I believe a pitchfork channel can be drawn on XRP here. Things look good on the 4h, as price is holding above the bollinger band median line. There is a gap in the 4h ichi cloud, but I believe this is from the huge dump, so there might actually be decent support there. This sideways, accumulation action seems like its nearing a pop. In case this channel is invalid, I put a stop beneath the median BB line around 94c. I'm going to try to ride XRP to the top of the channel with a target of $1.8, but wherever it hits the top of the channel is where I will sell. Trade carefully, and check things for yourself. Do not make a trade solely on my idea. Good luck!
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Hit the median pitchfork line with a bounce off the .382. Possible ascending triangle, for now. Price is holding above the median bollinger band line on the 1h, but it is possible if it falls under that it will go for a bounce off the cloud support, which would be near the .50 pitchfork line. Looks good to me.
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btc dump = xrp bounce off 1h cloud = more up for xrp
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top of the channel coming up soon. watching for a pullback. may just blow straight through tho
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blew straight through the top of the channel and hit the red pitchfork. holding above top of main channel now. might flag here until a bounce off a cloud
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I'm looking for a possible setup here to relong. Look at the similarities:
Very low volume, zero lag MACD/LSMA divergence, godmode lsma is in the middle. With a tight stop, you could possibly pull a 10% gain shorting here, but I'm looking for a buy in the green box. Also, there is a thin part of the ichi cloud that price can fall through on the 1H. 4H looks like price needs at least one more dip before another run.
Comment:
I did end up going short last night, but I missed the op for a buy back. I think it might still go lower. This chart is a mess but I will simplify it:
Here is what I am looking at.
- Left side: 4H, right side: 1H
- Colored pitchfork: same pitchfork this idea used, white pitchfork: shows another uptrend move.
- Price is still below: the median bollinger band line on the 4H, .618 pitchfork (colored) resistance on the 4H, white pitchfork resistance, resistance cloud on 1H.
- A line can be drawn from the top at 1.25 to the last major low at 1.6. I think that price is going to make a quick move down to this line before the next big move up. If it did this, it would be hitting: the bottom of the 4H bollinger band, the median of the colored pitchfork, and the bottom of the white pitchfork.
I am still short and looking for a buy around 1.7 before next big move up. Good cloud support on the 4H to the right. Price just needs to consolidate more towards it.
- Left side: 4H, right side: 1H
- Colored pitchfork: same pitchfork this idea used, white pitchfork: shows another uptrend move.
- Price is still below: the median bollinger band line on the 4H, .618 pitchfork (colored) resistance on the 4H, white pitchfork resistance, resistance cloud on 1H.
- A line can be drawn from the top at 1.25 to the last major low at 1.6. I think that price is going to make a quick move down to this line before the next big move up. If it did this, it would be hitting: the bottom of the 4H bollinger band, the median of the colored pitchfork, and the bottom of the white pitchfork.
I am still short and looking for a buy around 1.7 before next big move up. Good cloud support on the 4H to the right. Price just needs to consolidate more towards it.
Trade closed: stop reached