$BTC increasing, $XRP and other cryptos can't keep the paceNewsletter 10/05
Key levels
Short term
Supports—> S1: 0.000046 & S2: 0.0000415
Resistances—> R1: 0.0000545 & R2: 0.0000585
Medium/Long term
Supports—> S3: 0.000037 & S4: 0.000041
Resistances—> R3: 0.000062 & R4: 0.000065
Potential scenario
This XRP/BTC chart shows the negative correlation of BTC with XRP. BTC has been increasing in value since mid December, reaching 2019 highs at $6300. The vast majority of the other coins have been increasing as well but at a slower pace. This means that, in a more bullish market with BTC as base coin, your open positions will become negative. While BTC continues with a bullish direction, XRP/BTC will keep decreasing.
TA comment
As deployed in the chart, Kaufman’s Adaptative Moving Average ( KAMA ) has been following this downward trend perfectly. If selected to Buy and Sell along with shorting settings, it would have shorted your XRP positions until it buys back once the downtrend ends. Therefore maintaining the value of your XRP.
Pattern
This downtrend, mainly caused by the increasing BTC price, is having strong downward movements produced by the continuous BTC pumps. These downward movements are characterized by long red decreasing candles which feature the pattern Long Line Berarish , a bearish continuation pattern represented by one candle with a big body moving down.
--Cryptohopper--
