Hi guys,
From today onwards, we are officially in the longest BTC bear run ever (which kinda applies to all the cryptocurrencies, due to correlation).
The question is are we going to stay in the bear run for much longer ?
There is debate to say that we have still not seen it's lowest price yet, which I do believe, especially for BTC.
XRP's movement just got interesting after a nice and easy day of buying the dip and selling the high as it was extremely predictive (respecting our 61.8% fibonacci level) and repetitive.
It has now just broken out of the triangle, once it is confirmed that the support trend line is still holding, I am certain it will continue to rise, it is now in a new triangle which indicates to me that it will at least reach the 0.31 region.
If we break out this triangle too, I am sure we will then see 0.334 once again, possibly even 0,347.
Now what will make me get super excited is if we break out of this bearish triangle we have been in since the beginning of the bull run ! ( You can see it on the chart)
If we break out of this triangle, oh boy am I gonna get hard (sorry for being so honest).
This would mean that we could easily see 0,40 region being met, maybe even 0,60 to 1 dollar. Now this is of course if we break this triangle that has held up so well, so for I am not keeping me hopes up. But I will for sure keep a close eye on it's movement.
SO what is the plan of action here ?
I will make it simple for you:
- trade within this current triangle buy, it hits the support trend line and sell when it hits the top or when ever you feel like as long as you are in profit, of course don't get excited and buy now if it is not at least near the support line, as I will times to times dip under.
- wait to see if we break out or break down. Depending on the outcome you will either sell, for even, and see where the price will find ground. Or you will buy once it has broken out, this is my preferred technic, as if it breaks out it will surely rise higher, if you buy before and it drops, you're trade will be in a loss. NEVER TRY TO GET THE PREFECT ENTRY, GET THE SURE ENTRY.
- Once the prices hits 0,334 take some profit or higher your stop loss to a reasonable spot so you make good money with out risking of closing a trade where you could make more, remember manipulation is hard when they try to knock out the stop losses.
- if the price hits 0,347, take a substantial amount of you profits, higher your stop loss to 0,334 at least and expect a fall to 0,334 or even 0,31 where you will buy in again ( of course this can change depending on the bearish momentum of the market).
- finally if the price shoots over the hulk of bearish trend lines, buy in like if you just won the lottery, because baby I can assure you, that you will see a rise !! Now you also need to be careful of fake break outs, those can be sons of b***hs, it is hard to see them coming, so leave some space in beween the trend line and your buying target. I would that when we are reaching these kind of levels to leave a big space to be sure ! Better safe than sorry. So leave maybe, 0,04 of space, now of course this space depends on the momentum of the bullish market.
Hopefully this article helped you,
Happy trading and make money.
Piers Thackray
Become
From today onwards, we are officially in the longest BTC bear run ever (which kinda applies to all the cryptocurrencies, due to correlation).
The question is are we going to stay in the bear run for much longer ?
There is debate to say that we have still not seen it's lowest price yet, which I do believe, especially for BTC.
XRP's movement just got interesting after a nice and easy day of buying the dip and selling the high as it was extremely predictive (respecting our 61.8% fibonacci level) and repetitive.
It has now just broken out of the triangle, once it is confirmed that the support trend line is still holding, I am certain it will continue to rise, it is now in a new triangle which indicates to me that it will at least reach the 0.31 region.
If we break out this triangle too, I am sure we will then see 0.334 once again, possibly even 0,347.
Now what will make me get super excited is if we break out of this bearish triangle we have been in since the beginning of the bull run ! ( You can see it on the chart)
If we break out of this triangle, oh boy am I gonna get hard (sorry for being so honest).
This would mean that we could easily see 0,40 region being met, maybe even 0,60 to 1 dollar. Now this is of course if we break this triangle that has held up so well, so for I am not keeping me hopes up. But I will for sure keep a close eye on it's movement.
SO what is the plan of action here ?
I will make it simple for you:
- trade within this current triangle buy, it hits the support trend line and sell when it hits the top or when ever you feel like as long as you are in profit, of course don't get excited and buy now if it is not at least near the support line, as I will times to times dip under.
- wait to see if we break out or break down. Depending on the outcome you will either sell, for even, and see where the price will find ground. Or you will buy once it has broken out, this is my preferred technic, as if it breaks out it will surely rise higher, if you buy before and it drops, you're trade will be in a loss. NEVER TRY TO GET THE PREFECT ENTRY, GET THE SURE ENTRY.
- Once the prices hits 0,334 take some profit or higher your stop loss to a reasonable spot so you make good money with out risking of closing a trade where you could make more, remember manipulation is hard when they try to knock out the stop losses.
- if the price hits 0,347, take a substantial amount of you profits, higher your stop loss to 0,334 at least and expect a fall to 0,334 or even 0,31 where you will buy in again ( of course this can change depending on the bearish momentum of the market).
- finally if the price shoots over the hulk of bearish trend lines, buy in like if you just won the lottery, because baby I can assure you, that you will see a rise !! Now you also need to be careful of fake break outs, those can be sons of b***hs, it is hard to see them coming, so leave some space in beween the trend line and your buying target. I would that when we are reaching these kind of levels to leave a big space to be sure ! Better safe than sorry. So leave maybe, 0,04 of space, now of course this space depends on the momentum of the bullish market.
Hopefully this article helped you,
Happy trading and make money.
Piers Thackray
Become
