Cryptocurrency market| Price predictions and Updates XRP
Hello Steemians!!!
As you might already know, I'm using XRP instead of Bitcoin, to try to predict the overall movement of the cryptocurrency market.
Finnaly we got some signals that the trend is starting to change.
In this image from the 4hour chart we can see a small gap, and the price already broke the high of the first candle. So this is a bullish signal. As usuall everything develops very fast in cryptocurrency, in the next couple of hours we will find out if the previous gap around $1,50 offers any resistence or if it will go to $1,7.
If we look at the big picture, we can see the formation of an upward leg, a strong trend reversal pattern, that is nothing more than the formation of a higher bottom. Pretty reassuring after the price bouncing back from the bottom of this channel.
If we wanted to get ballsy with our prediction, we could take the Fibonacci sequence, from the previous movement, and project it from this higher bottom. This tells me, the next significant correction will happen around the $2 mark.
If this is really to happen, I think it will during this day, or maybe till tomorrow, as I said, and you know, how fast the cryptocurrency market moves. We have yet to see how it develops around the closer, less important, resistences.
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!
what could be the reason for sudden xrp push? any new partnership?
Just overall sentiment of the market, the players feel the price as gone low enough, and are willing to pay that much to get back in action.
the steem currency has been afected by this?
I think the reall question here is: What guitar is that? ^^
Yes, Steem price is pretty much affected by the price movements of the "major houses" Bitcoin, Ethereum, XRP. I use XRP alone to predict the overall movement of the market,using technical analysis, because it has shown me, it is the more reliable char to do so.
hahaha, Jackson Demmelition King-V, Machinhead's Phill Demmel signature
Nice, man!!!