Hello Steemians!!!
As you might already know, I'm using XRP Chart instead of Bitcoin, to try to predict the overall movement of the cryptocurrency market. Of course I also check Bitcoin, especially news around it. But here I usually focus on technical analysis on the XRP chart.
I didn't post the past 7 days to see how my prediction would develop, was starting to get confused. Althou the movement wasn't perfect, it did went the way it was expected. Yes I know, it formed a lower support after my prediction. A diferent movement from what I was expecting, something to look after on the next crash.
As you can see the movement, from which I predicted a change of trend, formed a new resistence and it has been broken in the past hours. Giving us a buy signal trought the technical analysis setup I often talk about.
And, as usual with this signal, most of the times there is a pullback, which is already happening. My price prediction for it is around $0,85, near the 21 moving average(or middle band). It might go way lower thou, and form a double bottom at $0,63.
The recovery in Bitcoin's price is crucial for the price movement of everything else, as we already know. And the bitcoin chart isnt looking as good as XRP's .
Another situation to have in mind, is usually trends don't change so fast where we now would have another bullrun, most likely the market will keep behaving like this, sideways, forming new highs and lows, in the same range of price.
Conclusion:
Buy signal is risky, but the market has shown us how low it can get already. Unless there are terrible news on the forge, it shouldn't go lower than previous bottom.
A good time to buy and Hodl, or wait for it to drop a bit lower and sell near current top. no time to get crazy yet.
XRPChart:
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.
I got me 1000XRP in the beginning off december they cost me 0,22ct a unit my plan for XRP is Hodl at least one year maybe even longer. UPVOTED & RESTEEMED
Thank you