I just wanted to provide a quick update to this experimental idea and it was great news that Ripple had a breakout move. I entered long at 1.80 and so I did miss the low but looking now at the chart it was foolish of me to miss it because of the trending lower lows in the consolidation.
Bitcoin could follow a similar path however it has steadfastly stuck to it's support lever around 12000 so far. I can only plot two potential pathways for now as there is not yet a clear indication that this support will be broken. If it does fail we could see BTCUSD fall to the 8500 range or potentially lower.
As you can see the 50 MA is creeping down on the 200 MA and this will not have a good result when it crosses, so we will watch this move carefully and possibly one strategy would be to exit on an uptick and wait the move out.
Happy New Year everyone! And happy trading, wishing you the most successful trades for this coming year!
Bitcoin could follow a similar path however it has steadfastly stuck to it's support lever around 12000 so far. I can only plot two potential pathways for now as there is not yet a clear indication that this support will be broken. If it does fail we could see BTCUSD fall to the 8500 range or potentially lower.
As you can see the 50 MA is creeping down on the 200 MA and this will not have a good result when it crosses, so we will watch this move carefully and possibly one strategy would be to exit on an uptick and wait the move out.
Happy New Year everyone! And happy trading, wishing you the most successful trades for this coming year!