Hello and welcome to another analysis.
Today I have decided to add XRP to the analysis becaus of its its notoriety and it's very active community.
So without further waste of your time and mine, let's get started.
I have done an analysis on this a few hours ago, and price has developed a bit since then.
The overall structure remains the same: Bearish.
I wouldn't touch BTC or alts right now because of the high amount of volatility in the markets right now.
However, a good shorting opportunity would be a retrace to the mid range (the mid point of the range, and the second yellow line). That would provide a high probability short entry because we are still very bearish.
Don't enter any alts unless you want to see where you should buy.
In the previous analysis, I explained that a buy of the 50EMA would be an amazing spot to get in.
Had you gotten in with that analysis, you'd be up about 8% on spot, and 80% with the 10x leverage I recommended. You're welcome.🤓
However, BNB rallies don't last very long. The whole market is quite bearish right now, so I would be taking profits off this and waiting for any retraced to the mid point.
BNB is rather easy to trade once you understand how it moves.
Now that the DXY has calmed down a bit, I can start showing USDT charts against BAT.
And it still looks pretty bad from any stand point. Yeah, I won't blame BAT as the whole market is pretty bearish right now, but BAT has been falling since the last analysis.
It did give a small bounce amist all the redness(this was the magic zone I explained in the last analysis), but that bounce was short lived and price continued downwards.
A good buy spot would be around the arrow, but I would set a very tight stop at that region because of the overall sentiment being quite bearish.
XRP is bearish on another level. This looks to me like someone with enormous size is enjoying the ride down from low to low, and it shows. Price disregards support altogether and crashes beneath it.
To be fair, the RSI does indicate a possible bounce in the short term, but I don't expect it to be a recovery of any sorts.
If for any reason you hold this coin, I would highly suggest you get rid of it as soon as that bounce occurs. This is rather bearish and it shows.
That's my analysis guys! Thanks for reading!
If you enjoyed it, a like and tip would be magnificent!