With the pump to $0.34 last week, there is finally a possibility that we are seeing the light at the end of the tunnel. However, don't be too happy just yet as there are still many obstacles to overcome for XRP.
1. There is a clear MONTHLY resistance at around $0.305 - $0.31. Without closing above $0.31, XRP will need more time to consolidate.
2. With last week's wick going above $0.31 but then later closing back below $0.31, if this week's candlestick closes bearish, XRP will probably go lower to test the $0.22 - $0.24 range.
3. There seems to be a downtrend line on the log chart. If XRP can starts to go sideways, creating a lower low and squeezing structure into the trendline, then you can say the trendline is probably reliable. And if a breakout ensues with higher than average volume, then you can pretty much confirm the trend has turned bullish. (If you have seen how I trade the breakout, you know what I am talking about)
4. With the clues mentioned in point 1 to 3 above, it makes me believe that XRP can go sideways (the white box) for the next weeks or months before the next major move. Whether it will break above or below the range I have no idea. If XRP breaks below the range, $0.15 will be a critical area for the bulls. If it breaks above the range, trade it the same way as you would for trading a breakout.
Remember, we are a trader, not a chartist.
What are the ways to buy?
1. Wait for monthly candlestick to close above $0.31
2. Buy at $0.15 if you want to invest in XRP for long term
3. Wait for price to go sideways, followed by a HL and squeezing price actions into the trendline
(this can happen either at around $0.24 or $0.16). Enter the trade as a breakout trade.
4. The orange circles marked on the chart are the best entries for conservative traders
Please leave a LIKE so I know you appreciate this post and you would like to receive more updates on the major alts in future
**This post is for informational purpose only. I will not be held liable or responsible to you in any way for any loss or damage suffered by you through use or access to this post**
Past analysis (click & play):
Bitcoin, perfect call (300% profits)
Bitcoin, bought between $6.8k - $7.3k (40% profits)
Perfect call on $12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to $3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
How I draw the trendline
1. There is a clear MONTHLY resistance at around $0.305 - $0.31. Without closing above $0.31, XRP will need more time to consolidate.
2. With last week's wick going above $0.31 but then later closing back below $0.31, if this week's candlestick closes bearish, XRP will probably go lower to test the $0.22 - $0.24 range.
3. There seems to be a downtrend line on the log chart. If XRP can starts to go sideways, creating a lower low and squeezing structure into the trendline, then you can say the trendline is probably reliable. And if a breakout ensues with higher than average volume, then you can pretty much confirm the trend has turned bullish. (If you have seen how I trade the breakout, you know what I am talking about)
4. With the clues mentioned in point 1 to 3 above, it makes me believe that XRP can go sideways (the white box) for the next weeks or months before the next major move. Whether it will break above or below the range I have no idea. If XRP breaks below the range, $0.15 will be a critical area for the bulls. If it breaks above the range, trade it the same way as you would for trading a breakout.
Remember, we are a trader, not a chartist.
What are the ways to buy?
1. Wait for monthly candlestick to close above $0.31
2. Buy at $0.15 if you want to invest in XRP for long term
3. Wait for price to go sideways, followed by a HL and squeezing price actions into the trendline
(this can happen either at around $0.24 or $0.16). Enter the trade as a breakout trade.
4. The orange circles marked on the chart are the best entries for conservative traders
Please leave a LIKE so I know you appreciate this post and you would like to receive more updates on the major alts in future
**This post is for informational purpose only. I will not be held liable or responsible to you in any way for any loss or damage suffered by you through use or access to this post**
Past analysis (click & play):
Bitcoin, perfect call (300% profits)
Bitcoin, bought between $6.8k - $7.3k (40% profits)
Perfect call on $12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to $3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
How I draw the trendline
Lower Low should be Higher Low