#Ripple
Here you can see the power of being patient and waiting for confirmation. Do you remember what I was talking 2 weeks ago? I was waiting an entire week to see a weekly close above 5200. That would be sign for me to keep my long positions opened and to add more.
The entry was at 5000 (I shared a signal with entry between 4900 and 5100).
Because I got great entry, I had that opportunity to allow myself holding position and waiting for confirmation.
It didn’t happen, I took 50% of positions off. Then I was monitoring daily time frame and took 50% on the move up around 5400.
Then I tried with long around 5300 with tight stop-loss at 5200 to give it a try but got stopped out on that small long.
This is what the trade management and confirmation look like. No close above, you have to take risk off. Check our previous weekly update where we suggested you do the same.
What now?
This looks disgusting in my opinion. Being rejected from weekly MA forming bearish candlestick formation and on top of that, close below support.
I will think of shorting this (probably I would skip that option unless I get great setup) but longing will happen only if we see ripple going back above 5500.
The only reason I have to give longs chance and why I am resisting to short is high lows on the daily time frame. If we lose this second low around 4600, I do believe a new low will be reached.
To conclude, we are not in a position and will enter only if we get a great setup. We shift our focus from Ripple since bullishness disappeared and we will come back when it becomes interesting again.
Here you can see the power of being patient and waiting for confirmation. Do you remember what I was talking 2 weeks ago? I was waiting an entire week to see a weekly close above 5200. That would be sign for me to keep my long positions opened and to add more.
The entry was at 5000 (I shared a signal with entry between 4900 and 5100).
Because I got great entry, I had that opportunity to allow myself holding position and waiting for confirmation.
It didn’t happen, I took 50% of positions off. Then I was monitoring daily time frame and took 50% on the move up around 5400.
Then I tried with long around 5300 with tight stop-loss at 5200 to give it a try but got stopped out on that small long.
This is what the trade management and confirmation look like. No close above, you have to take risk off. Check our previous weekly update where we suggested you do the same.
What now?
This looks disgusting in my opinion. Being rejected from weekly MA forming bearish candlestick formation and on top of that, close below support.
I will think of shorting this (probably I would skip that option unless I get great setup) but longing will happen only if we see ripple going back above 5500.
The only reason I have to give longs chance and why I am resisting to short is high lows on the daily time frame. If we lose this second low around 4600, I do believe a new low will be reached.
To conclude, we are not in a position and will enter only if we get a great setup. We shift our focus from Ripple since bullishness disappeared and we will come back when it becomes interesting again.
#Ethereum
We saw 2 weeks price testing $245 price level and last week it finally closed below.
On the weekly time frame, next support is $210.
On the daily time frame, we can see an empty space exactly to that weekly price level so on Ethereum we are not in a position but looking for short entry targeting the area around $210.
It is very simple, we got close below important weekly support that is not acting as a resistance. As long as we are below that resistance, we can target next weekly support and in this case, it is $210.
We saw 2 weeks price testing $245 price level and last week it finally closed below.
On the weekly time frame, next support is $210.
On the daily time frame, we can see an empty space exactly to that weekly price level so on Ethereum we are not in a position but looking for short entry targeting the area around $210.
It is very simple, we got close below important weekly support that is not acting as a resistance. As long as we are below that resistance, we can target next weekly support and in this case, it is $210.
This was our first #CryptoMonday. From now on, every Monday morning we will do an update on 3 major cryptos in our free channel and 7 more coins in our paid channel.
We will try to do them as soon as possible after weekly close occurs because as we can see weekly close usually predetermines the week ahead and by doing this we will keep our members updated on time and prepared for a week ahead.
We will try to do them as soon as possible after weekly close occurs because as we can see weekly close usually predetermines the week ahead and by doing this we will keep our members updated on time and prepared for a week ahead.
#TechnicalEvening 2 is coming tonight as promised. The next #TechnicalEvening will be on Friday and then we will have #TechnicalEvening every Thursday and Friday evening!
#TechnicalEvening
Last time we analysed major coins. This time we will go for mid cap coins. We hope you will enjoy it.
Last time we analysed major coins. This time we will go for mid cap coins. We hope you will enjoy it.
Looking at these two charts, we can see that this coin is facing big resistance.
BTC pair broke below its support and left the trading range.
The only way to consider BTC pair bullish again is if price reclaims broken support and it would be really bullish if it breaks above the upper area of the trading range.
USD pair is still in the range facing resistance third time.
For this coin to become interesting we need 2 things. BTC pair has to reclaim broken support and reenters back to a trading range. USD pair has to break above the trading range.
As long as we do not have these two confirmations, this coin is not interesting to us because it looks very bad after losing its support.
BTC pair broke below its support and left the trading range.
The only way to consider BTC pair bullish again is if price reclaims broken support and it would be really bullish if it breaks above the upper area of the trading range.
USD pair is still in the range facing resistance third time.
For this coin to become interesting we need 2 things. BTC pair has to reclaim broken support and reenters back to a trading range. USD pair has to break above the trading range.
As long as we do not have these two confirmations, this coin is not interesting to us because it looks very bad after losing its support.
This is one of the coins that look decent. Yeah, it lost support but it got bought up quite nicely and a little more push to the upside it will reclaim broken support and it would be a very bullish sign.
So not buying below broken support that is now acting as resistance but if that gets back above that broken support, this will be coin I would like to buy.
As long as it is below that support, I am not interesting!
So not buying below broken support that is now acting as resistance but if that gets back above that broken support, this will be coin I would like to buy.
As long as it is below that support, I am not interesting!
BTC pair is testing trendline that is currently acting as a support. Break below that support wouldn’t be great for this coin at all because that is main support since we do not have clear horizontal supports.
USD pair looks better. We had a break below support that was instantly bought up so that was a bullish sign for sure.
As long as the price is above support, it has more chances of going up.
If price starts closing below either of these two supports, I would take risk off and sell the coins because potential selloff may be quite nice and that is the loss you do not want to suffer.
USD pair looks better. We had a break below support that was instantly bought up so that was a bullish sign for sure.
As long as the price is above support, it has more chances of going up.
If price starts closing below either of these two supports, I would take risk off and sell the coins because potential selloff may be quite nice and that is the loss you do not want to suffer.