I also indicated that if we broke this gold we would go much higher. Which happened.
I outlined that a re-entry point would be in the 48-49 cent area, a retest of that and large . Which happened.
Folks, now we are forming this large consolidation triangle as we move up. If we continue to form this pattern and it validates it to the upside, we will see $1 in the near future.
We have been long since 30-33 cents, targetting at least $1.
Here is what I am doing. I do NOT have a sell order at $1. Here is why. BTC and ETH look like they are going to explode to the upside and we go into a nice rally into the end of the year. A lot of technicals point to this and I believe it will happen. This type of bull run will propel ripple past the highs and to overshoot it's previous high's if it starts doing that. if a pattern forms or something changes in the market, I could alter this decision. For now, I like $5 as a target. But the choice is yours on what you want to do.
If we go back to the bull run last year we can see RSI remained quite oversold for some time. Once we start experiencing crypto bull moves, I start putting more credence on patterns. You can see here where RSI stayed oversold from .50 cents all the way to basically $3.
"Sudden large price movements can create false buy or sell signals in the RSI. It is, therefore, best used with refinements to its application or in conjunction with other, confirming technical indicators.
Some traders, in an attempt to avoid false signals from the RSI, use more extreme RSI values as buy or sell signals, such as RSI readings above 80 to indicate overbought conditions and RSI readings below 20 to indicate oversold conditions."