After printing it's highest high since September 18, the price quickly corrected. (Not, as some are saying crashed, just corrected!) Until the lowest low has been broken, XRP is still very much in an uptrend. The price has printed a number of lower lows and lower highs since the Automatic Rally, but it has not broken below the lowest low.
It looks like the price has filled the Fair Value Gap (circled), and has taken waiting orders there, and is now ready to move on, having printed a nice Bottoming Pattern, and also a Double Bottom.
I am currently looking for small entries but will hold back until the price manages to break the Bearish Structure, by crossing the last Lowest High, signifying that a new Bullish Trend can begin
BUT BEWARE!, there is a chance that the price could still be rejected at the last Point Of Structure. Also Wyckoffian Theory also suggests there could be another low (Spring), before the price is ready to take off.
It looks like the price has filled the Fair Value Gap (circled), and has taken waiting orders there, and is now ready to move on, having printed a nice Bottoming Pattern, and also a Double Bottom.
I am currently looking for small entries but will hold back until the price manages to break the Bearish Structure, by crossing the last Lowest High, signifying that a new Bullish Trend can begin
BUT BEWARE!, there is a chance that the price could still be rejected at the last Point Of Structure. Also Wyckoffian Theory also suggests there could be another low (Spring), before the price is ready to take off.
Comment:
sorry, this chart was superceded , please see the other chart for updates etc