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Current Situation: Ripple is currently in a sideways movement, and this is expected to continue for some time. Technical Analysis Insight: Indicators in technical analysis show various data about the market’s condition, such as overbought or oversold levels. When indicators deviate too much from normal levels (e.g., overbought or oversold), they can give false signals. Sideways movement helps “reset” these indicators, bringing them back to more normal values, which is happening now. Market Dynamics: During sideways movement, traders who buy and sell the asset change, preventing strong price movements. This is important for analysis as it can indicate the market is preparing for the next strong move, such as a trend. Overall Message: The market needs some time without a clear trend to normalize indicators and allow for a change in traders, creating conditions for future price movements. So, hold and wait. Forecasted Movement: I’ve illustrated the expected movement on the chart.
**Entry Point:** The minimum entry point was $10.07, and the current price is $26.84, yielding a profit of approximately +168%.
**Current Situation:** The price has reached horizontal resistance. According to the strategy, I plan to start taking profits on part of the position and then buy back during a correction.
**Trading Plan:** 1. Sell part of the position at the nearest level. I will set a grid of limit orders. 2. Buy with limit orders at lower levels if a correction occurs from this level.
**Note:** There is no guarantee of a deep correction from this level, but the strategy requires locking in such a profit.
**Your Input:** Share your plan and how you are trading this coin in the comments.
The price is at $1.0239 after a local correction. The current structure suggests a possible pullback to key support levels.
Important Levels:
Limit Buys:
- $0.7000-$0.6000: Potential FVG zone for long-term buys. - $0.5000-$0.4000: Deep liquidity zone, attractive for large positions.
Resistance:
- $1.1000: Key resistance level, likely target for movement. - $1.2000: Extreme level expected if the uptrend continues.
Strategy:
A decline to $0.7000-$0.6000 is expected, with a possible retest of $0.5000-$0.4000 if selling accelerates. An upward impulse may start from these zones, with the potential to reach $1.1000 and higher.
Currently, the asset is in an accumulation phase, where the price stabilizes after a decline, and buyers start returning to the market.
In the near future, I expect a breakout of the resistance level, which will signal the beginning of an upward trend.
Typically, after breaking through the resistance level, the price returns to test this mirror level for strength (a mirror level is when resistance becomes support after a breakout and vice versa). If the support holds, the market continues to rise. After a successful retest, a confident price increase begins. This time, I expect to see just such a scenario.
As an option, you can buy a little at the current prices with further accumulation in the $41 - $38 range in case of a correction. I've illustrated the targets on the chart.
Microsoft might announce plans to purchase BTC and add it to their financial reserves. This could significantly impact the BTC price and the overall market. In January-February 2021, when major companies started buying Bitcoin, its price surged dramatically. It’s highly likely that a similar effect would occur this time, and this event would probably be compared to the potential impact of Microsoft’s decision. If Microsoft’s decision is positive, meaning the company indeed decides to buy BTC, it could lead to an increase not only in BTC but also in other cryptocurrencies in the market. Overall, I believe that a major decision by Microsoft could stimulate a rise in cryptocurrency prices, especially BTC.$BTC
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When you explain crypto to your friends: “Friend: So, what is Bitcoin? Me: It’s like digital gold. Friend: So, can I hold it? Me: No, but you can HODL it. 😅”