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October 06, 2021 - Bitcoin and XRP Technical Analysis

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Avatar for rafaelken1989
Written by   44
1 month ago
Topics: Finance, Bitcoin, Trading, BTC, Markets, ...

DISCLAIMER: I am not a financial advisor nor certified analyst and definitely not a pro trader. All contents discussed on this blogpost are solely my own personal views and for Trading education/entertainment purposes only. Crypto/Cryptocurrency Trading is extremely risky where losses can exceed deposits. Enter with discretion. Do your own research and due diligence. The basis of this trading analysis is purely technical in nature.

A pleasant day to everyone that will read my latest article.

The previous TA that I have formulated last time has become invalid on a short term basis. The October month candle is very bullish right now, so we adjust our insights accordingly to the current trend I am seeing. I am doing my best.

If you still followed me on Twitter, I hope you do. Fingers crossed!

Bitcoin has broken the trendline in my tweet:

https://twitter.com/rafaelken1989/status/1444489767077380101

And I forecasted the $51K+ will be achieved though went longer than my time estimation but overall it was aimed.

https://twitter.com/rafaelken1989/status/1444536936396247045

Bitcoin indeed performed a capitulation when we try to look at the Wyckoff stage in weekly view.

We are back to mean reversion at least.

These my latest Bitcoin trade plan based on Fibs and Elliot impulses/waves:

Explanation:

A re-test on daily Ichimoku cloud to support one last time before gearing up back. Price correction is normal. We always accept it.

BUY ZONE: $47,800 - $48,000

SELL ZONES:

1. $50,000

2. $51,000

3. $53,000

4. $57,000

STOP LOSS ON: $45,000 where can lead to lower prices down low.

Also expect alts' explosion when Bitcorn consolidates in new range bounds of trading.

For XRP, I made a recent tweet as well, I am seeing a rounding bottom pattern for a parabolic move.

Details on the tweet:

https://twitter.com/rafaelken1989/status/1445641524935467010

We set guard on the price correction as possible dips:

Remember that XRP is still in the bigger 4th year bear market and offers the best reward setup knowing the facts of all the current situations it is facing.

BUY ZONES:

1. $0.99-$1

2. $0.87-$0.90

3. $0.80-$0.86

We will swing this one and I will keep an eye on the breakout price as a sign on where the possible top. So basically a mid to long term swing trade setup.

All I can say is XRP is in a very sexy triangle trend.

That is all for now. I hope you find this fresh update from me useful and educational.

Thanks a lot for continued patience and patronage,

Wish you best of luck as always.

Cheers and yours truly,

Ken

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Avatar for rafaelken1989
Written by   44
1 month ago
Topics: Finance, Bitcoin, Trading, BTC, Markets, ...
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