Hi fellow Steemians, fellow investors, traders and crypto enthusiasts. We will be looking at two of the cryptos we currently are watching.
Head and shoulders pattern on BTC/USD daily chart.
Bullish pennant on USD/XRP daily chart.
Lets have a look at the charts
***Disclaimer***
Please keep in mind: The risk of loss in trading can be substantial. I am not offering financial advice nor am I telling you how or what you should be trading. I will simply be applying charting techniques I have learnt over the years. If, of your own free will, you decide to trade never trade with money you cannot afford to lose and if you do trade, try to spread out your trades on multiple assets. A diverse portfolio is much better than only holding a single asset.
***End of Disclaimer***
Bitcoin/USD - Daily Chart - Head and Shoulders
After the bearish move and break of the neckline, the price has found support. There could be a bounce from this level however judging by the pattern we should be seeing further downward momentum. I will be waiting on the sidelines for now until I see a good entry signal.
US Dollar/Ripple (USD/XRP) - Daily Chart - Bullish Pennant
Ripple has moved way low to just above 0.15. I underestimated how far back it could pull back. I will be watching the price action of the next couple of candlesticks to see if this is a good entry or if this is just a failure of the bullish pennant and prices are heading down.
So fellow Steemians, investors, traders and crypto enthusiasts what is your take on where the price of these cyrptos is going? Do you agree or disagree with this analysis or do you have your take on what the chart is showing ?
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Thank you.
Resources
Coinigy - Online chart tools for Cryptocurrencies - Affiliate link
Coin Market Cap - Excellent resource with a loads of cypto data