Insights for the Asian Crypto trading session Friday 08/02/19
BTC/USD: Trading slightly lower overnight, vulnerabilities to downside remain
XRP/USD: Trading up with minor gains, still seen sub $0.3000 cents
ETH/USD: Heading towards huge demand area at $100
EOS/USD: Short term technical indicators turn negative
BCH/USD: Price contained below the 100/200 hourly MA’s
XRP/USD Technical Analysis: Confined to descending wedge pattern
Ripple seen holding small gains overnight, still trading below $0.3000 cents
Price action still seen stuck within the confines of a descending wedge pattern as seen on daily chart below
Descending wedge pattern been in play since September 2018, breakout seen very soon
XRP/USD Daily chart
XRP/USD: Ripple’s XRP was trading up with minor gains in the latter part of Thursday, in positive territory by just some 0.50%. XRP/USD price action has been moving within, the confinements of a descending wedge pattern.
The above-mentioned pattern formation has been in play since September 2018, with price edging lower within this. Narrowing in the price action can also be noted, which would suggest a breakout could be seen very soon.
The falling (descending) wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam.
In terms of important barriers to note, $0.3095 represents weekly resistance, while to the downside $0.2810 important previous weekly lows.
Hourly Technical Analysis Summary: Sell
Moving Averages: Strong Sell
Support 1: $0.2850
Support 2: $0.2799
Resistance 1: $0.3055
Resistance 2: $0.3096
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