Insights for the Asian Crypto trading session Wednesday 30/01/19
BTC/USD: Bitcoin nursing minor loses, gradually extending towards $3000
XRP/USD: Ripple moving deeper into big demand area
ETH/USD: Moving within a steep channel south
EOS/USD: Breaks $2.30-$2.60 range, plunges as low as $2.20
BCH/USD:Heading back toward psychological $100 support level
XRP Technical Analysis: Ripple moving deep into demand area
XRP gradually moving deeper into big demand are looking for buyers
Demand area near term at $0.2850 cents holding price for now preventing deeper fall
Near term descending trendline seen capping upside for now towards $0.33 cents
XRP/USD Hourly chart
XRP/USD: Ripple continues to move lower into a strong demand area between $0.25-$0.30 cents as represented by a descending triangle pattern on the hourly chart. In descending triangle chart patterns, there is a string of lower highs which forms the upper line. The lower line is a support level in which the price cannot seem to break, in this case $0.24 cents. In the chart above, you can see that the price is gradually making lower highs which tells us that the sellers continue to gain ground against the buyers. Now most of the time, and we do say MOST, the price will eventually break the support line and continue to fall.
However, in some cases, the support line will be too strong, and the price will bounce off of it and make a strong move up.
The good news is that we don’t care where the price goes. We just know that it’s about to go somewhere. In this case, we would place buy entry orders above the upper line (the lower highs) around $0.34 cents and sell entries below the support line of $0.24 cents.
Hourly Technical Analysis Summary: Buy
Moving Averages: Buy
Support 1: $0.2850
Support 2: $0.2730
Resistance 1: $0.3050
Resistance 2: $0.3160
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