Alright, so it's clear as day from my past few charts that XRP is now beginning to trend sideways. It breached what had been it's 'support trend' since the start of our "happy little bull market."
So now that I'm not stressed to give a heads up via my "BUY THE BULL FLAG!!!" post. We're almost certainly going to experience a retracement to this price, simply because of how large the this short term bounce back was. So if you missed it, look for us to try and kiss the resistance at $0.4164 that acted as a resistance to prices just before this break out. If you're new to trading, I'm sorry this will likely reach you after we've already retested, just keep this little bit of advice in mind for future trades. It lets you ensure you're following a 'good' call. As in, if I called that "BUY THE BULL FLAG!" right at the end of the run and it bombed on people at that price, then you just bought a bad call. If you wait, watch to see if the bulls take the charge, and they do, then you know you're going to get a second chance to buy at the "bull break point" when the price retraces.
TA/Trading tutorial aside, let me break down what you're looking at; as I'm certain I've yet to break down the Picasso you're looking at.
Alright, so what I'm seeing is 'upward' consolidation. What this means is, despite there being heavy selling pressure through these ranges, ultimately the 'bull' pressure is greater. Further this is causing 'bull pressure' to mount. Visible on almost all exchange's increased volumes and rising supports. This means we're gearing up for another jump up. Where we'll stop is nearly impossible to guess. I won't even try. But, what I can do for now, is project where the price is going to play until the big pump. Additionally, I admit my movement projections are VERY conservative. As such I will not call 'bear flags' until we enter what appears to be a symmetrical triangle. But for now what we're working towards ultimately is forming a daily pennant, which would be a signal to a significant uptrend next week.
So now that I'm not stressed to give a heads up via my "BUY THE BULL FLAG!!!" post. We're almost certainly going to experience a retracement to this price, simply because of how large the this short term bounce back was. So if you missed it, look for us to try and kiss the resistance at $0.4164 that acted as a resistance to prices just before this break out. If you're new to trading, I'm sorry this will likely reach you after we've already retested, just keep this little bit of advice in mind for future trades. It lets you ensure you're following a 'good' call. As in, if I called that "BUY THE BULL FLAG!" right at the end of the run and it bombed on people at that price, then you just bought a bad call. If you wait, watch to see if the bulls take the charge, and they do, then you know you're going to get a second chance to buy at the "bull break point" when the price retraces.
TA/Trading tutorial aside, let me break down what you're looking at; as I'm certain I've yet to break down the Picasso you're looking at.
- Black Bars: previous resistance. The thicker the bar, the stronger the resistance at that price.
- Colors: Green is "bullish" Yellow is "Cautionary" and Blue is "Break out"
- Black Vertical Bars: 'Original Rising Trend.' These are ranges where the price has remained confined to for an extended period of time.
- Orange Vertical Bars 'Adjusted Rising Trend.' Due to a break of the previous trend, the "adjusted trend" attempts to predict which support/resistance ranges will become critical to maintaining the current trend.
Red Vertical Bars Red Verticals represent projections of future price action. Downward bars project 'bearish' divergences while 'red bars' project bullish divergences. These are not 'resistance' or 'supports, rather I expect the price to bend around them.
Alright, so what I'm seeing is 'upward' consolidation. What this means is, despite there being heavy selling pressure through these ranges, ultimately the 'bull' pressure is greater. Further this is causing 'bull pressure' to mount. Visible on almost all exchange's increased volumes and rising supports. This means we're gearing up for another jump up. Where we'll stop is nearly impossible to guess. I won't even try. But, what I can do for now, is project where the price is going to play until the big pump. Additionally, I admit my movement projections are VERY conservative. As such I will not call 'bear flags' until we enter what appears to be a symmetrical triangle. But for now what we're working towards ultimately is forming a daily pennant, which would be a signal to a significant uptrend next week.