Hello Steemians!
As you might know I'm using XRP instead of Bitcoin, to try to predict the overall movement of the cryptocurrency market.
This chart analysis is pretty straight forward. This Bollinger band pattern is a bearish breakout. The conditions for a change or trend are not united yet, and we are clearly still in a down trend, althout things started to look a little bit better this week, it is wise to respect this signal, as simple as it might look. It can go as lower as $1.
And yes, I expect the rest of the market to make the same movement. Down. :)
This is my own opinion, don't use it as 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!
Tend to agree with your analysis as we have been overbought in the last few months. Give some time for the MAs to catch up then continue the upward trend, cheers.
Even if my $1 prediction is right, that will be forming an upward leg, nice bullish movement. :) If it goes lower, that's when we should worry ourselves.
Agree. Let’s keep an eye on this...