- Ripple lacks room in the triangle, must decide its next movement soon
- Bitcoin can move down to the $10,800 baseline, not below
XRP/USD in good position to move ahead first
XRP/USD 240 Min
Ripple is approaching the vertex of the triangle that has been confining it since mid-December. There is no further room in the triangle, so it must make a decision on its next trend soon. However, the zone is tricky and potentially dangerous, since levels are next to each other and any slip could have important effects. Closing the term above $1.28 would imply a new technical framework and increase the upward profile. Below $1.20, a new downward scenario would force a profound revision of the next week price predictions.
MACD is slightly crossed up, just below 0. There is a lack of information right now due to the narrow price range in the past days.
The Directional Movement Index shows a moderate upward trend, although still in low levels. Both the D+ and the D- are moving above the ADX, showing a slight advantage for sales. This is the main indicator to watch at this moment, since purchases have been increasing and, should they reach the sales level, bullish hopes would take advantage.
Bitcoin, in the 61.8% Fibonacci arc baseline
BTC/USD 1 day
Bitcoin keeps developing a textbook retreat, right now just above a key technical level. It is supported by the $10,800 area, where the 61.8% Fibonacci arc level stands. Below that price, a new negative trend would appear, with dreadful projections in the short term. Above the Fibonacci baseline, it can move up to $13,500 in this same scenario. Only above this new level could we think about significant upside price movements.
MACD is showing a quite interesting pattern, with a very probable up-crossing in the next hours. Its standing below 0 matches a movement to the 50% retreatment level, where the money flow would decide.
The Directional Movement Index shows sales levels clearly above the buys, with the D- below the ADX and losing momentum. However, buyers are not taking advantage of this scenario, being still reticent to enter the BTC/USD.
IOTA following the trend, still with slight rises
IOT/USD 240 min
IOT/USD is moving right now at cents from the trendline it has been following since mid-January. The trend is at $2.32, a clear entry point with a swift exit should the price stop following it.
MACD is moving at equilibrium, slightly crossed up. As in all cryptos, the low volatility decreases the quality of the analysis it provides.
The Directional Movement Index is showing a slim advantage for the sales, although the purchases are close to them and any of them can be declared a winner. The ADX seems to be signaling a moderate price increase, but it is again not definitive.
Should I invest now?
These are quiet days with few movements that try the patience of the anxious traders, that can be led to take wrong decisions due to short-term information shortage. It is advisable to stick to our previous ideas, that predict price rises in the mid-term. Due to the current levels, those who are willing to close their positions if prices decrease should keep them until key levels are broken.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.