Hey! Hope you guys are doing well! In today's earlier today we called out a mountain fall happening and put out a warning. We'll that's happened now and what we are looking at has been three big orders with a few million being sold. That's flipped our EMA's and got us looking at what we are now which is XRP being hit a few times.
📌However we've now approached another of our liquidity HTF levels and volume levels are moving back down as the market will gauge what's going on next. Our EMA's are still flipped and if anything could continue to stay like this for the time being and see us move further down if we fail to sustain above 0.32. That'll likely pull us to the next HTF level if that happens in which case then we will have moved back into the sideways channel and price action will try to determine what's next at that point.
📌Right now the crypto is simply trying to stay out of that sideways channel and wants to avoid being dragged back into it as we always experience volatility as well as usually get dragged down first before moving back up thus traders likely want to avoid having to deal with that headache again. But chances still are more than likely that this could be our middle point of the mountain fall rather than the bottom.
📌 Even if we look at the chart and past price action today we can see those liquidity grabs and how they lured traders in making them think it was the bottom before dumping on them doing it three times already. So don't let the chart fool you or those short term bars as they won't show the bigger picture.
📌If we find good support and get some strong buyers to enter then that'll be nice to see and would be good to have but right now is just one of those cautious moments most definitely. We are now in a short term descending channel which I've noted and marked up in blue. I added some arrows to make stuff simple but basically we move up and above that channel it's pretty good for setting us up on a breakout, if not then we could stay within the short term descending channel which would likely then bring us back to our main/daily descending channel that we're in by which then we would see a bounce from that bottom and move up.
Either way we're not in a bad position at all and XRP is gonna have some real good times ahead of it soon enough. This is only short term and we've managed to make it this far and stay in the game and we're not gonna give up now. If you feel this idea helped or was insightful, feel free to leave a like and follow as always. Thank you and have a great night!
~ Rock
📌However we've now approached another of our liquidity HTF levels and volume levels are moving back down as the market will gauge what's going on next. Our EMA's are still flipped and if anything could continue to stay like this for the time being and see us move further down if we fail to sustain above 0.32. That'll likely pull us to the next HTF level if that happens in which case then we will have moved back into the sideways channel and price action will try to determine what's next at that point.
📌Right now the crypto is simply trying to stay out of that sideways channel and wants to avoid being dragged back into it as we always experience volatility as well as usually get dragged down first before moving back up thus traders likely want to avoid having to deal with that headache again. But chances still are more than likely that this could be our middle point of the mountain fall rather than the bottom.
📌 Even if we look at the chart and past price action today we can see those liquidity grabs and how they lured traders in making them think it was the bottom before dumping on them doing it three times already. So don't let the chart fool you or those short term bars as they won't show the bigger picture.
📌If we find good support and get some strong buyers to enter then that'll be nice to see and would be good to have but right now is just one of those cautious moments most definitely. We are now in a short term descending channel which I've noted and marked up in blue. I added some arrows to make stuff simple but basically we move up and above that channel it's pretty good for setting us up on a breakout, if not then we could stay within the short term descending channel which would likely then bring us back to our main/daily descending channel that we're in by which then we would see a bounce from that bottom and move up.
Either way we're not in a bad position at all and XRP is gonna have some real good times ahead of it soon enough. This is only short term and we've managed to make it this far and stay in the game and we're not gonna give up now. If you feel this idea helped or was insightful, feel free to leave a like and follow as always. Thank you and have a great night!
~ Rock
