Topic: Daily price analysis BTC + ALTCOINS - page 3. (Read 3071 times)

Bitcoin- Bad Signs, EOS Looks Good, ETH is On the Edge: Crypto Price Analysis Update, Sept. 10, 2018



Bitcoin- bad signs come from the weekly candle close

We are again in a well-known area between the $6,000-$6,500 where the big guys don’t even hide their movements. Just a quick sell off and the next day a quick buyback and etc.

Bad signs come from the weekly candle, the previous week close was below the $6,500 mark, below the April low and below the strong support area, which all indicates that there is a very big selling pressure. The previous week’s close (bearish “Engulfing” candlestick pattern) gave us another lower low close and again, the overall market structure is bearish.



Currently, BTC price moves in the down channel and it has broken support after support. This channel guides us exactly into the $6,000 range where there is a major counter trendline, pulled from the June 24th low and from the Aug. 14’s low. So, if it drops, then this is the first target that we have to watch where we want to search and predict any further moves.



Currently, trading is definitely very risky because we don't have any significant confirmations. Confirmations are only bearish and come from the weekly chart but if you want to know when we could see a bit better opportunity to enter the market or any altcoins then it would be a four-hour candle close above the 'yellow' short-term trendline, above the April low and above the round number $6,500. There we can say that the short-term trend could be bullish and remember the counter-trend is always very risky because we have bad signs from higher time frames.

EOS (EOS/USD) shows some strength

Over the weekend when almost all alts took another hit, EOS holds the price very nicely.

It shows that EOS has some potential and the platform is technically solid.

The weekly candle closes below the round number $5 and below the short-term counter trendline but nothing significant just a small fall and quickly back around the $5 area.



Currently, we trade above the round number and on lower time frames. We could see that it starts to form a bullish chart pattern called "Inverted Head & Shoulders" which will indicate the further move upwards.

If we want to see a bullish move then we have to get a close above the April low and a candle close above the counter trendline. This will guide us to the last down-trendline which starts to work as a resistance if we take down the last down-trendline then we have a free “road” almost to the $6.5-$7.

A bearish move will be almost confirmed when it gets a close below the red line and then the price will continue the move down on the down channel. Nearest supports would be the trendline which is pulled from the 2018 low point, the August low and the round number $4. This zone is a very strong area and we expect further price movement from this price level at $4-$4.2.

Technically, EOS looks very strong and promising if the market finds the way upwards.

Take a look at ETH (ETH/USD) Price Analysis, Sept. 10, 2018
Have a nice day!

Bitcoin makes a small recovery but it is on the “Rising Wedge,” Monero (XMR) shows some positive signs and our mentioned NEO was yesterday on of the top gainers



Bitcoin started to make a small recovery and so have alts

Currently, Bitcoin starts to make a recovery but definitely nothing remarkable because we dropped -$1,100 and we have made recovery +$200. At the moment, it moves slowly upwards and a positive sign is this that the daily candle closes above the strong area $6,509. In August, the $6,500 area was very hard resistance to beat but after many attempts it was successful and now the old resistance becomes a support.



Like you see on the one-hour timeframe, we start to make new short-term higher highs and higher lows on the important level.

Currently, it looks good but those HH's and HL's starts to form a continuation pattern "Rising Wedge" which will indicate the future direction. If it breaks below the lower trendline then it's simple, we follow the trend, which is down and continuation pattern starts to work correctly and the first bigger target would be around $6,000 but if we make a breakout upwards then we might go and retest the $6,767 area. This area is also historically very strong and it would require a lot of power to break above but there are also other criteria:

*Fibonacci retracement level 38 percent (pulled from the Sept. 5th, which is the high point, to Sept. 6th which is the low point)

* Different timeframes EMA's starts to work as resistances.

Let’s look at how altcoins have reacted after Bitcoin’s small recovery.


Monero (XMR) looks good but it all depends on Bitcoin

The day before yesterday, Monero was down 22 percent but Bitcoin finds a support from the strong area and after that, we saw a nice upwards movement from Monero.



Technically the bounce came from the strong price levels where are several reversal criteria:

1. Channel bottom trendline bounce

2. In the three-hour and the four-hour chart we could see that EMA 200 works as a support

3. Smaller Fibonacci retracement level is perfectly 62 percent

4. Bigger Fibonacci retracement level is 50 percent

5. Old resistance becomes support

6. We are in the higher high area

So, technically Monero can continue climbing up, but all depends on Bitcoin: if it breaks above the “Rising Wedge” then Monero will follow. The starting platform is very good and the first target would be the major trendline touch above us. If it breaks above the trendline then there are several red lines, those are monthly lows and monthly highs and that makes the $150 very hard to beat.

If Bitcoin makes a breakout from the continuation pattern downwards then Monero bearish confirmation area would be a close around $105. Then we have a breakout from the upwards channel and if we get a close below the $100 then we have also a break below the round number and we have made a new lower low which all indicates bearishness.

Take a look at NEO Price Analysis, Sept. 7, 2018
Have a nice day!

Bitcoin, NEO, Cardano, EOS Ready to Bounce After Drop: Crypto Price Analysis, Sept. 6, 2018



Bitcoin made more than a $1,000 drop

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin- all strong supports are broken, only one left on the current price

Yesterday we said that if the price closes below the strong support line (blue line) and below the minor upper trendline, which is also a part of the continuation pattern "Rising Wedge,” then we will drop into the $6,500 area.

Currently, we are in this area. In August, we attempted to break above this level many times and currently, the old resistance becomes a support.



RSI is totally oversold and we made over a $1,000 drop which is massive. So, we could guess that we could find a small support from here and this support will guide us may be around $6,700. There is a historically strong level which started to work as a resistance and from the current drop points (high to low) pulled the Fibonacci retracement to 38 percent in this area.

Currently, we just have to wait and see what the price action shows us, maybe we can find something positive! Let's take a look at how the altcoins react to this "market crash.”

NEO (NEO/USD) trades below the upward channel

Since yesterday, NEO came down ~26 percent and we trade below the channel and below the round number $20!



We got a bounce from $18 where the Fibonacci retracement level is 62 percent and from the support which was there before the resistance (black line). On the four-hour chart, we trade below the EMA's, actually, in all timeframes we trade below the EMA's and that's not a good sign like we said, we have also a breakout downwards from the upwards channel.

If we want to search for some positive signs then at the moment NEO price is in the area where it still could make a higher low, after the bounce from the Fibonacci level we got a "Hammer" candlestick pattern, but this is a very small pattern because there is still panic in this market.

A close below $18 confirms a lower low and in addition, we have a change in the price structure which will indicate that we may come down and retest the $13 area. But if BTC finds the support from the current price then NEO will follow suit because it looks solid compared to others altcoins.

Take a look at Cardano (ADA) and EOS (EOS/USD) Price Analysis, Sept. 6, 2018
Have a nice day!

All the gains that this market has slowly been making for 5 days were wiped out with a single candle within hours.

I initially planned to go long at these levels 6800-6900,but actually  I do not want to do that yet because of how sharp this drop was.
It may indicate a larger move, and not just a correction (that candle was definitely not how a correction/pullback should look like).

Bitcoin- sixth attempt was successful, Ethereum can’t find the momentum, Litecoin fights with trendline



Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) breaks above the strong resistance areas

Yesterday we made a breakout of $7,349 (upper blue line). We had tried to break this five times but all attempts were unsuccessful but the bulls managed to hold the price up near the resistance and finally the sixth attempt was successful.



Bitcoin made a breakout upwards but our next resistance is not far away from us and you already know, the next resistance is $7,500-$7,600, and looks like we are going to test this area. We have a little problem, Bitcoin doesn't show the high volume, maybe this could be the only problem but let's see technically looks all very promising.

Litecoin (LTC)- have to fight with the last down-trendline

Currently, LTC price is below the round number $70 and we are still below almost the last major down-trendline pulled on the four-hour chart from the wicks. This crossing area makes it difficult to break through from here although the $70 haven't been so difficult level for Litecoin but like always those crossing areas makes it a little bit harder to break through.



If we get another leg upwards then above the trendline we have right away the very strong resistance level which consists of the July and June lows around $72-$74 and also Fibonacci retracement areas are in this level zone. We have to take down this level if we want to see a bullish Litecoin.

At the moment the price trades above the important EMA's (50, 10, 200) we have a golden cross between the 50 and 100 EMA and we are starting to make it also with 100 and 200. If we had the bigger golden cross (100&200) then we could say that the chance to go straight through from this trendline is a bit bigger change but at the moment we could make a small pullback before we can make the breakout upwards.

If we start to make a pullback then luckily we have the EMA's which works as the supports and we have a counter trendline which could work as a support. If we break below the counter trendline then this is definitely very bad for Litecoin price and we may go and retest the $50 again. Also, it depends on what the whole market does.

Take a look at Ethereum (ETH) Price Analysis, Sept. 5, 2018
Have a nice day!

I think the movement of the graph is not very certain and you will never be able to predict what movements or graphs will be created in the future, make this chart only as an evaluation of your trading.

good snslids, it seems you really observe the market very well.
I think at this time the volume still hasn't changed still remains flat.

Bitcoin moves sideways between the two strong levels and waiting for a breakout but which way?



*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin possibly breakout opportunities

Currently, we are still between those two “resistance” lines (blue lines). To give you an indication where we might go then we have an “Inside bar” candlestick pattern (black lines from the wick).

We already have a higher close from this important candle but we need also a close above the wick, above the black line and if we get a close above $7,350 then we have two confirmations- breakout from the “Inside bar” main candle and break above the strong resistance levels.

If we lose the bullish momentum and we start to make a bigger pullback downwards then those confirmations are close below the Inside bar candle range ($7,200) and close below the trendline (black diagonal line).



If the market stays stable EOS may start to rally upwards!

From the last month, we got a nice "Hammer" candlestick pattern (bullish pattern), bounce upwards was from $4 and the close was $6.4. Last week EOS made a little bit over 30 percent growth (open $4.9, close $6.6) and it made a break above the major down-trendline. Currently, the weekly chart shows us also a very positive sign, we have a "Morning Star" candlestick pattern which will indicate bullishness. If Bitcoin and the whole market stays stable then we could definitely see some rally upwards because, we have two strong candlestick patterns on the higher timeframes - super strong sign.



On the four-hour chart the current price is above the EMA's (50,100,200) but if we want to move upwards then we have to take down the July low which is around $6.5 and above the July low is also a very strong resistance what you need to watch: the round number $7 and there are also old supports which now becomes a resistance. So, above us, you have to watch two levels $6.5 and $7. If we take those levels down then we may go almost straight to $10 because 100 & 200 EMA is pointed upwards and ready to make a death cross.

Take a look at Cardano (ADA) Price Analysis , Sept. 4, 2018
Have a nice day!

It looks like exchange coins are doing well as the market turns bearish, maybe it's a good idea to keep a track on Kucoin shares and binance token, as those have shown to resist the negative trend that we've seen for the past few days.

Last week was bullish for crypto market, but there is room to go higher



Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin fights historically strong resistance

Over the weekend, the Bitcoin price showed us a very steady grind upwards and because of it, there was a steady growth on the altcoins list.

Currently, the BTC chart shows us that we are on the strong resistance area which is $7,286-$7,349. From here we expect a little pullback or the price stop just a while and if we break this area then our short-term target would be around $7,500.

$7,500 target criteria:

* Fibonacci pulled from July 24-Aug.14

* Round number

* Trendline since May 5

* Fibonacci extensions (entry point Fibonacci's)

* Round number and Fibonacci retracement level are just SO identical.



Let's talk a little bit about the current pullback. At the moment the price is above the minor trendline which is pulled from the wicks. It makes for us an upward channel, the price may go inside this channel and the first bigger retest area is around $7,000.

There we can find a May low which works as a support, round number and in the four-hour chart, we could see that the 50 EMA starts to work as a support. If it drops lower, then our next support is around $6767 which is historically worked level and there is also our last trendline. This has to hold us, if not then we go definitely test the lower levels.

Ethereum still in symmetric triangle

The current situation on the ETH chart shows us that, after the bounce upwards from our mentioned level, we tried to break outside the triangle and tried to break the round number $300 but this attempt was unsuccessful. ETH price was very close to make a breakout but we didn't find much power to hold the price above the $300.



Luckily, we had something positive on the ETH chart- ETH price structure made a small higher high which indicate that we are still on the rising mode and now the pullback definitely have to hold us over the blue support line if we want to stay bullish (marked as Strong Area). We know that soon we will see some bigger action on the Ethereum chart because we are on the triangle tip where the price is 'pushed ' together and soon it will launch. At the moment definitely don't trade this and wait for a breakout from the triangle. Breakout from triangle means short-term Ethereum direction and breakout is confirmed when we have at least a four-hour candle outside that area.

Take a look at Ripple (XRP) Price Analysis , Sept. 3, 2018
Have a nice day!

It will really reach 8k dollars because of the bullish market today and we can expect for the price to rise up again because the value of bitcoins has started at $7k dollars before it skyrocket to $19k, so try to expect higher price this year because of legalization of bitcoins in other countries.

Thank you for your analysis. If Bitcoin can evolve according to analysis, then I think you may make a lot of money, but the status quo of Bitcoin is not optimistic!

Like we had planned- pullback happened and the bounce level was precise!



*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

BTC possible targets

Yesterday, after we posted- we could make a pullback and you already know where to enter the trade ($6,709-$6,800) if the pullback occurs. It happened, and we also got a bounce upwards exactly from $6,800. The current price is $7,000 and we are our first target point where we could take out some partial profits because if the market wants to go lower then here is the decent place where it could turn around because in this area it makes a lower high on the price structure, but if we start to go higher than our next targets would be:

2. Around $7,300- strong and historically worked levels!

3. Around $7,500- final target:

* Fibonacci pulled from July 24- Aug. 14

* Round number

* Trendline since May 5th

* Fibonacci extensions (entry point Fibonacci's)

* Round number and Fibonacci retracement level are just SO identical!

Let's see how the market and the price reacts on these price levels.



Ethereum managed to stay ‘healthy’ and it got a bounce from our mentioned evel!

Currently, on the Ethereum chart, we could see that it stayed "healthy.” Like we expected yesterday we have to bounce upwards around $270-$275 if the price structure wants to stay bullish and exactly from this area we got our bounce and we have made a clean higher low (HL) on the chart. The bounce was supported with a perfect Fibonacci retracement level 62 percent and a blue line which means the strong support area.

Now our nearest resistance is this triangle upper trendline and round number $300 crossing area! Those crossing areas area always hard to beat but if we see at least a four-hour candle close above the $300 then it could be mean that we make another leg upwards and if Ethereum wants to make a higher high (HH) then we have to see a candle close around $330.



Take a look at NEO (NEO/USD) Price Analysis Aug. 31, 2018
Have a nice day!

Looks like the crypto market starts to make a little pullback



*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

BTC could make a pullback and so can altcoins!

Yesterday, after the triple top we have seen some downwards movements and we have collected the signs that a movement downwards may happen!



We have a break below the triangle, we have a break below the red trendline which was resistance and now it becomes a support, we have a break below the round number!

At the moment the price retests this round number area and we are ready to go lower! Also, we have a lower low and a lower high price structure which indicates that the leg down is coming but you already know where you can enter the trade if you see a correct price action at this level- $6,700-$6,800! Let's see what the altcoins do in this situation...

Ethereum (ETH/USD) important aspects of staying healthy

Currently, the market looks like it is starting to make a little pullback! BTC has pointed down and shows some pullback signs and so does Ethereum!

We have some signs from the daily timeframe and from the 12-hour timeframe. In the daily timeframe we could see a bearish candlestick pattern called "Tweezer top" and in the 12-hour timeframe there  is also a bearish pattern called "Evening Star.” So, this will indicates that we start to make a little pullback also on the ETH/USD chart.



If the price structure wants to stay healthy then the pullback can't be lower than $270-$275. Why? At the moment we have a nice HL at the $270 level but if we drop below that then we make a new lower low and also we have a close below the strong support (blue line) which all indicates bearishness. In the image, you can also see bearish confirmation box, at least the four-hour candle closes in this area could mean disaster for ETH and it may go to around $200.



If we stay 'healthy' and we get a bounce around $270-$275 (bounce is supported by- strong support level and Fibonacci 62 percent retracement level) then we have made a new HL (higher low) and we are ready to climb higher. The first obstacles are the triangle trendline and the round number which is $300. To be fully confirmed that we start to heading upwards we have to make a new higher high which is around $330-$340.

Take a look at Ripple (XRP/USD) Price Analysis Aug. 30, 2018

6850 holded well!
But it will come back down to that level before comin back up to 7070/7100, this looks like a typical distribution zone...Btc is changing hands and the top of today (7140) was the top of this move

Cryptocurrency market shows us positive signs at last



*** Please note, the analysis below is not an investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Over a long time, we can pick up some positive signs from the cryptocurrency market and so as our next analysis- Bitcoin (BTC) & Cardano ( ADA ).

We have been on the down-train, yes train, for a very long time but at the moment looks like we have some changes in the market structure.

Let’s start with Bitcoin

At the moment I would like to share some higher resistance areas if somebody doesn't know where to take out some profits if we fly higher, and one technically good entry point if we start to make a pullback!

From my point of view, the first strong resistance is around $7,286-$7,349. Historically, this level is worked nicely and if somebody is on the trade then this level is definitely one point where you must consider to take out some partial profit. If we rally through this level right away then the second one is $7,500 (described later in the post)!

If you are not in the trade at the moment then definitely do not enter before we make a pullback or before we haven't got any significant confirmation, because the current price is very risky and full of FOMO, it may fall down quickly!

The pullback may happen because we are on the trendline which is pulled wick to wick(first touch Aug. 8 and the second touch Aug. 22) and we are on the decent resistance zone (we have the May low and around number $7,000)

Where we can enter the trade after the pullback!?



From the current price perspective (current price is $7,052), the ideal entry point would be around $6,700-$6,800.
Entry point criteria:

1. We have historically a strong resistance which now becomes a support at $6,766

2. Fibonacci I- pulled from Aug. 8-28 retracement 38 percent

3. Fibonacci II- pulled from Aug. 26-28 retracement 62 percent

4. Close to upwards trendline- pulled from bodies since Aug. 14

5. Supported with 50 daily EMA

6. Supported with multiple EMA's on the 4h chart

7. Definitely, we wait and watch the current price action in this area if we reach there

Target $7,500 criteria (for those who are in the trade at the moment and for those who enter a trade after the pullback):

1. Fibonacci pulled from July 24- Aug. 14

2. Round number

3. Trendline since May 5th

4. Fibonacci extensions (entry point Fibonacci's)

5. Round number and Fibonacci retracement level are just SO identical!

Cardano (ADA/USDT)

Around $0.09 area, we have found a bottom what we have tested two times and we can call this a "Double bottom" (W-formation)

After we made a second touch around $0.09 we have a steady climb upwards. Firstly, we break the down-trendline (which is pulled from 02.05.2018 and the second touch 18.07.2018) and we made a breakout from "Descending Triangle". The descending triangle is a bearish pattern but the triangle patterns have a breakout opportunities to either direction and at the moment we made a breakout upwards- bullish sign, and after those breakouts, we made a structure change, we manage to make HH (higher high) on the market!



Currently, you can see that there are two blue target boxes first is above the current price of 10 percent and the second 18 percent. So, probably there you can see some price bounce or price stop because those levels are historically worked. First one is June low/support which now becomes a resistance and the second one is the July low which now may become support!

If you want to enter the coin then there is an opportunity if the price falls down a little bit. Like you know we have a breakout from the triangle and the perfect breakout trade would be- breakout and wait for a retest! So, at the moment we could see that we may start to make a pullback because on the four-hour chart has formed a three candle candlestick pattern called "Evening Star" ( bearish pattern).

Currently looks like the solid spots where to enter the trade are:

$0.1 - criteria: round number, Fibonacci retracement level 38 percent and supported with EMA's

$0.095 - criteria: it would be close to retest area, perfect Fibonacci retracement level 62 percent

Hopefully, this helps you out a little bit to confirm your own analysis! Definitely make your own research!

Have a nice day!

Bitcoin price will no doubt expected to reach to 8000$ very soon, but I think that it is not the bullish end for bitcoin and other altcoin. I hope that once bitcoin price will start increasing and will reach to 8000$ then it will continue to increase it s price for a long time and will not dump again so easily.

BTC should go to $6800/7100 now and Probably that would be the end of the bullish move of Btc and altcoins

Yes, bitcoins and altcoins are behaving in very typical way which was not observed in the past as per my view. When bitcoin was rising, altcoins were falling and when bitcoin was falling again altcoins also falling. This results in bitcoin dominance to be really high and we know that can't stay that way for too long.

It will eventually drop (not bitcoin, the dominance) as long as bitcoin stays high the bitcoin dominance will drop because the money coming in will go back to altcoins and the price of those coins are not bad in dollar value right now they are just losing value against a bitcoin that is going up, in the end they will go up in bitcoin value as well which means they will gain value in dollar compared to now as well.

Bitcoin, Ethereum, Ripple, EOS Develop Downtrends, Suffer Big Losses: Price Analysis, August 9



Bitcoin and altcoins new lows reached, bulls are frustrated

Hello, this is Andrew Strogoff again. This situation in the crypto market remains negative as Bitcoin and altcoins continue to fall and suffer significant losses on Tuesday. I was talking about a probability of a correction, but it seems that investors don’t pay attention to the technical analysis at all as they continue to get rid of cryptos quickly.

However, this downtrend may be a game of whales who want to push the price lower in order to buy it with benefits. If this is true, I think we still have some long distance to do.

As for the events, there is nothing to affect the price significantly. However, I have prepared some interesting events for you. Let’s get down to them. Opera Browser launched their own crypto wallet. This wallet, released in July 2018, is Ethereum compatible. This add-on allows users to make payments using Windows devices.

Bitcoin (BTC/USD) establishes new lows

Bitcoin developed its downtrend on Tuesday as bulls have almost no chances. There were more red candlesticks again. BTC/USD has lost nearly four percent in the past 24 hours and established new local lows. The currency pair resides below the red descending trend line and even failed to approach it yesterday.



As you can see it on the four-hour chart, Bitcoin develops its downtrend with huge momentum. I spoke about a correction in Tuesday’s review, but it hasn’t happened as bears continued to push it and smash bulls. This sellers’ success is strange, however, I gave a couple of versions at the beginning of this review.

I thought that BTC/USD were going to reach the red descending trend line, but the currency pair failed to get there as Bitcoin developed the downtrend instead. It is hard to predict further fluctuations now. I still think that BTC/USD needs a correction even if it is going to develop its downtrend in future.

This correction may aim $6,510 resistance at least. If buyers are successful, BTC/USD may develop this uptrend targeting next resistance areas.

However, bears are very strong currently and they are able to develop this downtrend even without any correction at all. BTC price is below the resistance area at $6,329 and they may start off from there.

Ethereum (ETH/USD) follows Bitcoin on its way down

Ethereum developed the downtrend following Bitcoin. The whole crypto market shows negative dynamics in the past several days as investors pay less interest to this industry. ETH/USD stays below the descending trend line and far from it. I think that bulls are ready to counterattack, but as I see, investors pay less attention to technical analysis as well currently.



ETH/USD has reached the support area at $355.45 and established new lows. Ethereum has lost more than four percent in the past 24 hours showing that sellers are still very strong as they managed to push it lower without any correction.

I think that the upside correction should happen now and its targets are at the resistance area at $375.60 at least. If bulls are stronger, they will be able to drive Eth/USD even higher. There are several interesting levels above.

However, sellers have control over the market currently and they are very strong and powerful as the moment. This means that you need to be cautious when placing buy orders expecting upside correction.

Ripple (XRP/USD) develops the downtrend

Ripple has lost more than four percent in the past 24 hours. The currency pair stays far below the descending trend line meaning bears have full control over the situation. Buyers are frustrated as they are unable to counterattack. I have expected some sort of correction on Tuesday, but as you may see it, there was none yesterday.



Ripple has reached the support area at $0.3503 and even managed to break it through. However, bulls seem to be able to drive it towards this level to retest it again. Let’s see what will happen in the nearest future.

I think that the buyers are going to counterattack now. The correction is truly needed and XRP price is likely to run towards the closest resistance area at $0.3934 (after jumping over the resistance at $0.3503). I think that this target is primary for today.

What may happen next? If buyers are successful, they will be able to drive Ripple even higher as there are many interesting targets on the way. However, we should not forget that bears are too strong now and they are able to change the situation in their favor at any moment.

Take a look at EOS (EOS/USD) Price Analysis, August 9