Is XRP dead? Why BITCOIN is still bullish

Is XRP dead? Why BITCOIN is still bullish



what is going on traders welcome back to the travelling trader happy Thursday to you so the market cap the crypto market cap has recovered a little bit it was down to about 307 I think the last time I checked it last night it is now up to 318 billion so a recovery of about 10 billion on the market cap and you see the you know some of these Bitcoin and obviously some of the top alts recovering in USD value as well there's a few that took huge hits Bitcoin sv litecoin took a huge hit yesterday and now it has recovered slightly it actually went under $100 I'll talk about litecoin in a second X RP is down almost 9% Bitcoin cash I mean you know you see the the numbers here in in red there are very few coins that actually have seen any sort of rally in the last 24 hours at least top coins that is so let us take a look at these coins individually I'll start with Bitcoin obviously because that is the one that most people are interested in so if we take a look at Bitcoin on the daily and here's the interesting thing about Bitcoin is we are still maintaining bullish patterns all around so here's Bitcoin on the one day if you take a look at the formation that it developed in the last couple weeks or so we have this classic bull flag it broke out of the bull flag obviously hit almost you know 13 13 thousand three hundred and we have retraced since that since then and have actually hit a low yesterday of around eleven thousand one hundred now it's clear that it bounced off of the 21 EMA the 21 daily MA which is this white line which also happens to be above the support line of this bull flag which used to be resistance and is now support so you can't say that this pattern is invalidated it is still confirmed it is still a bull flag it is still a positive break and that is not retesting support something that you know coins and stocks and really chart herbal assets something that is is a very usual behavior for them once they break out of bullish patterns they go back to retest support and the market tries to validate whether they believe in that bullish rally or not and so far you know Bitcoin is still bullish regardless of what the perception is you know the the the most recent perception is on Bitcoin right obviously there's a recency bias with trading more so than I've seen the most endeavors in life you know it seems to be that what it would what is happening currently is what sticks in traders Minds and it's very hard to develop a an overall perspective or a long-term perspective that's why buying the dips is something that that you have to practice over time and it's not something that comes intuitively because buying the dips goes against every short-term trend or every short-term instinct that you might have impulsively you know you don't want to buy the dips because something is declining however over the long term that obviously proves to be the best strategy in terms of making money in most markets so that is Bitcoin on the one day still bullish you know just bouncing off the 21 EMA I mean it's it's not even like we bounce off of the the 50 moving average which is at around 9700 currently you know we're bouncing off the 21 EMA not bad looking at Bitcoin on the 4-hour you'll see that if I just remove these drawing tools here you'll see that Bitcoin obviously formed the the inverse head and shoulders I'll draw it just really quick but here's the left shoulder the head and the right shoulder and if you look at where the neckline is we are still above that so Bitcoin is still maintaining a this bullish pattern here right if we fell below the neckline and closed below it then it would invalidate this pattern however we have not and you see the RSI curling upwards obviously we still can but I'm just saying so far Bitcoin hasn't shown the desire to go below these bullish patterns or to invalidate these bullish patterns and drop below support Bitcoin on the one-week here is what's dictating everything I believe right and I've mentioned this in the last few videos but this is what is dictating the whole price action on Bitcoin at the moment you have this rounding bottom here which is obviously a bullish pattern and a possible trend reversal pattern coming from a downtrend you want to see rounding patterns the most during down trends because this is what's signified especially over the long term right like this rounding pattern has been going on for over a year now starting in January 2018 so the longer that this pattern is generally the the more solid or the more valid it is but you want to see these coming from down trends because they tend to signify trend reversals to the upside but this is clearly what is dictating Bitcoin right now this is why bitcoin is struggling to get you know back to the that 13:8 level and stay there it's not sticking there you see obviously these wicks here a couple weeks ago and this week going above this resistance line that we see here of around eleven eight eleven nine but you know this is clearly a stubborn level and it is dictated by what has happened in the past right when we dropped when we hit the the the crypto market crash and we dropped from all-time highs we tried to reverse and and cross above this resistance in order to maintain the bullish rally but we couldn't and that eventually is what led to the continuation of the crash down to you know swing lows of 3,200 that we saw back in December and even January of this year so this right here is dictating everything so anytime that you see the price rally and come back down it's because of this stubborn resistance that the market cannot accept yet and the minute that we cross over and close above eleven eight on the weekly right and and the weekly candles go from Monday to Monday UTC so depending on which time zone you're in it might be Sunday where you live but it's Monday to Monday midnight UTC so the minute that we close above that on the weekly then you know the market will believe in this rally and we will see we will most likely see the most plausible move right we're not fortune tellers but instead we are think we'll analysts and we want to know what is the most probable move and adjusts our trades accordingly so the minute that we close above eleven eight on the weekly the most plausible move then is a continuation of the bull rally hopefully back to all to retest all-time highs eventually right but you see how long this rounding pattern has taken so this bull rally is nothing like the bull rally we saw at the end of 2017 as a matter of fact this is what you want to happen right when we see these parabolic rallies you know even people that believe in crypto or traders that are bullish are optimistic about the price of Bitcoin you don't really believe what's going on here you start questioning whether Bitcoin has any business being at this level it happened so fast we weren't from 10k to 20k in a period of 14 days right exactly two weeks so this rally is definitely nothing like the last rally and you want these long term bullish patterns to sustain over time because the longer that they sustain the more the market will believe the price discovery that bitcoin is trying to achieve so overall I'm still bullish I would not be surprised if we spent you know another couple of weeks at this level and and turn this into you know some sort of cup and handle pattern before breaking out I do believe that we will eventually break out the momentum is saying that much we will eventually break out and and start to retest 13:8 and then you know the 16 level that we see here sixteen thousand one hundred and then eventually the the all-time highs and then that will be the moment of truth I obviously there will be a major struggle at 20k most likely before trying to cross above but if we stay at 20k and now we're thinking very long-term but if we stay at 20k for longer than a week which you know is something that we couldn't sustain the last time we hit 20k then you know the market will start believing in that resistance level and potentially turn that resistance into support anyway that is long term I you know I don't I don't want to play the the fortune-telling game let's get above close above eleven thousand eight hundred first on on the weekly that is the level that you want to monitor at home so looking at litecoin let's take a look at like one I want to take a look at some of these top alts and talk about the buyback levels I sent out alerts for these top alts and if you want access to the trade alerts link is in the description and I sent out an alert for litecoin yesterday buying at two levels we first bought at the point three to fib level here as well as an alert for the 0.5 fib level right so the point three to five level was around 98 dollars litecoin did hit that and and seemed to find support there it dropped down to 95 dollars for a second before now finding support at over back over a hundred dollars so 105 so we've recovered a bit made a little bit of profit you know over just a couple of hours really just by buying the dip I do have a buy scheduled at 84 which is where the point 5 fib level is just in case we drop further but we do have also bullish divergence hidden bullish divergence between the price the RSI and the MACD where the RSI and the MACD are making lower highs and the price is making a higher high I know that this looks a little bit messy and this right here just denotes I was just measuring the drops that litecoin has had since its rally from 20 dollars back in December 2018 where we initially got in again if you want access to the trade alerts link is in the description so we see that Ito back in April from April to May litecoin sustained a 34% drop before continuing the rally and then back here from May to June we sustained a 20% drop and now this drop measured around 35% similar to the one the correction that we saw back here in April looking at EOS I sent out a trade alert for EOS as well at the 0.618 fib level which was around the 200 ma so we had a little bit of confluence there and you know it did hit the the 0.618 fib level and now is finding support a little bit above that so the 0.618 was at 4 dollars and 30 cents which is it funny enough exactly where it hit if you look at the the low here and just hover over this candle you see that it hit 4.38 and 4.38 is worth 0.618 fib level hit so you know these this isn't magic I mean these indicators are there for a reason it's because they are reliable and have you know proven that the test of time obviously it doesn't mean that those indicators have to hold or that you know that they don't have to project exactly where the coin or the stock is going to go but they are reliable markers for a reason when you see a confluence such as you know if there's a moving average that's around a keyfit level that's around a key support level then you have a confluence telling you that the market is likely to find support there and currently we are finding support there and we definitely bought the dips at point six one eight and you see now the RSI starting to crawl into oversold territory right and here's this is a kind of divergence right so the last time that EOS was oversold back in December the price was around a dollar sixty and you know this time we're oversold in the price is around four dollars and thirty cents so you know the the higher the higher price with the RSI being oversold is a definitely a kind of divergence and one that you want to see because that is what would support you know a further price rally up you need to see these momentum indicators reset to a certain extent before another rally up that's why they oscillate right that's why they go up and down or else you know they would be never-ending linear lines looking at XR P this is the perplexing one here man XR P you know while we did have some successful swings on XR p within certain ranges so you know within this this channel that you see here for instance before the drop that we saw yesterday you know there was a a channel that was rather predictable within a certain time frame and XR P has had a tendency to do this where you can you know play the swings within this channel however if you look overall XR p really is one of the only top coins that hasn't seen any sort of signs of a reversal so this is the all-time high here in January where we hit that you know famed three dollar mark but essentially it is just a pea of lower highs and if you look at something like Bitcoin what happened with Bitcoin the the reason that we turn bullish on Bitcoin eventually is because yeah I mean you do see these periods of lower highs but there was a point in which Bitcoin reversed above a lower high right so if you look at where is my arrow here goddamit oh I'm blind here it is so if you look at Bitcoin this lower high here once we crossed above it this was at around 6500 once we closed above it then we started believing in a potential reversal and then we started closing above multiple of the previous highs right you have this one set here at around 8300 you had this one set here at around 10,000 so once we started crossing above these and closing above them comfortably then you could reliably say that bitcoin is in a reversal pattern but this is something that XRP hasn't done we really have not closed above a previous high we flirted with it a little bit but haven't really closed above a previous high and we were stuck here kind of in this range between you know 30 what was this like 36 cents and 50 Cent's really for a couple of months two or three months here and we just saw an epic drop again now there is a clear support level on XRP where I'm willing to buy back which is around the 29 cent level and that's because of this long term support that we see going all the way back to December so if XRP hits this level then I am definitely a buyer of XRP but only for a swing I don't know that I would buy and hold it really because it hasn't proven to us that XRP wants to reverse and hit a reversal trend and potentially continue a rally back to you know at least some of these previous highs but it hasn't even really managed to close above a previous high so you know until XRP sees a real reversal or or shows us that it wants to potentially jump on a reversal trend I will just continue to swing trade XRP buying and selling in the short term and again I'm a buyer at around twenty nine cents and one more time if you want access to the trade alerts link is in the description you also get access to the stock trade alerts if you hit the diamond trader if you get the diamond trader and above a couple of stock trades that we've successfully managed over the last few weeks we're up thirty five percent on semantics it is seeing a you know a bit of a retracement today but I have a minus 5 percent stop limit on on semantics in order to protect our profits Disney obviously hitting all-time highs and you know from when we got in at around a hundred and thirteen dollars it is now up 27% Microsoft also hitting all-time highs got in a little bit late on on Microsoft I wish I had taken advantage of this drop but you can't always catch a falling knife right this this level right here wasn't it wasn't really discernible falling below the 50-day however we did we're still managing a 5% increase on Microsoft also hitting all-time highs that is it for this video if you have any questions leave it in the comments section below thumbs up if you got anything out of this video subscribe to the channel if you haven't done so already I don't know what you're doing if you haven't stay safe out there traitorous pace

You May Also Like

About the Author: Maximilian Kuhn

14 Comments

  1. ✅💰Get access to the trade alerts and TA training here: https://www.patreon.com/thetravelingcrypto
    🔥🔥🔥I do a BITCOIN drawing for .03 Bitcoin on the 1st of every month for the Diamond Traders level and above.⚡🤑 Sign up!

  2. Owning ripple is like marrying a transexual. No amount of surgery or medication will turn that person into a woman. And no amount of effort can make me ignore that gigantic mountain of tokens that the ripple insiders printed for themselves.

  3. I like the fact that we have proponents for trading and not just hodling alone but most confuse buying and holding coins as investment. That's risky because most commentary about future predictions are wrong. Nobody knows for sure the future with bitcoin or the ALTs and speaking about capitulation and a reversal where the bulls take charge completely, you can only be sure when its already happened. A year ago, we thought it was a capitulation when btc dropped from about $20,000 to $6,000 and it was expected to quickly rebound and find new highs. To do well with cryptos, you need to find a working system to use in expanding that portfolio over and over again until the next resistance which many believe to be in the range of $10,000. I got 3.2 more btc last month and now in trading, and applying a currency prediction tool called ATRS to bypass crypto market risk, I won't divulge into that for now. The software is built and programmed with the ability to identify the rise of any cryptocurrencies when it's high and indicating when to sell out in the crypto market keeping you at a maximized profit payout and also automatically opt out when the prices of any crypto is going low. The real money comes with Research, trading and Patience. I will stop here so I don't bore you guys, but it is sure worth your time. in case you are interested in venturing into investing in Crypto and Digital Currencies, or perhaps you are trading them but you don't understand what you are doing, Hope this advice helps because in the long run what it all comes down to, its just crypto, You and Me hopefully making the right decisions, feel free to get in touch with me, I will be sure to guide and assist you with any information you may need to invest in these new and unpopular crypto and digital currencies that are making waves at the moment (jaxonelliot001 @ gmail dot com)

  4. WTF is up with XRP? It's the coin with the biggest use case and immense potential. Something fishy is going on.

  5. As soon as the SEC says XRP is not a security then financial institutions will start buying and price will rocket but until then it will likely keep going down especially as just about everyone seems to want to get on the XRP bashing wagon.

  6. Don’t give up on bitcoin contact Philip on WhatsApp +1 (239) 579‑6274 he’s the best I invest with him and he help me to generate 5BtC Into my wallet this is real and legit so reliable

  7. Thanks for another down to earth, competent and realistic analysis. Bitcoin is rather unpredictable so we have to just do what we have to do 😊… My only advice for current investors and newbies is to take advantage of Mr Walter’s program, a pro trader who’s is helping investors/newbies recover loss from the crash and also accumulate more bitcoin through his amazing trading strategy, with his program I went from having 1.5btc to 11btc in just 3weeks. You can reach him on Waltertrading10 @yahoo or telegram @Waltertrading12

Leave a Reply

Your email address will not be published. Required fields are marked *