XRPUSD Accending triangle has hidden bullish divergence
The main thrust of this post is literally just in the title. We have been setting higher lows over the life of this triangle and the RSI/Stoch/Stoch/RSI have been creeping downward. Higher lows on the price action but lower lows on the ossiclators is hidden bullish divergence, and I have a bias towards hidden bullishness over classic.
The chart below shows the same bullishness on the MACD and what looks like a technical double bottom on the MACD histogram. There is still some room between here and the rising support and this can be a risky place to play due to acceding triangles breaking down some 35% of the time. The chart below also shows this hidden bullish divergence on the On Balance Volume w/ EMAs. That chart can get kinda busy so I only drew the line for the OBV, but you can see the OBV 10 EMA is showing signs of creating a lower low compared to the higher high on the price action. Very bullish. That chart is a 12H chart.
I do find the 12h chart surprisingly useful and here with with some simple EMAS we can see the price action didn't even reach the 48 before being bought up.
I think we will continue to see the price action consolidated here in the hole before powering above the 12H 13 EMA. If this rising support fails I would be looking to see what happens at the 100 EMA on the 12h, down at 0.377
Target is some 24% higher than the AC resistance but I think we will see a massive wick that pierces well beyond target but that behavior, while you can suspect, can be hard to call technically. I am looking at $.52 and .60 in the short run to act as upcoming support and resistance. Those black lines crossing my chart are where support and resistances have switched over and over again and are pretty apparent on the lower time frames.
The chart below shows the same bullishness on the MACD and what looks like a technical double bottom on the MACD histogram. There is still some room between here and the rising support and this can be a risky place to play due to acceding triangles breaking down some 35% of the time. The chart below also shows this hidden bullish divergence on the On Balance Volume w/ EMAs. That chart can get kinda busy so I only drew the line for the OBV, but you can see the OBV 10 EMA is showing signs of creating a lower low compared to the higher high on the price action. Very bullish. That chart is a 12H chart.
I do find the 12h chart surprisingly useful and here with with some simple EMAS we can see the price action didn't even reach the 48 before being bought up.
I think we will continue to see the price action consolidated here in the hole before powering above the 12H 13 EMA. If this rising support fails I would be looking to see what happens at the 100 EMA on the 12h, down at 0.377
Target is some 24% higher than the AC resistance but I think we will see a massive wick that pierces well beyond target but that behavior, while you can suspect, can be hard to call technically. I am looking at $.52 and .60 in the short run to act as upcoming support and resistance. Those black lines crossing my chart are where support and resistances have switched over and over again and are pretty apparent on the lower time frames.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
The price action came down to support and bounced then broke through. There was a single candle that looked like consolidation or looking to see if we were going to hop back on support then murderous volume completely broke the formation.