BTCUSD - Uptrend likely continues to 29140, XRP will survive
The price of BTC has slowed down lately and almost completes forming a triangle.
1. The good thing about triangles is that they are more likely to indicate continuation than reversal (Schabacker R., 1932).
2. Ichimoku indicator on the 4H and the daily charts also remains the same setting: price above the cloud and Tenkan above Kijun, which means long only.
The current trade I and taking:
Entry: $26426
Stoploss: $25876
Target: $29140
Note 1: target price at $29140 is the R1 level of the weekly pivots.
Note 2: if you are shorting because of the current $XRP event, you might regret. $XRP has been dumped seriously in the last couple days and the today announcement of Coinbase is obviously the last straw. In the future, I can see that $XRP might reach a deal with SEC, just like EOS and the others, and pump strongly. Those who have balls can scale in regularly from now and expect great profit. Have fun shorting.
1. The good thing about triangles is that they are more likely to indicate continuation than reversal (Schabacker R., 1932).
2. Ichimoku indicator on the 4H and the daily charts also remains the same setting: price above the cloud and Tenkan above Kijun, which means long only.
The current trade I and taking:
Entry: $26426
Stoploss: $25876
Target: $29140
Note 1: target price at $29140 is the R1 level of the weekly pivots.
Note 2: if you are shorting because of the current $XRP event, you might regret. $XRP has been dumped seriously in the last couple days and the today announcement of Coinbase is obviously the last straw. In the future, I can see that $XRP might reach a deal with SEC, just like EOS and the others, and pump strongly. Those who have balls can scale in regularly from now and expect great profit. Have fun shorting.
