$XRP - Bullish Trend-Line broke - Have Bears Regained Control?
Updated
A breakout occured of the bearish trendline, followed by a sharp pullback that then broke the weaker bullish trend-line. The 4H RSI also broke down past the supporting trend-line.
Altogether this would seem to indicate bad news for the HODLers out there, including me. That said, lets look at this closer.
The price has yet to break below the low of 12/27 at 0.33872 and the momentum has tappered down significantly. A break below that low would open up the way to 0.32-3, then below to 0.28. In theory this could then be the start of a new bearish impulse series.
As it is, I cant provide any real analysis of where things are headed yet. It appears to me that this is just a part of a larger flat movement. I dont know if this was BTC pulling XRP down, or a corrdinated effort to suppress the market at large.
Big news is trying to tie the fall to the stock market, but just a few days ago the crypto market was going up while there was one of the biggest declines of all time in the stock market. These news people are as clueless as the rest of us, yes, including me.
Its true that gold and the dollar are usually inverse to each other, but I am not sold on the idea that the crypto market follows the same rules as gold for a number of reasons. For instance, there is not the same scale of demand for crypto as their is gold. There is no manufacturing need for crypto, there is no need for asset storage at the government level as there is for gold. Also, crypto is not a "safe" investment. People tend to bail out of stocks and into gold as its the safe place to hold your assets as the market crashes. This is not so for Crypto imho.
Anyway, that was a bit of a tangent. Basically, look for a break below 0.34 for an intial target of 0.32-33, but with the understanding that we are still just oscillating around the Monthly Pivot.
For the Record: I am still holding from 0.31.
Altogether this would seem to indicate bad news for the HODLers out there, including me. That said, lets look at this closer.
The price has yet to break below the low of 12/27 at 0.33872 and the momentum has tappered down significantly. A break below that low would open up the way to 0.32-3, then below to 0.28. In theory this could then be the start of a new bearish impulse series.
As it is, I cant provide any real analysis of where things are headed yet. It appears to me that this is just a part of a larger flat movement. I dont know if this was BTC pulling XRP down, or a corrdinated effort to suppress the market at large.
Big news is trying to tie the fall to the stock market, but just a few days ago the crypto market was going up while there was one of the biggest declines of all time in the stock market. These news people are as clueless as the rest of us, yes, including me.
Its true that gold and the dollar are usually inverse to each other, but I am not sold on the idea that the crypto market follows the same rules as gold for a number of reasons. For instance, there is not the same scale of demand for crypto as their is gold. There is no manufacturing need for crypto, there is no need for asset storage at the government level as there is for gold. Also, crypto is not a "safe" investment. People tend to bail out of stocks and into gold as its the safe place to hold your assets as the market crashes. This is not so for Crypto imho.
Anyway, that was a bit of a tangent. Basically, look for a break below 0.34 for an intial target of 0.32-33, but with the understanding that we are still just oscillating around the Monthly Pivot.
For the Record: I am still holding from 0.31.
Note
Price breached 0.34 and has hit the mid pivots at 0.32-33. I expect a pause here and potentially a bottom here as this would be wave 5 of a minute wave.
Note
Here is the zoomed in chart so you can see the wave structure i see. Look for a pull back to 0.35 initially.
Note
sorry about that above, TW copy button isnt working.
Note
if this is a new impulse series here is a potential play
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.