XRP GANG,
I had to update you on this! I think we are approaching yet another critical action point that could be significant! Look at my chart, and notice all of the recent action along the magical Big Green 2.618 fib circle ring. I can count 6 touches and 1 near-touch on that fib ring acting as resistance. As we also see, there is a stochastic crossover and change in direction below. You also see that I now have TWO "strike zones" on my chart. I will talk about the evidence for both a bullish breakout, and a bearish correction, plus my strategy to strike once we have confirmation on which way this price action breaks.
For the bullish scenario, I am looking at the possibility of the stochastic continuing in the current direction and completing the cycle back up to the overbought zone up above the 80% cutoff line. I'm also considering the bear flag that I am seeing that has printed from the price action bouncing off of the 2.618 fib ring on the top side, and the higher lows on the bottom side. This appears to possibly be a classic bear flag formation, in my opinion. If the price continues bouncing back and forth in a squeezing motion between that ascending base and the upper 2.618 fib ring resistance, there could be a breakout at any time before the end of the day tomorrow. We've had enough of a consolidation period that this could end up in a rip to the up-side, with the high probability of taking out the previous high. My thought is that price could break well above the $1 to $1.50 level. As soon as I see an absolute confirmation of a break from this bull flag to the up-side, and price commits to respecting that 2.618 magical fib ring as a support rather than resistance, I'm doubling my bag and hanging on for dear life. Something else I would say that lends to the probability of the bullish scenario is BTC breaking out and pushing to 30k. I think it will absolutely drag XRP along with it to the next higher trading zone.
For the bearish scenario to happen, I think it will totally depend on what we see happening with Big Brother Bitcoin. BTC is long overdue for at least a mild correction. IF Bitcoin takes a break and corrects after this recent pop, the stochastic on XRP could reverse trend. We have seen it many times in the past where the stochastic takes a reversal while in mid stream. In the most perfect and natural conditions, the stochastic cycle is smooth, and looks like a sine wave. But major purchases by whales, negative news about regulations, and other world events cause that natural cycle to hiccup and change directions which creates the messy, psychotic jittery movement. I mention that just to reinforce the fact that the stochastic is not an "absolute" indicator of direction, and this is why the current upward direction could change on a moment's notice. A break to the down side could draw the price line down towards the red 1.618 fib circle ring, that has shown gravitational attracting power in the past. We know this is a "hot" set, so it would be a potential target. We could also fall all the way back down to the descending blue base line, and finish a massive falling flag formation before the REAL breakout happens. If a bearish break happens, my course of action will be to double the bag within the lower "strike zone" box, with hopes that a bottom will be found at either the red 1.618 fib ring or the descending base line. If those supports don't hold, I'll still have a doubled bag, and will move to the next strategy for increasing the bag. But I will wait and post that strategy IF this scenario plays out and breaks those potential support zones.
BOTH of my scenarios include making buying decisions, with the possibility of a THIRD buying decision if further downward action takes place. Why? Because I'm more bullish than I've ever been on the timing of an XRP investment as we head into the next alt season. I'm feeling froggy, and because of the fact that we are positioned ahead of a bull market makes me feel pretty safe about loading the bags. HOWEVER, don't be taking ANY of my advice as financial advice for YOUR OWN. If you do, you could be in the soup kitchen line or living in a tent. I don't claim to be a Nostradamus in the crypto market, and I never have. I'm just rolling these dice on the crypto crap table and trying to increase the odds with what I see in these charts!
Chime in and let me know what your thoughts are, and which of these scenarios YOU think will play out!
Carlton Flowers
The CryptoPro (also known as cryptocarlton... hint hint)
I had to update you on this! I think we are approaching yet another critical action point that could be significant! Look at my chart, and notice all of the recent action along the magical Big Green 2.618 fib circle ring. I can count 6 touches and 1 near-touch on that fib ring acting as resistance. As we also see, there is a stochastic crossover and change in direction below. You also see that I now have TWO "strike zones" on my chart. I will talk about the evidence for both a bullish breakout, and a bearish correction, plus my strategy to strike once we have confirmation on which way this price action breaks.
For the bullish scenario, I am looking at the possibility of the stochastic continuing in the current direction and completing the cycle back up to the overbought zone up above the 80% cutoff line. I'm also considering the bear flag that I am seeing that has printed from the price action bouncing off of the 2.618 fib ring on the top side, and the higher lows on the bottom side. This appears to possibly be a classic bear flag formation, in my opinion. If the price continues bouncing back and forth in a squeezing motion between that ascending base and the upper 2.618 fib ring resistance, there could be a breakout at any time before the end of the day tomorrow. We've had enough of a consolidation period that this could end up in a rip to the up-side, with the high probability of taking out the previous high. My thought is that price could break well above the $1 to $1.50 level. As soon as I see an absolute confirmation of a break from this bull flag to the up-side, and price commits to respecting that 2.618 magical fib ring as a support rather than resistance, I'm doubling my bag and hanging on for dear life. Something else I would say that lends to the probability of the bullish scenario is BTC breaking out and pushing to 30k. I think it will absolutely drag XRP along with it to the next higher trading zone.
For the bearish scenario to happen, I think it will totally depend on what we see happening with Big Brother Bitcoin. BTC is long overdue for at least a mild correction. IF Bitcoin takes a break and corrects after this recent pop, the stochastic on XRP could reverse trend. We have seen it many times in the past where the stochastic takes a reversal while in mid stream. In the most perfect and natural conditions, the stochastic cycle is smooth, and looks like a sine wave. But major purchases by whales, negative news about regulations, and other world events cause that natural cycle to hiccup and change directions which creates the messy, psychotic jittery movement. I mention that just to reinforce the fact that the stochastic is not an "absolute" indicator of direction, and this is why the current upward direction could change on a moment's notice. A break to the down side could draw the price line down towards the red 1.618 fib circle ring, that has shown gravitational attracting power in the past. We know this is a "hot" set, so it would be a potential target. We could also fall all the way back down to the descending blue base line, and finish a massive falling flag formation before the REAL breakout happens. If a bearish break happens, my course of action will be to double the bag within the lower "strike zone" box, with hopes that a bottom will be found at either the red 1.618 fib ring or the descending base line. If those supports don't hold, I'll still have a doubled bag, and will move to the next strategy for increasing the bag. But I will wait and post that strategy IF this scenario plays out and breaks those potential support zones.
BOTH of my scenarios include making buying decisions, with the possibility of a THIRD buying decision if further downward action takes place. Why? Because I'm more bullish than I've ever been on the timing of an XRP investment as we head into the next alt season. I'm feeling froggy, and because of the fact that we are positioned ahead of a bull market makes me feel pretty safe about loading the bags. HOWEVER, don't be taking ANY of my advice as financial advice for YOUR OWN. If you do, you could be in the soup kitchen line or living in a tent. I don't claim to be a Nostradamus in the crypto market, and I never have. I'm just rolling these dice on the crypto crap table and trying to increase the odds with what I see in these charts!
Chime in and let me know what your thoughts are, and which of these scenarios YOU think will play out!
Carlton Flowers
The CryptoPro (also known as cryptocarlton... hint hint)