Little Update here! XRP is precisely at the procyclical buy trigger I highlighted a couple of days ago. If we can break this level to the upside the party might begin. Fasten your seatbelts.
Best, Phil
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I am not waiting or expecting a RSI divergence btw, the analysis remained unchanged to the initial analysis a few days ago. Just wanted to highlight the precision of the trigger price
Trade active
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Buy trigger triggered
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Was a false breakout, XRP still bottoming out
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XRP respected the third key support level precisely as well. Still bottoming, could range a few more weeks or even months. If price breaks below the third key support, it may get ugly. But I'm not a bear yet, still a bull since XRP is holding these level. And look at the Volume spikes as soon price hits the levels... insane
I noticed the true strength indicator on 3 day chart and weekly chart is deep at an all time low and about to cross positive. This could be an indication of a massive jump. 3x-6x. Your thoughts?
Last time this indicator was this deep and crossed we went from .245 cents to .77 in a span of 3 days.
thanks for your thoughts and your idea! Well tbh I do not look too much on indicators, I just use the RSI for divergences, especially for my entries on lower timeframes, and it is just an additional supportive information, not crucial to me. I concentrate on price action, wave analysis, fibonacci but especially on "algo levels". Algos are running these markets so you have to find the price level, which can be seen by software. For example OHLC prices of significant outside bars. Volume is another very important aspect.
Hope I didn't disappoint you, but any direct answer to your question about the meaning of the true strength indicator would have been hypocrite and dishonest from me :-) I just have no idea about that indicator and the usefulness of it as a tool for trading/investing.
BTW look what xrp is doing at the price level I highlighted as the procyclical buy trigger... Thats the precision of algorithms firing their orders at these kind of levels and moving the market. And many senior traders from the stockmarket are looking and these level as well.
Last time this indicator was this deep and crossed we went from .245 cents to .77 in a span of 3 days.