Hello my legion of followers :) First off let me tell you, I don't post more often because I just don't have a clear signal to talk about. This small recovery could be just a bulltrap. I really want to believe it's the start of a new uptrend. MACD crossed below 0, and you know how accurate the MACD has been. 😁
I decided to analise XRP instead of bitcoin, for the overall prediction to where the market might go, because it has shown to me, the better coin to do this. A big correction was expected from the overall movement of the cryptocurrencies I usually talk about. But XRP was sugesting a blood bath, and that's what happened. Also ETH, but slightly more confusing. Until it proves me wrong I'll stick to XRP. Call me crazy if you want.
Nevermind the retracements for now, let's focus on the middle band. If the price goes below the middle band (MA21), and closes below the candle, that closed below the middle band (confusing?), this well tell me to stay away from any buy. As the price will probably start to go sideways for a while now, between this range, $1 to $1,75, which can of course be a great trading opportunity.
On the bright side of things, this movement with the cross of MACD below 0, is usually the first leg of a reversal that is followed by my system entry.
This is my own opinion. Don't use it has financial advice.
For my predictions, I use a technical analysis trading setup I explained here, and also my knowledge of other setups along with common support and resistence lines, and Fibonacci levels.
As you can see I don't have a huge following base, so if you want, you can help me by resteeming this post.
Thank You!
Do you see any correlation between XRPUSD and BTCUSD?
Regarding to ETHUSD I am looking for correlation with BTCUSD, but currently these two move like twins. I am looking for confirmation for that sort of ideas.
Thaks for sharing your analysis!
They are all correlated to BTC, there is just no way around it. You have to buy BTC first, in most of the exchanges, in order to buy everyother coin or token. And that has a huge influence. Let aside, the fact that bitcoin is the mother and flagship for blockchain.
What I said in my post was, that for me, right now analysing XRP is best for predicting the overall direction of the market.