The prices of the # XRP trace yet another bearish flag, which seems to want to push prices towards the lows of the scors month or zone 0,44-0,36 €.
Let’s start immediately with the expose image 1 containing the XRP price chart on timeframe 4h:
Image 1: TradingView – XRP – 2018-05-13 – Timeframe 4h: Bearish Flag
We can see the current bearish flag in black, followed by a decrease in volumes.Already in the previous days a bearish flag had been created, traced in purple, which led to a collapse in prices of around 15%.
We must not underestimate the context, or the #Bitcoin that is pushing down the #ALTCOIN.
In the current situation everything suggests an exit from the market waiting for a better situation. If instead you want to stay inside it would be advisable to insert a stop loss under the bearish flag.
The #Bitcoin is in freefall, falling to 8268.69 usd at the time we are writing the article, even many #Altcoin who are following.
As you can see in image 1, the bitcoin has drawn a double top and then re-starts the descent phase:
Image 1: Tradingview – BTCUSD – 2018-05-12 – Timeframe 1 day – Double top
Look at the prices in the long run seem to move within a triangle, the current top two could then push us to the bottom of the triangle or around 6300 usd, and then re-initiate to rise in a later phase.
The price trend on therefore suggests to divest because losses could continue: the double top pattern indicates a phase of substantial price drop.
At this time also many altcoins seem to follow the bitcoin, such as #EOS which reports a loss in the 24h of 6%, or the # ONT of 8.81%. Attention must also be paid to those that are currently uphill because they could also be influenced by the #BTC.
Today’s BTC article, more than a real technical analysis, underlines the uncertainty about the current bitcoin trend: Bullish or Bearish?
Following the rupture of the raising wedge, the price of bitcoins fell from around € 8,000 to the current € 7,700.
In picture 1 the current situation on the BTC / EUR chart on 1 day timeframe:
Image 1: tradingview – Timeframe 1 turn – BTC 2018-04-24
Currently we have:
- the indicator RSI on a 1 day timeframe which is still in a hyper-protected area;
- A static resistance dictated by the relative maximum of 22/03/2018;
The situation is therefore neutral , or there is much uncertainty.
For those who want to remain in the market, a possible approach is to set very stringent stop losses: they could trigger a vacuum but better than risk big losses.
For those who want to be safe in this situation, it may be appropriate to leave the market and see how the situation evolves.