In the last technical analysis, I was saying that I expect a corrective move that will begin after R1 -1 USD or R2-1.25 USD will be reached. Here’s how the Bitcoin and XRP / USD move is a small one. On the XRP / USD chart at 4 hours, a symmetrical triangle is formed. As you know from previous technical analyzes, the symmetrical triangle is not a pattern that provides a clear direction of the price. In conclusion, we have equal chances for a up or down movement.
The resistance lines are: The support lines are:
R1 – 1 USD (psychological) S1 – 0,70 USD
R2 – 1,25 USD S2 – 0,45 USD
R3 – 1,4 USD
For the next week, we have two possible scenarios:
A downward move, with possible stopping point at S1 – 0.70 USD. On the daily chart, an inverted pattern head and shoulders are formed, or a cup and handle pattern. For the reversed head and shoulders pattern, the right shoulder has not yet been formed. Also, if the pattern is one cup and handle, the handle is not yet formed. Lowering to S1 – 0.70 USD and subsequent climb, requires the exact formation of those patterns. I mention that both the inverted head and shoulders pattern and the cup and handle pattern are a bull pattern.
We also have a second scenario: the longer we will stay in a lateral move without having a significant correction on Bitcoin and XRP / USD, as the conditions for impulsive movement up to 12000 usd are created on Bitcoin and 1.25 USD on XRP / USD. It remains to see what is happening next week. We will have a correction of up to 0.70 USD after which we will climb to 1.25 USD or we will climb directly to 1.25 USD and then we will have the correction down to 0.70 USD.
At this point, the MACD tool shows a sell-off period, but is above the neutral line, indicating the keeping of a relative bull’s strength.
Former Ethereum Advisor Steven Nerayoff to Feature on John E. Deaton’s Podcast
A Complete Overview of Cryptocurrency Cloud Mining Platform – TopHash
9 Out of Every 10 Central Banks Around the World are Exploring CBDCs, Ripple Reports
XRP Is On Its Way to a Strong Comeback as Coin’s Rising Trading Volume Shows Growing Investor Interest
Research Uncovers Why XRP Is Japan’s Most Favored Cryptocurrency
Recent Press Release
CGMD Miner’s Low-Cost Coin Mining : Spend Less, Earn More!
As more players enter the cryptocurrency space, mining becomes more complex and requires more computing power. As a result, many...
Will Arbitrum Reach $1? ARB Struggles, SPCT Offers Better Prospects
As the crypto market recovers from Bitcoin’s (BTC) recent crash, Arbitrum (ARB) is enhancing its network capabilities to improve its...
Cardano (ADA) Lags, Analysts Predict VC Spectra (SPCT) Will Outpace it
Cardano’s (ADA) price has suffered despite the launch of Cardano’s Project Catalyst Testnet on August 25. Even when the news...
SUI and Hedera (HBAR) Slump Ahead of Token Unlocks, VC Spectra (SPCT) Gains Users
Token unlocks in crypto are typically bearish signs due to basic supply and demand. Analysts will keenly observe how Sui...
While Polkadot (DOT) Pauses, VC Spectra (SPCT) Offers a 220% Potential Upside!
VC Spectra (SPCT), a rising blockchain for investments and asset management, has grown considerably in its ongoing presale. Meanwhile, Polkadot...