The bulls are bleeding - what's next?
This time the bears get the upper hand. They managed to breakout the “triple support” zone, after a bullish engulf and they almost hit the red line, which is the strongest support in my view. But, as I said, despite the bullish sign I was not entirely convinced here. Check my previous XRP analysis for more details, link below. Also follow me to keep updated, I do daily analyses, and I’m always sharing about my trades with you.
What was bugging me was in the hourly chart. Let’s look again:
It never closed above that dark blue line, which I said in my previous analysis would be a more convincing trade, if the bulls manage to keep the price above that zone. Unlike what did happen in LTC, there was no bull trap here.
Now we should be aware of a few things. First, would be phenomenal if we see a bull reaction here, could be a bullish pattern in the hourly chart, or a close above that light blue line in the daily chart. I think it’s unlikely to happen today, but let’s keep that in mind, because it can happen in the near future.
Secondly, if the price loses the red line, I don’t know if any of these thin pink lines would do the job and support the price. The next important support will be the black line, and that’s the pessimistic scenario. The bulls need to react soon.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
What was bugging me was in the hourly chart. Let’s look again:
It never closed above that dark blue line, which I said in my previous analysis would be a more convincing trade, if the bulls manage to keep the price above that zone. Unlike what did happen in LTC, there was no bull trap here.
Now we should be aware of a few things. First, would be phenomenal if we see a bull reaction here, could be a bullish pattern in the hourly chart, or a close above that light blue line in the daily chart. I think it’s unlikely to happen today, but let’s keep that in mind, because it can happen in the near future.
Secondly, if the price loses the red line, I don’t know if any of these thin pink lines would do the job and support the price. The next important support will be the black line, and that’s the pessimistic scenario. The bulls need to react soon.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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