Although the xrp supply is big and some big guys are dumping their coins in the market (non stop) i can not ignore the current state of the altcoin market in relation to XRP.
🥏For the newcomers to technical analysis: in contrast to 90% of TV analysts, I have built up a skill set through 1000h+ chart time and mentorship from major names in the scene that has proven its worth for quite some time. I don't
want to reward myself here, but I would like to point out that you should take a close look at this analysis to understand what price action analysis is really about. Any indicators are a distraction and lag behind the actual price.
🔥In the following now the analysis:
I will start with the monthly timeframe from where I will work my way down to the hourly timeframe. Bigger Timeframes are acting on lower Timeframes pivotal! The reason behind this "phenomenon" is that the developing price action produces supply and demand zones. The higher the timeframe, the longer the period for the "market" to create a strong supply/ demand zone . Google "Supply & Demand zones" to understand the basics of tA (Support-/Resistance Principle)
On the Monthly Timeframe
it is clearly to see that price has reclaimed a pivotal support level on a monthly basis. I drew a down trendline to show that the reclaimed support level ist with a high probability a shit in trend temporary. Furthermore we see a bullish engulfing pattern which gives confluence to my idea.
The Basic of a bullish price trend is a series of higher highs and higher lows -> hence the bullish engulfing is the visualization of a bullish trend on lower timeframes!
🥏For the newcomers to technical analysis: in contrast to 90% of TV analysts, I have built up a skill set through 1000h+ chart time and mentorship from major names in the scene that has proven its worth for quite some time. I don't
want to reward myself here, but I would like to point out that you should take a close look at this analysis to understand what price action analysis is really about. Any indicators are a distraction and lag behind the actual price.
🔥In the following now the analysis:
I will start with the monthly timeframe from where I will work my way down to the hourly timeframe. Bigger Timeframes are acting on lower Timeframes pivotal! The reason behind this "phenomenon" is that the developing price action produces supply and demand zones. The higher the timeframe, the longer the period for the "market" to create a strong supply/ demand zone . Google "Supply & Demand zones" to understand the basics of tA (Support-/Resistance Principle)
On the Monthly Timeframe
it is clearly to see that price has reclaimed a pivotal support level on a monthly basis. I drew a down trendline to show that the reclaimed support level ist with a high probability a shit in trend temporary. Furthermore we see a bullish engulfing pattern which gives confluence to my idea.
The Basic of a bullish price trend is a series of higher highs and higher lows -> hence the bullish engulfing is the visualization of a bullish trend on lower timeframes!
Comment:
the safe play from here is the wait for a weekly/daily close above red resistance zones to "confirm" the Resistance/Support Flip -> Higher High and buy dips from here. Due to the higher high we would have a break in market structure ( bullish) which why we assume price should make higher low (buying opportunities).
With that information, i set my stop loss below the PREVIOUS HIGHER LOW as soon as price confirms the higher high above the red zone.
the safe play from here is the wait for a weekly/daily close above red resistance zones to "confirm" the Resistance/Support Flip -> Higher High and buy dips from here. Due to the higher high we would have a break in market structure ( bullish) which why we assume price should make higher low (buying opportunities).
With that information, i set my stop loss below the PREVIOUS HIGHER LOW as soon as price confirms the higher high above the red zone.
on the weekly timeframe the red zone (Supply) marks out pivotal price reactions which has confluence with the yearly open level (Start of this year 12 monthly candle)