Eth & Xrp: Time for double bottom?

9 янв. 2020 г.

Both are breaking down at the current moment, can we expect Local Double Bottom now?

Well sadly yes it's my current stand, Xrp broke down and re-tested the lost level yesterday. From here there should be alot of downside to come even if Btc manage to hold 7 850.

For Eth it's pretty much the same situation but a day later, we are currently breaking from the important area of support at 140.8 - 142.1 if the daily candle closes lower we should see a re-test and more downside afterwards.

Let's look at indicators:

- Price action is around 2-3 days from entering the cloud, a drop below would make
totaly sense;
- Big sell volume on both when we broke up, and now volume is fading has we are
falling;
- Lost of MA50
- Little oversold on Macd & hit directly the resistance at 58(Eth) and 63(Xrp) on the
Rsi;

So what to expect?

From here alot more downside, the only thing that could give them some life is if Bulls manage to keep the 7 760 - 7 850 area on daily and afterwards start grinding back too 8 500.

I'm still going to try a short on Eth if we get a re-test, here's my personal play (Targeting around 12 - 13% move):

Portfolio Risk: 5%, Leverage: x10 - x25

Short: 140.1 - 140.3
Sl: 141
Target: 122.6

If you are already short on Xrp my target is 0.184.

If you have questions feel free to ask, or click on the link below you'll be re-directed to my groups.