Market Update

Insights for the Asian Crypto trading session Friday 1/02/19

  • BTC/USD: Bitcoin bulls fighting to defend $3,400 level

  • XRP/USD: Big failure to break resistance after near 20% rally

  • ETH/USD: Holding above key psychological $100 level

  • EOS/USD: Claws its way back into previous range block $2.30-$2.60

  • BCH/USD: Confined to descending wedge for now

XRP Technical Analysis: Confined to descending wedge formation

  • Ripple exploded higher from previously noted strong demand area yesterday

  • XRP rallied almost 20%, breaking descending wedge formation before failing to hold critical support and falling back

  • Near term seen heading back towards key $0.30 cent level as bears regain control

XRP/USD  Hourly chart

XRP Hourly 01219.JPG

XRP/USD 4 hourly chart

XRP 4 hourly 010219.JPG

Forecast Update

XRP/USD: Ripple’s XRP was seen nursing losses of some 4% in the latter part of trading overnight after failing to maintain the upside momentum gained on Wednesdays explosive rally. XRP/USD bulls ran out of steam at critical resistance after a 20% advance leaving bears to regain control.

XRP/USD ran into a big known area of resistance, seen running from $0.3300-0.3400 price region representing the top of the descending wedge formation.This has been very much the upper part of the narrow range through this month. The price has not convincingly been above this territory since 10th January, when it crashed to the downside.

In terms of big barrier of support, $0.3029, and $0.2932 weekly support will be key on this price pullback. Aside from the noteworthy barriers of support, the chunky area of demand remains from $0.3000-0.2500.

Hourly Technical Analysis Summary: Neutral

Moving Averages: Neutral

Oscillators: Neutral

 Support 1:               $0.2972

Support 2:               $0.2855

Resistance 1:                $0.3391

Resistance 2:          $0.3546

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