This weekly XRP chart clearly lays out:
(1) Prior price resistance we recently hit
(2) New higher price resistance levels I am forecasting we will hit next; creating a price range expectation for our next large move
Prior Price Resistance:
- The lighter red lines show areas of prior price resistance back in 2018/2019 which we did manage to hit during this prior run-up
- They are both areas of resistance (at the moment!) since we have not closed above either area (*12-05-20 UPDATE: 0.55 line changed to green as support given our 11-23-20 candle closed above this line), but the important thing for a volatile & depressed
asset like this is to note we broke up to test/revisit these levels. This goes hand & hand with a bonus 3rd item; we're creating both higher highs
and higher lows on the chart. This is a fundamental item in charting which says
New Higher Forecasted Price Range to Test Next:
- Blue circles to the left indicate why I marked these areas as our next area of price resistance (excluding the dark red line; blow-off top ATH wick candle)
- It is extremely important to note that with a volatile asset like XRP, that while yes, these are prior areas of resistance, we could very easily wick above
any of these lines prior to retracing for further consolidation. This is why I created a large price range to target next.
- "Okay CryptoBullGod, but that's a really large price range. Can't you be more helpful?!?" I have been! Check out some of my other tradingview charts regarding XRPBTC
I hope you find this helpful! I aim to help educate the community with SIMPLE charts.
Focus only on the Stochastic RSI
Our orange line pointing to the horizontal orange line shows area we historically top at during euphoric temporary blow-off tops. As you can see we still have room to run....
RSI horizontal line shows another area on our indicators we historically top at during a temporary euphoric blow-off top
Again, much more room to run.....
Unique Value I add to this space: