The bearish mood continues to put pressure on major cryptocurrency price (EOS, Ripple) (May 30th)

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In short term, traders should keep calm when witnessing strong downtrend from major cryptocurrency price including EOS, Ripple instead of setting short position

1/ XRP/USD

In chart H4, as we have drawn the Elliott Wave in Contracting Triangle, the Ripple price is expected to bounce back to the resistance level of $0.8 in the long run.


XRP/USD, H4, 30052018

Nevertheless, in the short term, traders will continue to witness the effect of FUD period, in which many traders are afraid of the downtrend of the cryptocurrency price and decide to sell all-in.  In chart H1, a possible formation of Head and Shoulder pattern is shown in our chart. If the pattern can be shaped, the Ripple price can tumble to the level around $0.56 before a bounce-back. On the other hand, if the cryptocurrency price can tick down further from the level of $0.56 and even slide down lower than the possible Head top, we expect that $0.52 will become the next support level before the start of the Elliott Impulsive Wave.


XRP/USD, H1, 30052018

2/ EOS/USD

A Falling Wedges pattern was formed within the H1 chart of EOS/USD pair. The EOS price has been hovering around the upper trend line of the pattern. We expect that the cryptocurrency price can crawl upwards to the strong resistance line of 12.78 before turning back to re-enter the pattern. The bearish trend is still taking over the market.


EOS/USD, H1, 30/05/2018

Written by nami.today

 

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