In our last cryptocurrencies review I was not very optimistic for most of the currencies under review. Bitcoin was trading above 10k while now is challenging the 7500$ level.
Trend remains bearish as price is making lower lows and lower highs. Price still below the long-term resistance trend line. The rejection at 9600$ was the sign bears were waiting for while bulls should have exited after the double top rejection and reversal at 11600$.
Ripple is the one with the worst technical picture. Trend has been bearish for some time now, bounces were weak and shallow…price is now challenging February lows. break them and who knows what is next? Maybe 0? yes Z-E-R-O. Bulls need to turn this thing around above 1$ otherwise they are in deep trouble.
The plan here remains the same. Nothing has changed my wave view for a long time now. New lows were expected for some time…so nothing surprising here.
The only one together with BTC that have not broken or reached the February lows. I do not expect the lows to be broken. Bulls do not want to see price break below the upward sloping green trend line support. On the other hand bulls want to see price reverse and break above the black triangle. This would be a very bullish sign for new All time highs.
Thank you for taking the time to catch up on my thinking….take care and be careful trading these currencies.