XRP Breaking Down to Possibly 60 Cents

Hi All,
This is how I see BITFINEX:XRPUSD breaking down in the next few weeks.

Although we broke out of the downward trend, we are still under the 200 sma on a 4 hour chart. The overall impact of BITSTAMP:BTCUSD is bringing the overall crypto market down as shown in my previous chart.

The MACD and the RSI also show a downward trend which I believe will provide a buying opportunity in the 60-80 cent range. This is the same issue Litecoin has with a very similar pattern. I do believe that after this point, Litecoin and Ripple can go long for big gains so it's a good time to buy in the 60-80 cent range.

Let me know your thoughts and if I have missed something in my technical analysis .
Thanks,
B

評論:

I still see downward pressures from the 20 day EMA and the 50 day SMA. We will be forming a "death cross" in 5 days if the trend stays steady.

The death cross being the cross over of the 50 day SMA and the 100 day SMA.

評論: XRP is still in consolidation (blue square). I like Ripple as a company but the fact that their partners won't/don't use the actual Ripple coin is disappointing and so any good news doesn't affect the price of XRP. I expect that this will follow BTCUSD as a trend for a while.

評論: XRP still testing the 90 cent support levels. It appeared there were some good gains but with every other coin lately, the volumes are much lower.

交易進行: Volume has finally entered and has gained momentum. As per my original chart shows, the next resistance will be at $1.19.