Hello traders,
If you read my Bitcoin analysis, I mentioned that ripple is about to go head and shoulders breakout and that may drive Bitcoin price down to $6500.
And just a moment ago, we saw a clear breakout with nice volume. This huge volume probably comes with triggering the stop losses as well as 50 cents is a psychological level for most of the traders. The target for this breakout is 40 cents, but let's see if 45 cents will act as a support.
Ever since Ripple's huge rally, I had this feeling that Ripple is driving the Bitcoin price, rather than Bitcoin price manipulate Ripple price. Therefore, when there was Bitcoin pump yesterday just Ripple completed its head and shoulders pattern, I was not very convinced of its breakout and sure enough Bitcoin comes back to the previous price again. Furthermore, if you look at the Bollinger band for Ripple, we can clearly see that it is starting to expand, and Bitcoin Bollinger band is starting to narrow again. So I am very interested on how Bitcoin will react in next few hours:
1) Will there be re-retest to $6456? or
2) Does the price continue sideway movement?
3) Will Bitcoin test $6800?
Happy trading!
If you read my Bitcoin analysis, I mentioned that ripple is about to go head and shoulders breakout and that may drive Bitcoin price down to $6500.
And just a moment ago, we saw a clear breakout with nice volume. This huge volume probably comes with triggering the stop losses as well as 50 cents is a psychological level for most of the traders. The target for this breakout is 40 cents, but let's see if 45 cents will act as a support.
Ever since Ripple's huge rally, I had this feeling that Ripple is driving the Bitcoin price, rather than Bitcoin price manipulate Ripple price. Therefore, when there was Bitcoin pump yesterday just Ripple completed its head and shoulders pattern, I was not very convinced of its breakout and sure enough Bitcoin comes back to the previous price again. Furthermore, if you look at the Bollinger band for Ripple, we can clearly see that it is starting to expand, and Bitcoin Bollinger band is starting to narrow again. So I am very interested on how Bitcoin will react in next few hours:
1) Will there be re-retest to $6456? or
2) Does the price continue sideway movement?
3) Will Bitcoin test $6800?
Happy trading!
Note
If Ripple can't go over descending trendline, further drop is expected. Bear wedge breakout target: 42 cents.Note
Note
I feel like we will probably see more selling as RSI is approaching oversold territory. I have this feeling that Bitcoin is not moving because Ripple is still consolidating. Might as well hit 45 cents fast and start new rally. But this may be a time to accumulate some ripple though.
Note
Alrite, that's probably it 45.5 cents are new support. Finally we will see some up side rally soon :)
Note
Trade closed: target reached
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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.