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EW Analysis XRPUSD: Bears May Not Be Over YetHello traders! Today we will talk about Ripple (XRPUSD), its price action from technical point of view and wave strcuture from Elliott Wave perspective. Ripple is moving to the downside since August with a five-wave drop from the 0.3295 highs. So, this appears to be wave A, as part of ongoing bearish reversal. In fact, current recovery looks very slow and choppy which usually indicates for a corrective (a)-(b)-(c) movement, ideally into a wave B that has already reached the first resistance at the previous wave four. Another reason why we think it's worth to keep an eye on another drop on Ripple is XRPUSD Longs/Shorts ratio chart, which we see it at the upper side of a range, at the resistance zone and it's telling us market is positioned long, expectations are for the rise, so simply it may not happen so easily, especially if we respect the past two cycles. Be humble and trade smart! If you like what we do, then please support us with a like and share. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
BITSTAMP:XRPUSD
by ew-forecast
TFUEL/USDT - major move aheadTFUEL/USDT is right at the tip of a symmetrical triangle if we look at it on the log chart and currently building support on top of the first big move (green dashed line). I lean more to the bullish side with this setup but you should also be prepared for a big move down which could move TFUEL to around .7 cents which means that you should either wait for a breakout above the trend line / a breakout on the RSI and / or place a stop loss if you enter now. It's possible to short TFUEL so it doesn't matter if you're a bull or bear, it's worth keeping an eye on this. Phenomenal risk-reward on this setup. Best of luck with your trades and let me know what you think!
by Wolfy_
6
KMB Golden Cross| Bearish Divergence| Blue Sky Breakout?Evening Traders! Today’s technical analysis will be on Kimberly Clark Corp that has retraced from its local top after a clear bearish divergence. Points to consider, - Price retraced to the .382 Fibonacci - .50 Fibonacci in confluence with structural support - Golden Cross in fruition - RSI diverging from price - Stochastics in lower regions - Volume nodes above average KMB has respected the .382 Fibonacci allowing the bearish divergence to play out; this has put in a local top. The .50 Fibonacci is in confluence with structural support, this being identified as a key trade location. The golden cross is coming to fruition, historically a bullish indicator as the price tends to rally. RSI is diverging from price, putting in consecutive lower highs, currently is neutral. The stochastics is projected downwards with stored momentum; it can stay trading in the lower regions for an extended period of time. The volume nodes are above average, indicating key trade locations are being tested in this major trend. Overall, in my opinion, KMB needs to respect the 200 weekly MA to increase the likely hood of breaking local resistance and confirming a blue sky breakout. What are your thoughts? Please leave a like and comment, And remember, “Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.” ― Yvan Byeajee
K
by The_Alchemist_Trader_
CGC Bear Trend|Critical Weekly Support|MJ Sector Evening traders, Today’s TA will focus on CGC which is in a brutal downtrend and is currently testing a critical support that if broken will send it to next local support situated at the $5 level. Points to consider, - Strong bear trend - Critical support being tested - Break of .236 Fibonacci (bullish case) - RSI broke key trend line - Stochastics projected downwards - Noticeable bear volume nodes CGC is in a strong bear trend with consecutive lower highs, this is evident across all stocks in the MJ industry. The critical support is currently being tested, due to the nature of the trend; it does have the probability of breaking. For a bullish case, CGC needs to break above the .236 Fibonacci level, this will put in a higher high and negate the overall bearish structure. The RSI broke its key trend line, this was coincided with the bear flag – the 200 MA also broke at this level. Stochastics is projected downwards, still has stored momentum to the downside and has not yet flattened out. CGC has noticeable bear volume on weekly nodes, a volume climax will send it breaking though support and put in a temporary bottom. Overall, in my opinion, CGC must hold this critical support; a break will send it to penny stocks territory where it can stay down there for a while. This is very similar to all stocks across the MJ sector. What are your thoughts? Please leave a like and comment, And remember, “Hope is bogus emotion that only costs you money.” – Jim Cramer
C
by The_Alchemist_Trader_
8