Seemingly everyone & their mother has been talking about an XRP fractal playing out. The more I have seen of it, the less confidence I have it will play out.
Regardless, 2018 & 2019 price action and RSI movement has been similar to that of 2015 & 2016.
No 2 fractals need to mirror one another week by week, however the entire point is that a prior moment in time's price action can be used to forecast the potential for future price action given the similarity in movement between two periods.
There is a lot going on in this chart. However, what I am mainly focusing in on at this point is the following:
(1) Price Stabilization in the short term - while XRP is volatile, and we certainly could see a wick down to the 0.15 area in the coming weeks, I would want to see relative stability with a move up towards the top blue descending trend line. We do not need to break upon first contact, however I want to see the price battle that line eventually and retest it.
(2) Top blue descending trend line broken WITH volume
(3) Red descending trend line on the RSI(14) broken
Once/If this happens, then it is a matter of having the proper game-plan in place to know what areas you plan to begin to scale out and take profit.
Regardless, 2018 & 2019 price action and RSI movement has been similar to that of 2015 & 2016.
No 2 fractals need to mirror one another week by week, however the entire point is that a prior moment in time's price action can be used to forecast the potential for future price action given the similarity in movement between two periods.
There is a lot going on in this chart. However, what I am mainly focusing in on at this point is the following:
(1) Price Stabilization in the short term - while XRP is volatile, and we certainly could see a wick down to the 0.15 area in the coming weeks, I would want to see relative stability with a move up towards the top blue descending trend line. We do not need to break upon first contact, however I want to see the price battle that line eventually and retest it.
(2) Top blue descending trend line broken WITH volume
(3) Red descending trend line on the RSI(14) broken
Once/If this happens, then it is a matter of having the proper game-plan in place to know what areas you plan to begin to scale out and take profit.
Trade active:
(3) Occurred (check)
(2) In the process of occurring
(1) TBD
(2) In the process of occurring
(1) TBD
A daily close above the 200 daily SMA ($0.31) would have me very bullish.
One other chart that I am paying very close attention to is the xrp/btc ratio chart. Watching that and the eth/btc will speak volumes to where we are at wrt a potential altseason