to give some bullish hope and this may mean more green days for the other major assets. BTC and ETH are still showing very bearish signs but with their weekly closes approaching, things may turn around.

We're cautiously considering bullishness for XRP and may consider looking for longs for a short term price appreciation to $0.258 and $0.28. But we're definitely not out of the woods yet.

https://www.tradingview.com/x/85xWUG72/

I'll be dropping an audio in a few minutes. Stay tuned.

Some OnePoint TA to accomodate

https://www.tradingview.com/x/vGa0dh8D/

The price is still trending inside this triangle which I've been anticipated and covered on my latest post about bitcoin. It's becoming the only pattern which I see is still valid. On the short term, the price has been trending in this structure since last month.

There is still the same perspective with my previous update and post. Currently, the price has already completed the potential E wave. Price is still trending closer to the APEX with a lower volatility over time. On the RSI, there isn't any confirmation yet with the RSI is still trending at the neutral zone between 40 and 60 level.

We must be patiently waiting at the moment until the price give us any type of confirmation. In the next 7 days will become a very crucial moment for the bitcoin.

Side note, this will activate bullish scenarios for XRP too

How irresponsible of me, for the past few days my eth address has had transactions. Surprisingly not mine. Looks like I have been locked out of my own wallet because of poor protection. Let this be a lesson for all of you. Even if the wallet is empty, keep it safe. Someone can use it for something fishy.

Let me break it down. I was the mnemonic guy so that with MetaMask password worked out well. Looks like the MetaMask password was changed.🤦🏻‍♂️
Thank you for all the lovely messages but yeah it's a lesson learnt the hard way.

Bitcoin’s recent consolidation phase has come about concurrently with traders stacking up on short positions

This indicates that they expect the turbulence within the traditional markets to continue suppressing BTC’s price action, potentially leading it lower in the weeks ahead

That being said, this has caused negative funding rates to surge as of late, making it costly to be short

Historically, funding rates – when slanted towards one direction for extended periods – work as a reliable counter-indicator

https://bitcoinist.com/negative-funding-could-act-as-a-launchpad-for-a-massive-bitcoin-rally/

Close the longs.

https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers

If you paid attention, you would know we have entered the chop zone

Julio has some updates for you

https://www.tradingview.com/x/hmkeNuP3/


Cardano : The Psychology behind the Break Out Strategy and TA

If you've followed me since a long time ago, you'll understand that my favorite criteria to enter position in the market is based on the break out strategy. I've already acknowledged you about my 3 phases of break out strategy and when to enter the position. Whenever there is a trend line or horizontal level which acts as a support or resistance, I'll patiently waiting for the break out characteristic to enter the position. The main reason why I like to enter at the break out is that there MUST be a lot of volume which enter the market no matter a net buy or net sell. An increase in volume will bring the volatility which means will eliminate or at least minimalize the risk of manipulation in the market. Another reason is that the shifting on the psychological aspect which means the investors see something that could change in the future.

That's why at current Cardano chart, I'm still waiting for a long opportunity. The validation of it is clear, whenever the price can breaks out from the white resistance trend line and the white zone which is moving in alignment with the .382 fibonacci levels. If we see any sign of break out and of course with a decent volume, we can expect a moves higher to the above fibonacci levels. The .5 fibonacci level will be a minor or less significant resistance. On the other hand, the golden pocket is always be a strong resistance zone.

Yes, I know that the latest news and rumor about the Shopify thing has attracted a lot of investors in the market to enter the Cardano. But, we must not be ignorant about the confirmation on the technical analysis too. The above paragraph could be the bullish fact which I am expecting a break out too. But, the bearish could still in the other side waiting for the good opportunity. If we get another confirmation of rejection from current level, we might see further push toward the blue region on the short and middle term.

Almost a month ago we warned everyone not to touch CRV until it was able to then climb above at least $2.215.

We suggested cutting losses early because price could fall -50% from $1.977 but price is currently down -75%. Imagine the number of people bag-holding CRV at the moment.

CRV even had the chance to maintain a potential falling wedge but the support trend-line failed. That is how bearish the asset is.

Now we've established a firm downtrend and seem to not be able to break above it. For CRV to start looking good in our books, it has to achieve the first step of reclaiming $1.1 as support.

Only then will it have the chance of testing $2.2. We're fully bullish on CRB above $2.6. We may start considering longing for a short term target of $2 if we can close above $1.1.

For now, we still consider CRV as a very high risk investment asset.

https://www.tradingview.com/x/H9iHXNZu/

Oh and for all of you wanting to drop a DM for some help, @cryptopotatoes. Remember again. Nothing I post is financial advice. These are my opinions

LTC is telling us the other majors may be poised for some further up moves. Have to be setting stops in profit.

https://www.tradingview.com/x/jj7CyNFx/

Everything still bearish and fortunately we didn't see BTC move significantly higher so our shorts still active.

Daily close is approaching and we may have another daily bearish retest of $10687 if price closes daily above $10540. If we do close below $10540 then we continue lower.

Remember, bears will milk as much bulls as possible for power to dump lower quickly. We're almost there.

https://www.tradingview.com/x/hFIlN51W/

We achieved 1st target ($8.67) on our LINK short and almost hit 2nd target. We don't think LINK is done dropping yet.

As we're expecting one last small push higher for BTC and ETH, we may expect LINK to also move higher, probably testing the new 2H resistance zone at $9.1 - $9.26.

If price does get there, it'll be another shorting opportunity for those who couldn't short at $9.5.

https://www.tradingview.com/x/9IN5J5Sv/

Our DOT short is also down -16% from entry. This keeps looking bearish and bearish and on top of it all, we finally dropped below the first green support, which should now serve as strong resistance.

DOT is on its way to our 2nd green support between $2.74 and $3.18. Price could move a bit up to $3.9 - $4 before finally falling.

https://www.tradingview.com/x/GtFhKes2/

BitMEX Open Interest Drops, Withdrawals 'Stabilize' (UPDATED) https://cryptonews.com/news/bitmex-open-interest-drops-withdrawals-increase-7910.htm

Macro view from OnePoint

https://www.tradingview.com/x/vOkMzt2f/

Here I show you about the comparison between the Gold, Bitcoin and the DXY which is the US Dollar Index price. What seem so interesting based on this chart comparison is that the price of the Bitcoin is having a positive correlation toward the Gold's price in the last 3 months. On the other hand, the price of the DXY which is becoming the US Dollar index is having a negative correlation toward the Gold price.

US Dollar vs Gold
It's normal if we see the negative correlation between this 2 commodity index because the reputation of the gold which always be a safe haven asset and the DXY will represents the favor of the investors in USA market. If they see any good potential of the USA and the global market (as we know that the US Dollar is becoming the world's leading currency), people will accumulate the Dollar to invest in any type of work and business line which will increase the economic growth. Money inflow will occur during this condition and the price of the gold will have a reasonable decrease as an effect from money outflow which most of the investors sell their gold saving to open new business. And also the opposite, the money outflow from the US dollar will cause money inflow toward gold as the investors believe the gold's reputation as the safe haven.

Gold vs Bitcoin
The positive correlation however is totally different aspect between the gold and the DXY. The investors currently look at the bitcoin with the same perspective as they look in the gold, as the safe haven. People certainly believe that the price of the bitcoin could be the hedge comparing to the traditional currency. But, what makes it different with the gold is that the crypto adoption and blockchain technology which becomes an important part inside the industrial revolution 4.0 . The Bitcoin could be another safe haven asset, but of course becoming different with the gold as the traditional safe haven. I do believe that the bitcoin will have more future value comparing to the gold and cryptocurrency is here to stay.

Did some digging into the FCA's reports and there are a few notes to make on the "UK bans crypto derivatives" headline.

The currently standing prohibition on selling crypto referenced products to retail dates back to July 2019 and the commitment itself was published all the way back in October 2018. The newly announced ban just holds a set of rules to aid the prohibition which will come into force in January 2021. (PS20/10)

According to PS20/10 1.24 the new rules will apply to firms operating in or from the UK which is a little vague because pretty much all large cryptocurrency firms offering derivatives to retail customers don't have UK offices but they do accept UK clients. Therefore we need to take a look at the CP on International Firms which states in CP20/20 3.3 and further that firms who do not pass minimal requirement, like an office in the UK, do not subject to the term "Authorized International Firm".

Bottom line is that the scary headline really doesn't change much. UK retail customers can still use crypto derivative platforms such as Binance and Bybit like before, the current rules don't take effect on firms not located in the UK. The FCA operates different from the US entities in the way that they will not go after overseas firms. It's possible that firms will choose to deny access to UK clients by themselves but we don't have any indications for that yet. The efforts to ban crypto services do set the tone for further developments and also give a lead to other countries which smells like the beginning of more active regulations. Possibly because governments are planning on getting more involved into the digital asset environment.

The next likely step for the FCA is to state that firms are avoiding the rules by moving retail customers to non-UK entities (PS20/10 1.26) which could lead to further actions and eventually cause UK customers to use another country's VPN to get access to derivatives platforms. That's not here yet, though. No worries.

https://www.fca.org.uk/publication/policy/ps20-10.pdf
https://www.fca.org.uk/publication/consultation/cp-20-20.pdf