TradingView
tradeformula
May 24, 2018 1:12 PM

Logarithmic Schmogarithmic XRP (VIDEO) Long

XRP / U.S. dollarBitstamp

Description

I love the log scale, but have to remind myself to switch out of it time to time when identifying diagonal supports.

This is one of those times.

I was pretty disappointed to see price action ignore my support that I hoped would stay strong, and it blew right past it. After switching away from log scale, I realized that there was reason to believe this is the bottom, and not only that the large historical support is here, but that we're in a falling wedge and at pivot points as well. Let me know what you think- I'll post a standard idea as well so that we can track how well things go. Thanks for watching.
Comments
cyberholz
So we just broke your support? Quo vadis, XRP...
tradeformula
@cyberholz, We sure did. We'll see what happens!
cyberholz
@tradeformula, What's your guess?
tradeformula
@cyberholz, whatever it is, it's as good as anyone else's.
More