This is the first chart that I have posted, so I apologize in advance for anything that doesn't look great. I am open to any tips, or feedback.
I personally have been waiting to see what would happen for the much anticipated swell conference.
On this 4 hour chart I have posted the green upward trend line is still holding steady, however with the turmoil and negative price reaction that is apparently being generated by the conference, I would not be surprised if we see a test of the major green trend line in the next 48 hours. If the trend line is broken down, I do not have a confident prediction of where the price will go, but I would speculate with the combination of panic selling and hype that XRP has been getting that it could potentially get down to .1945 range (red horizontal line).
However, if there is a bounce off the major trend line. I will be looking to open a long position. I think that .30 (red line on chart) will be a point of psychological resistance, and if it does break up and breaks through .30, it may be an opportune time to buy and ride the wave up towards the all time high. I am anticipating a bounce off the major trendline, but I will be waiting for reversal signals to confirm.
In regards to volume, as you can see it has been significantly increasing in the days leading to the swell conference.
Please do not use my charts as any investment advice, I am just looking for feedback. Thanks!
I personally have been waiting to see what would happen for the much anticipated swell conference.
On this 4 hour chart I have posted the green upward trend line is still holding steady, however with the turmoil and negative price reaction that is apparently being generated by the conference, I would not be surprised if we see a test of the major green trend line in the next 48 hours. If the trend line is broken down, I do not have a confident prediction of where the price will go, but I would speculate with the combination of panic selling and hype that XRP has been getting that it could potentially get down to .1945 range (red horizontal line).
However, if there is a bounce off the major trend line. I will be looking to open a long position. I think that .30 (red line on chart) will be a point of psychological resistance, and if it does break up and breaks through .30, it may be an opportune time to buy and ride the wave up towards the all time high. I am anticipating a bounce off the major trendline, but I will be waiting for reversal signals to confirm.
In regards to volume, as you can see it has been significantly increasing in the days leading to the swell conference.
Please do not use my charts as any investment advice, I am just looking for feedback. Thanks!
Trade active:
Entry: .2390
Stop loss: .2323
Target profit 1: .24965 Risk/reward 1.59
Target profit 2: .2608 Risk/reward 3.27
Stop loss: .2323
Target profit 1: .24965 Risk/reward 1.59
Target profit 2: .2608 Risk/reward 3.27
Trade closed: stop reached
-machinelearnt
