There are many lines on this view, but here are the most important ones:
The Blue line marking the upside pressure (day closes) on the first retreat of the December breakout wave and the bottom of the wedge starting on January 22.
The thick Red line which marks the lows of the first December retreat and the resistance for the start of the February rebound.
The dotted Raising line which marks the bottom of the Fibo, the resistance of the first major retrace on December 22, and the bottom of the February 6 retreat.
This is dotted line is the major generator of Buy pressure and the primary resistance for the Bull run, if this line doesn't hold, the bull run is dead.
The thick line at the very bottom connects the lows before the breakout, and serves as our actual floor, if we would drop below this line, the XRP project is basically dead.
The line above that connects the two first lows before the breakout, this is the first floor, currently valued at 0.37$
The line above that top of the downwards wedge we had before before the breakout, the wedge closed at 18/02, marking the top current rebounce, after 18/02, we lost momentum and retreated to the Blue line and the Fibo retracement level.
The thick Purple line represents the main bear line down, it connects the two most recent tops.
The crosses with the blue 5th of march, red 10th of March and dotted line 14th of March should be watched with extra attention, to determine if we are in a bear or bull market for XRP.
Meanwhile the 50Day moving is generating selling pressure of its own.
Battles between the bulls and the bears to watch:
50 Day moving in on the Blue line and the fibo, and the crossover red and dotted line around 25th of March.
If it all goes in the sh*tter, 0.52$ is the first level to expect some sort of resistance, followed by 0.41 and 0.30.
The Blue line marking the upside pressure (day closes) on the first retreat of the December breakout wave and the bottom of the wedge starting on January 22.
The thick Red line which marks the lows of the first December retreat and the resistance for the start of the February rebound.
The dotted Raising line which marks the bottom of the Fibo, the resistance of the first major retrace on December 22, and the bottom of the February 6 retreat.
This is dotted line is the major generator of Buy pressure and the primary resistance for the Bull run, if this line doesn't hold, the bull run is dead.
The thick line at the very bottom connects the lows before the breakout, and serves as our actual floor, if we would drop below this line, the XRP project is basically dead.
The line above that connects the two first lows before the breakout, this is the first floor, currently valued at 0.37$
The line above that top of the downwards wedge we had before before the breakout, the wedge closed at 18/02, marking the top current rebounce, after 18/02, we lost momentum and retreated to the Blue line and the Fibo retracement level.
The thick Purple line represents the main bear line down, it connects the two most recent tops.
The crosses with the blue 5th of march, red 10th of March and dotted line 14th of March should be watched with extra attention, to determine if we are in a bear or bull market for XRP.
Meanwhile the 50Day moving is generating selling pressure of its own.
Battles between the bulls and the bears to watch:
50 Day moving in on the Blue line and the fibo, and the crossover red and dotted line around 25th of March.
If it all goes in the sh*tter, 0.52$ is the first level to expect some sort of resistance, followed by 0.41 and 0.30.