May Outlook On Ripple XRP

Analysis on Ripple shows more neutral movement between strong … However, things may be looking up for the coin as it continues to attract new …

Ripple (XRP-USD) continues to trade within the range identified in the long-term chart, as a lack of positive momentum continues to limit attempts by this crypto to join its contemporaries in pushing to the upside in a sustained manner. What lies ahead for XRP/USD as the month of May 2019 gets underway?

Fundamental Outlook

The Q1 report released by TNW chronicles the struggles experienced by Ripple so far in 2019. The report provided a detailed comparison between the performance of Ripple in 2019 and its performances in 2017 and 2018. Ripple has underperformed in 2019 so far, as it was not part of the cryptos that experienced a brief resurgence in the first quarter.

However, things may be looking up for the coin as it continues to attract new partnerships, the biggest of 2019 being its listing on Coinbase.

Ripple investors are awaiting news on banks utilizing its cross-border payment systems in a way that fully shows the disruptive ability of the tech and the way that XRP can be integrated for value. That hasn’t happened in 2019 despite a lengthy and impressive list of partners.

Technical Outlook

The technical play for XRP/USD starts on the weekly chart, where the price action continues to trade within the confines of a range that has $0.28408 as the price floor and $0.40198 as the price ceiling. This range has remained intact since January 2019, with volumes continuing to remain relatively low. This is a situation that favours range trading, and as long as there is a lack of positive momentum on these assets, we may continue to see prices range trading in the long term.

Description: C:UsersPCDocumentsEric GrantStock_imagesNew folderMay2019XRP_wkly.png

XRP/USD Weekly Chart: May 5, 2019

We step down to the daily chart to catch a glimpse of the mid-term focus for XRP/USD. Here, we see that in the midst of the long-term range, price moves are being contained within the borders formed by two converging trendlines: this is a symmetrical triangle.

Description: C:UsersPCDocumentsEric GrantStock_imagesNew folderMay2019XRP_dly.png

XRP/USD Daily Chart: May 5, 2019

Of interest to the analyst is the volume patterns observed as price is evolving within the pattern. Despite the fact that volumes are relatively low, we also see that the green volumes bars (buying volume) are longer than the red volume bars (selling volume). This is significant to the eventual resolution of this pattern, as price breakout in a neutral pattern such as the symmetrical triangle will usually occur in the direction that has the predominant buying volume during pattern evolution.

We also note the presence of two horizontal price levels. First is the 0.34000 level, which is an area where price has at various times found minor resistance. We also have the 0.28408 level, which is a support line that acts as the floor for the present price range on the weekly chart.

What do we expect will become of the price action as the rest of May 2019 rolls by?

Trade Scenario 1

The key support area of 0.28408 continues to remain intact, as does the resistance level marked as R1, which also functions as the price ceiling for the range. The market price is presently positioned in the middle of this range. Attainment of the price floor or price ceiling will depend on price breaking one of the borders of the symmetrical triangle shown on the daily chart.

An upside break of the symmetrical triangle will see price pushing towards the price ceiling once more. This move needs to be accompanied by an increase in buying volumes. Following this move, price is expected to test the 0.34000 level as it makes a push to the price ceiling of 0.40198. Further moves will depend on whether the buying volume is enough to push prices to close above this level. These moves may take several weeks to evolve.

Trade Scenario 2

A downside break of the descending triangle on the daily chart will see prices make a push for the 0.28408 price level. Whether prices continue below this level will depend on the situation in the crypto market at the time. An increase in selling volumes will definitely help this cause, even though it is not a compulsory requirement.

Market Sentiment

The long-term and mid-term of the XRP/USD pair is as follows:

  • Long Term – neutral
  • Mid-term – neutral to bullish

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Disclosure:I am/we are long XRP-USD.I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Disclaimer: Please note: most of this analysis was done on the weekly and daily chart. With prices still ranging on the long-term chart, the price moves described above may take several weeks to fully evolve. Traders should, therefore, be patient and use good risk management.

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May Outlook On Ethereum

With the major cryptocurrencies experiencing some sort of resurgence, investors are beginning to look at Ethereum once more for value. The founders …

Ethereum (ETH-USD) continues to find it hard to break the resistance levels around $178, which was identified in the weekly chart of April 2019. What lies ahead for the ETH/USD pair as we head into May 2019?

Fundamental Outlook

With the major cryptocurrencies experiencing some sort of resurgence, investors are beginning to look at Ethereum once more for value. The founders of ETH have continued to push for more widespread adoption of the Ethereum network by dApps developers and want the network to have more purposeful real-life use cases rather than merely being a speculatively traded coin.

An enterprise version of Ethereum is starting to get a look-in from some global banks, who have already become members of the Interbank Information Network, a permissioned version of the ETH blockchain.

It is likely that in the mid-term and long-term, such partnerships will be the major drivers of price moves of the ETH coin and not just price movements of Bitcoin.

Technical Outlook

Today’s technical analysis for the ETH/USD pair starts on the weekly chart, where we see price still pushing against the resistance line at $178. This level has been tested numerous times in the last one month, and so far, attempts at an upside break have been unsuccessful because of lack of buying volume. Of note are the three last weekly candles, which have been a doji and two pinbars. These indicate, on one hand, indecision of traders and on the other hand, the likelihood of a price push in the coming weeks.

Description: C:UsersPCDocumentsEric GrantStock_imagesNew folderMay2019ETH_wkly.png

ETH/USD Weekly Chart: May 5, 2019

We can also see that the horizontal resistance line which connects the price highs at $178.11 is converging towards a rising support line to form what looks like an ascending triangle. However, this is a peculiar kind of triangle as it does not conform to the normal expectation of the ascending triangle. An ascending triangle is a bullish continuation pattern but has been known to act as a reversal pattern, forming a market bottom which reverses to the upside.

The price action continues to remain in a downtrend. Therefore, it is either the triangle will function as a bottoming pattern leading to a bullish reversal or it fails completely, especially if price continues to range trade between the borders well after the breakout limit point.

Description: C:UsersPCDocumentsEric GrantStock_imagesNew folderMay2019ETH_dly.png

ETH/USD Daily Chart: May 5, 2019

The daily chart above also reveals that there are two prior minor resistance points (A and B), which are now in role reversal and are limiting downside movement from $167.23. Even if price is able to move down below this level, it is likely to find support on the rising blue line that forms the triangle’s lower border. Volumes continue to be very low, as is expected when price is limited within borders that form a triangle.

Given the picture on these charts, what do we expect from ETH/USD going forward?

Scenario 1

The first scenario assumes that price will test the $178 resistance once again and will eventually break it, which is the usual scenario seen with the resolution of the ascending triangle. Supporting this stance is a very important but overlooked situation with the volume patterns. As a rule, when price action is still within the borders of a triangle, the size of the volume bars will indicate where the price will eventually break too. If the volume bars on the size of the price move that supports a breakout are longer than those of the contrary move, then the breakout will occur. A critical look at the daily chart will reveal that the green volume bars are longer than the red candle bars. If we are to follow this principle, then we can expect that sometime in the month of May or June, we will see price break above the current resistance line.

This move must be supported by a large increase in buying volumes to sustain it. If this happens, we can expect the price to reach the next weekly resistance level at $250. In between, other minor resistance areas at $200 and $220 will come into focus.

Scenario 2

The second scenario assumes that ETH/USD will continue to trade sideways until it crosses 75% of the distance between the base of the triangle and the apex (i.e. the convergence point of the two triangle borders). If price continues to trade sideways, the triangle will lose its potency and we may see prices resume their downward trend. This will bring the $140 support level into focus.

Market Sentiment

Long Term: Neutral

Medium term: Neutral

Please note: The possible price moves described above may take many days to play out. Traders should always keep this in mind before deciding on their entry and exit points.

JOIN THE COIN AGORA

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Disclosure:I am/we are long ETH-USD.I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Bitcoin Price Analysis with Ethereum (ETH), EOS and Litecoin (LTC) Daily Chart Value Forecasts

From yesterday’s low at around $6007 the price of Bitcoin increased by around 5% as it came up to $6308 at its highest point today. Since the …
BTC, ETH, EOS, and LTC Price PredictionBTC, ETH, EOS, and LTC Price Prediction

BTC/USD

1 BTC/USD =$6,123.2539 change ~ 3.58%

Coin Market Cap

$108.33 Billion

24 Hour Volume

$4.73 Billion

24 Hour VWAP

$6.04 K

24 Hour Change

$219.0545

From yesterday’s low at around $6007 the price of Bitcoin increased by around 5% as it came up to $6308 at its highest point today. Since the interaction with the current ascending range ended as a rejection the price has started falling down fast and decreased by over 2% and is currently being traded at $6183.

Like expected the price continued its increase as the last ABC to the upside is developing and we could have seen the end of it as interaction has been made with the price moving in a three-wave manner. If the price ended its ABC correction to the upside that would have been the end of the five-wave impulse of the Minute count and with it the end of the 5th wave of the higher degree Minor count. As we are seeing downside movement with strong momentum a breakout to the downside would be expected below the lower ascending trend-line which is the support level from the ascending channel made from 3rd of May.

We might see another increase before the start of the expected downside move but not above the upper ascending trend-line with whom the interaction would trigger another sell-off. If the price of Bitcoin falls below the $6154 level which is the horizontal resistance level now serving as the support we are likely seeing the development of the downtrend which is set to push the price below its current significant support but if the price hold above the mentioned level we could likely see another interaction with the ascending resistance level before the downtrend starts.

ETH/USD

1 ETH/USD =$168.3593 change ~ -0.48%

Coin Market Cap

$17.85 Billion

24 Hour Volume

$1.91 Billion

24 Hour VWAP

$169

24 Hour Change

$-0.8038

Yesterday, the price of Ethereum decreased from $183.4 to $172.47 which was a decrease of around 6% in a matter of hours. Since then the price has been on the rise but hasn’t recovered by much before going back to the yesterday’s low level around which it is currently being traded.

On the 15-min chart, you can see that the price came again to its significant horizontal support level and continued moving slightly below it but has managed to stay above the 1 Fibonacci level.

The projected scenario is still in play but we might have seen the end of the five-wave impulse particularly considering that the decrease seen from Tuesday was made in a five-wave manner after which a three-wave increase occurred. This is typical for an ABC Zigzag which develops in 5-3-5 wave manner so is the price continued decreasing below the current support it would do so in another five-wave move as the C wave should develop.

But if the price finds support here we could see another impulsive move to the upside.

LTC/USD

1 LTC/USD =$73.6730 change ~ -0.84%

Coin Market Cap

$4.55 Billion

24 Hour Volume

$482.95 Million

24 Hour VWAP

$74

24 Hour Change

$-0.6214

Over the weekend the price of Litecoin has continued increasing as it came up from Friday’s open at $76.11 to $86.4 at its highest point on Saturday which was an increase of 13.66%. From there as the price increased parabolically we have seen a correctional structure forming which pushed the price for a 12.82% retracement as the price came down to $75.4 at its lowest point today.

Looking at the hourly chart, you can see that the price of Litecoin came down to its first significant support level from the descending triangle formed by the price action from Saturday’s high. The price previously broke out from the descending structure in which it was correcting since 3rd of April. A breakout occurred as the price moved in a five-wave manner followed by another five-wave increase. This was expected to develop as an impulsive move to the upside of a higher degree but as the price, today fell below the territory of the presumed 2nd wave the outlined scenario has been invalidated.

This is why I have labeled the prior increase as an ABC correction to the upside as I have counted three waves, and now that the correctional structure inside the descending triangle got prolonged by another five-wave move after which another started I think that in the upcoming period we are to see further downside movement for the price of Litecoin as the third correctional structure inside the triangle should develop.

The third correctional structure started developing on Tuesday when the five-wave decrease started developing and has ended as an interaction with the upper descending support. As its completion is awaited another move to the lower descending support from the triangle would be expected which would in price terms be around $72.665 were the minor horizontal support level is.

EOS/USD

1 EOS/USD =$4.8137 change ~ -0.85%

Coin Market Cap

$4.38 Billion

24 Hour Volume

$544.75 Million

24 Hour VWAP

$5

24 Hour Change

$-0.0408

The price of EOS has formed a similar structure to the one of Litecoin, as it too reached its high on Saturday from where a descending triangle has started forming. The price came up to $5.4 at its highest point on Saturday and since then it decreased by 9.33% on Monday’s low at $4.9 but made a correctional increase after to $5.3 level but is currently being traded at $4.95 close to the Monday’s low.

On the hourly chart, we can see that the price of EOS has interacted with its descending support line today where it found support at least for now as indicated by the wick from the downside on the last hourly candle.

As we are seeing a correction developing after an upside move which could be impulsive as I’ve counted five waves. This means that we could be seeing the 2nd wave out of the higher degree impulse wave to the upside which is developing in a three-wave manner. As the last correctional structure is to develop fully, the further downside would be expected from here to $4.8 level which could end as a spike to the downside like we saw on Monday.

After the move to the downside trend continuation would be expected as if we are seeing the development of the 2nd wave the 3rd with the strongest momentum would be expected, but if the upside move from 26th of April until Saturday 4th of May wasn’t impulsive we could be seeing the start of a higher degree move to the downside.

Conclusion

The market has reached its key turning point with the price of Bitcoin showing sign of struggle around the current levels. Another increase could occur before the expected downtrend but it looks more like the expected downtrend has started.


Disclaimer: Analysis and forecasting is purely speculative. This article should not be used as investment advice. Do your own research.

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How to Trade these Stock After an unavoidable Selloff:Mogo Finance Technology Inc, (TSX:MOGO)

On (Tuesday), (07-05-2019), Shares of (Mogo Finance Technology Inc, MOGO) exchange TSX is an exciting player in the Finance, generated a …

On (Tuesday), (07-05-2019), Shares of (Mogo Finance Technology Inc, MOGO) exchange TSX is an exciting player in the Finance, generated a change of -0.02% and closed at $4.63.

The market price of a stock is the price that it sells for on the open market at a given point in time. The market price will usually fluctuate throughout the trading day as investors buy and sell stocks. TheMogo Finance Technology Inc (TSX : MOGO) started at $4.72 and closed at $4.63 in the latest trading session on marking the change of -0.02% from the preceding day.

Trading Price (High & Low):

The high trading price was $4.72 at which a stock traded during the course of the day and low trading price remained $4.4.

Technical Indicator:

Volume is an important technical indicator for investors, which gives the idea of the price action of a stock and whether he should buy or sell the security. If trading volume increases, prices usually move in the same direction. The MOGO exchanged hands with current Volume 98500, while precious’s day the Volume 61241.

Technical Analysis Of Moving Average (MA):

A Moving Average (MA) is an extensively indicator in technical analysis that facilitate smooth-out price action by filtering out the “Noise” from random short-term price fluctuations. It is a trend-following, or lagging, indicator because it is based on past prices. The following Moving Averages values of the company, Mogo Finance Technology Inc:

  • 05 Days Moving Average (MA): 4.85%
  • 20 Days Moving Average (MA) & Signals: 4.17%
  • 50 Days Moving Average (MA) & Signals: 3.61%

Weighted Alpha:

Weighted Alpha tells that how much a stock has risen or fallen over an one-year period with a higher weighting for recent price activity. The company’s Mogo Finance Technology Inc, TSX have a Weighted Aplha 31.10. A positive weighted alpha indicates that the stock has risen over the past year. A negative indicates that the stock is down over that same time period.

Price Opinion Signals (Buy / Sell / Hold):

Buy Signals: An event or condition that alerts a person to place a purchase order for an investment. Buy signals can be either observed by analyzing chart patterns or calculated by trading systems.

Hold Signals: An analyst’s recommendation to neither buy nor sell a security. A company with a hold recommendation generally is expected to perform with the market or at the same pace as comparable companies.

Sell Signals: A condition or measurable level at which an investor is alerted to sell a specified investment. Sell signals can be generated through a variety of methods. They are also observed and utilized by different types of investors. The Current Price Signals & Last Month Prices Signals are hereunder:

  • Current Price Signals “Buy”
  • Last Month Price Signals “Sell”

Trend Analysis of the Mogo Finance Technology Inc:

The Trend analysis of the Mogo Finance Technology Inc shows that the Company Buy the Trend Signal & having Trend Strength Average with the Trend Direction of the Weakest.

Trend Signals indicates that uses wave theory, market momentum and volatility in an attempt to find a general trend, while Trend Strength of the signal compared to its historical performance where max the strongest this signal has been is and minimum is the weakest. Trend Direction indicating whether the Buy or Sell signal is strengthening or weakening or whether a Hold signal is heading towards a buy or sell signal.

Market Cap:

Market Cap is determined by doubling a company’s shares outstanding by the current market price of one share $109862981.

ROE%:

Looking into the profitability ratios of MOGO stock, an investor will find its ROE i.e; -8.63%. A performance measure used to estimate the efficiency of an investment or to compare the ability of some different investments.

Growth Rates (Return / Revenue):

The 01-Year Return of the company Mogo Finance Technology Inc 0.35%, while the revenue growth percent over a 5-years period is 0.00%.

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Ethereum (ETH) Still Has Room To Rise Again Before The Next Big Decline

Ethereum is on the move today as price is up more than 2% against Bitcoin (BTC). The daily chart for ETH/BTC shows that Ethereum (ETH) is aiming …

Ethereum is on the move today as price is up more than 2% against Bitcoin (BTC). The daily chart for ETH/BTC shows that Ethereum (ETH) is aiming to retest the trend line support turned resistance as price has now neared oversold territory against Bitcoin (BTC). It is likely that we may see altcoins rally short term as BTC/USD trades sideways with no direction. Most altcoins are likely to test the previous broken trend line support as resistance but they are unlikely to break past it and will most probably begin their next downtrend soon as they visit the trend line resistance. ETH/BTC is now trading below the 21 day EMA. The price is expected to run into the 21 EMA as resistance during the next move to the upside.


So far, Ethereum (ETH) remains in a good spot to move against Bitcoin (BTC) short term. We might see other cryptocurrencies follow suit and altcoins are going to mislead investors into thinking once again that the bear market is over. If we look at the price action for the past few months, it is very clear to see that there is a deliberate move to prolong the bear market. The market is pumped in such ways that it is made primed for a decline after a certain period of time. This surge in price could have been sustained which would have been more convincing and useful to the long term growth of cryptocurrencies. However, that is not the case. At every critical turning point, the price is pushed up in an artificial manner. The whales know that smart money is not falling for such antics but the retail traders will gladly mislead themselves into thinking the bear market is over.

Chart for ETH/USD (1D)


The task at hand for the whales and market makers to milk this market for all it’s got. As long as retail traders that expect the price to skyrocket from current levels are around, the whales will prey on them. Certainly, there are different levels of such optimistic traders. There was a highly delusional class of such traders that got wiped out early on as they bought near the top. Now as we can see there is still another class of traders that might be less delusional but it is no less optimistic than the previous class of bulls used to be around the top of the bull market. This goes on to show us that the market has yet to inflict maximum pain.


Those that have been around for long and have seen the previous bear market can relate that it does not feel like this during the end of a bear market. It is all doom and gloom as mainstream investors give up thinking never to return. All hopes of a bullish recovery are shattered and investors are left with serious doubts if the market has a future. We are going to see more of the “Bitcoin is dead, Ethereum is dead” news. So far, none of that has happened as there are still a lot of optimistic investors around. The way of the market is that most of these traders are shaken out before the next uptrend starts.

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