I will give you a new XRP idea from the longer time frame zoomed in to the small time frame.
This XRP on the 3 monthly timeframe.
After a huge rally in 2017 we made a first wave and we started to consolidate, at first we don't know what will happen but when time goes on we create a pattern. In this case we created a huge triangle formation. In my opinion this will lead us to continuation to the upside. I believe that we will create a second wave and after that we consolidate again. If this happens then we know that the consolidation takes about 7 years and the bullish wave up to 1 year. To understand the charts we need to look at history and it often repeats itself.
The triangle formation is coming to a end so the market needs to make a decision anyway. If we do break bullish out of this range then a bullish projection would be between 8 and 15 dollar, within a time frame of 1 year. If we can break 0.94 we don't have much resistance left to ATH.
This XRP on the 3 monthly timeframe.
After a huge rally in 2017 we made a first wave and we started to consolidate, at first we don't know what will happen but when time goes on we create a pattern. In this case we created a huge triangle formation. In my opinion this will lead us to continuation to the upside. I believe that we will create a second wave and after that we consolidate again. If this happens then we know that the consolidation takes about 7 years and the bullish wave up to 1 year. To understand the charts we need to look at history and it often repeats itself.
The triangle formation is coming to a end so the market needs to make a decision anyway. If we do break bullish out of this range then a bullish projection would be between 8 and 15 dollar, within a time frame of 1 year. If we can break 0.94 we don't have much resistance left to ATH.
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On the weekly timeframe we are stuck between support and resistance and we are move sideways, we need to break the major resistance zone 0.53 and we should move up fast to 0.60
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At the daily timeframe we are at a major resistance zone, the downtrending trendline. We can break this we can move up fast but still we need to be cautious because at the resistance because traders will go short here.
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On the 4H time frame we are a bit overbought and so we can retrace a bit to from a 4h higher low. The RSI need to cool of a bit before continuation to the upside.
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Daily update:
The RSI levels on the smaller timeframe were overbought and now we did cool off so i think we can go for a next run up towards 0.58 cent. We need to break the declining trendline and we need to break the 50 RSI level to get momentum going.
The RSI levels on the smaller timeframe were overbought and now we did cool off so i think we can go for a next run up towards 0.58 cent. We need to break the declining trendline and we need to break the 50 RSI level to get momentum going.
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SO far we couldn't break the downtrending trendline so we are still in the triangle formation.
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A few post back i mentioned that the 4 H RSI is overbought and that we need to cool of a bit and this is what we are currently are doing.
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The next chart is the most important one to keep an eye on. Almost for a year we formed lower highs and lower lows on the XRPBTC chart. The moment we change this trend we see a shift in momentum and move up fast. Next week will be important to see if we can form that higher high.
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Update: we did bounce as expected and we broke the declining trendline which is bullish. I think we soon will continue moving up towards 0.60
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update XRPBTC chart:
Possible double bottom is forming. Soon moving up.
Possible double bottom is forming. Soon moving up.
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This is currently the most important chart to keep an eye on.
We are stuck between support and resistance, once we can break this resistance we can move up fast towards 0.60
We are stuck between support and resistance, once we can break this resistance we can move up fast towards 0.60
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We are preparing for a upwards move for about 13%
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We can take a look at the XRPBTC chart and the RSI level. We are still below 30 and we are creating a inverse head and shoulder pattern Once we can move back above 30 we will get the massive rally that we are waiting for.
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