Hey guys! We're still following on track with our Idea from yesterday though seeing XRP pull out of that Ascending Channel now and leading to a few things I'll note quick, thanks and as well of course, read the linked related Idea for yesterday to get a much more detailed Idea on stuff but I'll make this Idea short for the sake of it and since it's mostly just a follow up!
❓Ascending Channel Exit ? Or Still on ? ❓
So we noted XRP's ascending channel that it was starting to form and trending in however we moved out of that channel earlier today and are still trending within that marked zone I've had highlighted in my past idea. That begs a few questions however we can see just how XRP pulled up above the channel for just a bit before it was rejected once again at the 0.45-0.46 cent benchmark which pulled it back into this horizontal channel. This could still be an ascending channel however usually you'd like to see some more emphasis on the moves rather than sideways trading. If it is still the ascending channel then it'll form a wider ascending channel which isn't out of the current possibilities but we want to see ourselves move farther away from that falling wedge.
🛑Sideways Movin' 🛑
Sideways trading doesn't necessarily signal anything bad however it's clear the market's dipping it's fingers in the pond right now so to say testing how things are however sentiment isn't positive enough for investors to just throw the bag in following such a move this week. Sideways also makes sense as our 20 and 50 Day EMA's have continued to cross through each other 3 times now which always puts things in a curious spot since your not really sure which way things are swaying towards. Basically it isn't bad but based on past price action we'll definitely be seeing some dramatic move soon most likely. Now whether or not that'll be up or down depends on which way we move through the horizontal channel I've got noted and put the arrows to simplify.
📉Falling Wedge threat still looms 📉
I've noted the falling wedge though in yellow dashed to mark the falling wedge that XRP fell alongside and it's main resistance that seems to plague it whenever it falls below that dotted threshold as you can see based on the price action of the 11 and the 13th. That also explains why XRP is moving sideways as we've basically exited that falling wedge however are still close enough that we can be dragged back down in a shock and without much positive buyer sentiment the market's not getting much sway as it usually does with most retail traders likely looking to sit back for a few days and see how things move before taking any trades. So watch for that as well, if we get pulled back or back down closer to that wedge expect to see some selling pressure for sure as well as another dump if we end up breaking below and enter that wedge again.
📢Final Note 📢
As always it's never easy figuring these and trying to analyze just why the market is doing what it does and may, sure there is always whale manipulation but that also rely on retail investors which go hand in hand for things to work so actions are never simply tied to one factor but a multitude. Technical you can tell how we're trading almost ever so perfectly between our ascending channel and falling wedge with the market trading sideways as it looks to see just which way the coin will lead towards. So keep that as a basic, we break above the horizontal channel it's bullish, below it's bearish.
Thank you for tuning in as always and please be sure to leave a like and follow, I always appreciate it and hope you guys have an amazing day! And as well you only get 123% from me every Idea so thank you for your tuning in and keep well!
~ Rock
❓Ascending Channel Exit ? Or Still on ? ❓
So we noted XRP's ascending channel that it was starting to form and trending in however we moved out of that channel earlier today and are still trending within that marked zone I've had highlighted in my past idea. That begs a few questions however we can see just how XRP pulled up above the channel for just a bit before it was rejected once again at the 0.45-0.46 cent benchmark which pulled it back into this horizontal channel. This could still be an ascending channel however usually you'd like to see some more emphasis on the moves rather than sideways trading. If it is still the ascending channel then it'll form a wider ascending channel which isn't out of the current possibilities but we want to see ourselves move farther away from that falling wedge.
🛑Sideways Movin' 🛑
Sideways trading doesn't necessarily signal anything bad however it's clear the market's dipping it's fingers in the pond right now so to say testing how things are however sentiment isn't positive enough for investors to just throw the bag in following such a move this week. Sideways also makes sense as our 20 and 50 Day EMA's have continued to cross through each other 3 times now which always puts things in a curious spot since your not really sure which way things are swaying towards. Basically it isn't bad but based on past price action we'll definitely be seeing some dramatic move soon most likely. Now whether or not that'll be up or down depends on which way we move through the horizontal channel I've got noted and put the arrows to simplify.
📉Falling Wedge threat still looms 📉
I've noted the falling wedge though in yellow dashed to mark the falling wedge that XRP fell alongside and it's main resistance that seems to plague it whenever it falls below that dotted threshold as you can see based on the price action of the 11 and the 13th. That also explains why XRP is moving sideways as we've basically exited that falling wedge however are still close enough that we can be dragged back down in a shock and without much positive buyer sentiment the market's not getting much sway as it usually does with most retail traders likely looking to sit back for a few days and see how things move before taking any trades. So watch for that as well, if we get pulled back or back down closer to that wedge expect to see some selling pressure for sure as well as another dump if we end up breaking below and enter that wedge again.
📢Final Note 📢
As always it's never easy figuring these and trying to analyze just why the market is doing what it does and may, sure there is always whale manipulation but that also rely on retail investors which go hand in hand for things to work so actions are never simply tied to one factor but a multitude. Technical you can tell how we're trading almost ever so perfectly between our ascending channel and falling wedge with the market trading sideways as it looks to see just which way the coin will lead towards. So keep that as a basic, we break above the horizontal channel it's bullish, below it's bearish.
Thank you for tuning in as always and please be sure to leave a like and follow, I always appreciate it and hope you guys have an amazing day! And as well you only get 123% from me every Idea so thank you for your tuning in and keep well!
~ Rock
