The last update dictated that a move to 50 cents was highly probable. Which happened.
I also indicated that if we broke this gold trend line 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 support area and large trendline. 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.
Happy hodling,
-Sherem
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previous analysis:
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Here is the exact post I told everyone to go long at 30 cents:
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Please like to show your support, thanks!
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There was a question in the comments below about RSI. BuyPennyCrypto brought the definition of RSI from investopedia which provided some insight.
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.
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and if you didn't see it, check out my post on dailyhodl!
Do you think there is significance in the RSI being basically flat, the MACD averages converging and the price showing a solid up trend? Just curious how you read that.
Shani54321
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@theredbaronZ, I'm curious about this too. Not sure what impact RSI being too high will have.
BuyPennyCrypto
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@Shani54321, We might be good on RSI, This may be one of the cases where Fundamentals override RSI. From Investopedia:
"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."
@BuyPennyCrypto, @theredbaronZ Thanks for the responses guys, I threw up a post about it and referenced the last bull market which should give us some guidance if we go into full on bull run mode here these coming months.
braddles69
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Sherem, thanks for the analysis and updates...appreciate your hard work, have you seen that there is about to be a double golden cross on the 1d tf,
50ma is about to cross the 100ma and also the 20ma is about to cross the 200ma...think this is indicative of the positive upside pressure...;)