Crypto Outlook: 12/6/21 - 12/10/21
This week has been full of opportunities. Surely you haven’t missed the huge drop in all the cryptos, but have you managed to take advantage of these drops by using your sell button?
It is often easier to buy cryptos than to sell them, as the long term bias is bullish in the heads of many traders and investors. This long term bullish bias can, in the short term, prevent you from executing bearish analysis that would fit your plan perfectly. If your analysis confirms it, don’t be afraid to use that sell button. Here are the results of some educational analysis sent this week in our Telegram and Discord groups.
Ripple (XRP/USD) before:
Ripple (XRP/USD) after:
Bitcoin (BTC/USD) before:
Bitcoin (BTC/USD) after:
Ethereum (ETH/USD) before:
Ethereum (ETH/USD) after:
Simple trend-following scenarios after these major cryptos broke their medium-term bullish structures, which I’m sure many traders have shied away from due to their long-term hope and optimism.
Probably the lesson of the week is this: never let your opinions stop you from following and executing your technical plan.
Now let’s look at the potential movements for next week. Will the markets continue to fall, or will they rebound? No one knows…but here are our educational analyses.
Ethereum could continue to fall following its new bearish structure confirmed by this week’s major bearish impulse. The price could go on to test its major support area once again.
Bitcoin could continue to fall to the next major technical support area. The price may have established a new long-term bearish structure, and last week’s major bearish impulse could be just the beginning of a long series of falls.
Litecoin could continue to fall as it continues its downward trend. The price may go to test its major support area and attempt to bounce off of it.
Ripple could continue to fall to its support area and follow its bearish pattern confirmed by the recent movements.
We hope that this article will help you prepare for another week of trading, and that we have helped you to better understand what happened the week before. We put education first and do everything we can to help you progress.
On top of that, we offer you ideal trading conditions to get you settled in the financial markets for the long term.
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Have a great trading week everyone, and thank you for your loyalty.
Please note that these analyses are based on price action elements only and are in no way trading or investment advice.