If you haven’t exposed yourself to the Volume Profile indicator before (“VP”), I would recommend you take some time to do so. XRP is making nice volatility moves and then return right back to the Point-Of-Control (“POC”) and not making any exciting advancements. If you follow me then you know XRP is my favorite crypto because of its practical use case.
As you guys know, I seldom use indicators on my charts. A VP usually tells the symbols story and aids in determining support and resistance. I have added a Volume Oscillator (“VO”) for your interest. I chose to add the VO because it can confirm a trend change or significant price change as something long-term or just a puff of air. What we need to know about the VO indicator. Increasing price along with declining volume is almost always BEARISH as is rising volume and declining prices is BEARISH. You can use this indicator along with the RSI for indications of both price tops (reversals) and price bottoms (reversals).
Technicals:
In my last XRP analysis, I demonstrated where the next volatility move would likely happen and when. We nailed it dead on! I also indicated we are trading in a range between $.28 (28 cents) and $.34 (34 cents). If you back the chart up, you will see we broke free from a bearish trend channel. I am leaving some prior information on my charts as a reference.
After the prior volatility move, XRP began to move back to the POC. This is what happened after the last volatility move and is happening now.
I have noted what I see as the new 4-hr support Primary Trend line with my standard orange dotted trendline; 2-data points. The overhead resistance trend resistance also has 2-data points as well.
Support is $0.28912 – Set Alert
Resistance is $0.32662 – Set Alert
Outlook:
I like XRP and will consider buying closer to, or less than $0.30. The volume tells the story of XRP and the 10-percent squeezes and price distribution back to POC.
The recent action does not appear to be BULLISH in the short-term and I cannot state this is bottom yet. I do not think it’s a bad idea to dollar-cost-average into XRP with a small percentage of your allocated funds for this trade.
We are moving back to another volatility squeeze as is the standard pattern. Because we did not move north of the recent highs, there is a high probability the next squeeze could be BEARISH.
Always add extreme buy prices to your account on the low end i.e., place a buy at $0.20 and lower. Do the same for a sell order. Set an extreme for a realistic $0.49 and let some of your position go if you are averaged in the 30-cent area. Do this in the event there is a Fat-Fingered trade that temporarily drives the price to the extreme upper end and the extreme lower end. Make this part of the way you trade, and you will thank me someday when you get into a symbol for a price you never thought possible. Or sell near a candle high you may have missed if you’re a ticker watcher.
Don't forget to follow me on Twitter!
Good Luck,
Biff
As you guys know, I seldom use indicators on my charts. A VP usually tells the symbols story and aids in determining support and resistance. I have added a Volume Oscillator (“VO”) for your interest. I chose to add the VO because it can confirm a trend change or significant price change as something long-term or just a puff of air. What we need to know about the VO indicator. Increasing price along with declining volume is almost always BEARISH as is rising volume and declining prices is BEARISH. You can use this indicator along with the RSI for indications of both price tops (reversals) and price bottoms (reversals).
Technicals:
In my last XRP analysis, I demonstrated where the next volatility move would likely happen and when. We nailed it dead on! I also indicated we are trading in a range between $.28 (28 cents) and $.34 (34 cents). If you back the chart up, you will see we broke free from a bearish trend channel. I am leaving some prior information on my charts as a reference.
After the prior volatility move, XRP began to move back to the POC. This is what happened after the last volatility move and is happening now.
I have noted what I see as the new 4-hr support Primary Trend line with my standard orange dotted trendline; 2-data points. The overhead resistance trend resistance also has 2-data points as well.
Support is $0.28912 – Set Alert
Resistance is $0.32662 – Set Alert
Outlook:
I like XRP and will consider buying closer to, or less than $0.30. The volume tells the story of XRP and the 10-percent squeezes and price distribution back to POC.
The recent action does not appear to be BULLISH in the short-term and I cannot state this is bottom yet. I do not think it’s a bad idea to dollar-cost-average into XRP with a small percentage of your allocated funds for this trade.
We are moving back to another volatility squeeze as is the standard pattern. Because we did not move north of the recent highs, there is a high probability the next squeeze could be BEARISH.
Always add extreme buy prices to your account on the low end i.e., place a buy at $0.20 and lower. Do the same for a sell order. Set an extreme for a realistic $0.49 and let some of your position go if you are averaged in the 30-cent area. Do this in the event there is a Fat-Fingered trade that temporarily drives the price to the extreme upper end and the extreme lower end. Make this part of the way you trade, and you will thank me someday when you get into a symbol for a price you never thought possible. Or sell near a candle high you may have missed if you’re a ticker watcher.
Don't forget to follow me on Twitter!
Good Luck,
Biff
Comment:
We are in lost-step with BTC, so let's hope for some continued success with positive price action. I still have to believe we are treading thin ground and may see a retracement back to the POC very soon.
