Some thoughts:
My chart covers a bullish trend channel beginning around January 29, 2019, to the date of this analysis and a price width of $.06, which has been a consistent trading range in my most recent reviews of XRP. As a swing trader using volume-based indicators, I look for the geometric price patterns to get an idea of future price action. In this analysis, I have come to the same conclusion as before. Nothing has changed from a technical perspective. For me to make profitable XRP short-term swing trades, I would need to enter (hypothetically) at $.30 and exit $.36 (no less than) and after paying the fees, I consider that a good swing trade. XRP is not giving me a wide enough window to catch that swing trade action.
So, there are charts indicating the next big bull run, while others see the demise of XRP but as for me, I can only see the current price action from a volume a time perspective.
I used a solid orange primary trendline for this chart and asymmetrical green upper trendline to signify the $.06 trading range and upward channel. I have included an interesting green dashed triangle to show you that the peak of the angle acted as resistance for the current trading volume denoted by the horizontal green resistance line. This green horizontal line is interesting because we achieve unstable price action whenever we trade around it ($.325xx). Please note the overhead green dashed resistance trendline demonstrating a narrowing price distribution.
So, what does it mean? For me, it means I must give greater weight to purchasing nearer to the POC if I am considering holding long or praying for a nice swing trade. The POC is $.30833. Buyers are attempting to move the price up as I type this, but the short-term trend has been to make lower highs, so I am on the sidelines waiting for this to play out for better pricing for me to add to my position.
Conclusion:
To be honest, the price action has been disappointing, but that includes all the major cryptos except for LTC. This is not my typical analysis, but I can only stare at these charts for so long before I must either write something or do something else! I am considering buying if the price falls to the .786 price level. Otherwise, I will yawn and seek my entertainment elsewhere, for now!
Trade Recommendations:
The only trade recommendation I can make Is to wait for a pullback and buy nearer to the solid orange trendline. If the upper dashed green trendline holds, we will enter a new boring price trend.
If you enjoy my work leave a thumbs up and considering, follow Biff on trading view and Twitter. I am a real trader who pays month to give free advice with 28 years of charting and trading to back it up!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use dashed green trendlines secondary overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
My chart covers a bullish trend channel beginning around January 29, 2019, to the date of this analysis and a price width of $.06, which has been a consistent trading range in my most recent reviews of XRP. As a swing trader using volume-based indicators, I look for the geometric price patterns to get an idea of future price action. In this analysis, I have come to the same conclusion as before. Nothing has changed from a technical perspective. For me to make profitable XRP short-term swing trades, I would need to enter (hypothetically) at $.30 and exit $.36 (no less than) and after paying the fees, I consider that a good swing trade. XRP is not giving me a wide enough window to catch that swing trade action.
So, there are charts indicating the next big bull run, while others see the demise of XRP but as for me, I can only see the current price action from a volume a time perspective.
I used a solid orange primary trendline for this chart and asymmetrical green upper trendline to signify the $.06 trading range and upward channel. I have included an interesting green dashed triangle to show you that the peak of the angle acted as resistance for the current trading volume denoted by the horizontal green resistance line. This green horizontal line is interesting because we achieve unstable price action whenever we trade around it ($.325xx). Please note the overhead green dashed resistance trendline demonstrating a narrowing price distribution.
So, what does it mean? For me, it means I must give greater weight to purchasing nearer to the POC if I am considering holding long or praying for a nice swing trade. The POC is $.30833. Buyers are attempting to move the price up as I type this, but the short-term trend has been to make lower highs, so I am on the sidelines waiting for this to play out for better pricing for me to add to my position.
Conclusion:
To be honest, the price action has been disappointing, but that includes all the major cryptos except for LTC. This is not my typical analysis, but I can only stare at these charts for so long before I must either write something or do something else! I am considering buying if the price falls to the .786 price level. Otherwise, I will yawn and seek my entertainment elsewhere, for now!
Trade Recommendations:
The only trade recommendation I can make Is to wait for a pullback and buy nearer to the solid orange trendline. If the upper dashed green trendline holds, we will enter a new boring price trend.
If you enjoy my work leave a thumbs up and considering, follow Biff on trading view and Twitter. I am a real trader who pays month to give free advice with 28 years of charting and trading to back it up!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use dashed green trendlines secondary overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
