XRP could absolutely explode this month!
First of, apologies for the clickbait-ish title - it´s the only thing that gets people to pay attention nowadays apparently. With that being said, the tittle is not entirely misleading and here´s why.
General analysis:
- last two monthly closes are very interesting as we closed the month of September in a doji type candlestick which typically signals indecision or perhaps even reversal
- the following month was followed by a nice bullish candle that showed buyers are still interested in XRP at these prices
- these two candles put together indicate a potential bottoming formation
The way to trade this setup is very simple:
- as soon as we take out the high of September at roughly 32 cents, I expect this thing to absolutely explode to the upside, when XRP goes, it goes hard
- conversely, should we fall below the support (thick blue line) and especially if we trade below the low of the doji this thing is likely going down much more
Bias?
- short term time frames (1D, 2D, 3D) look a bit shitty and with Swell coming up I wouldnt be surprised at all if we see a short sell off to 23 - 25cents. Remember though, we are focusing on the weekly and monthly here
- the fact that my lovely MA´s have crossed to the upside is really really good, even more so when it happens on a monthly scale
- we appear to be in a falling wedge (no, this is not a descending triangle in any way, shape, or form), which do tend to resolve to the upside
- finally, I usually don´t give a you-know-what about fractals but it is interesting how all the previous XRP pumps were preceded by big doji candles (blue boxes), followed by a nice bullish candle which ultimately lead to a big breakout
In short, my bias currently is to the upside but either way this thing breaks, the way to trade it is very simple, which is why you should definitely pay attention to XRP in the coming weeks.
Take care.
General analysis:
- last two monthly closes are very interesting as we closed the month of September in a doji type candlestick which typically signals indecision or perhaps even reversal
- the following month was followed by a nice bullish candle that showed buyers are still interested in XRP at these prices
- these two candles put together indicate a potential bottoming formation
The way to trade this setup is very simple:
- as soon as we take out the high of September at roughly 32 cents, I expect this thing to absolutely explode to the upside, when XRP goes, it goes hard
- conversely, should we fall below the support (thick blue line) and especially if we trade below the low of the doji this thing is likely going down much more
Bias?
- short term time frames (1D, 2D, 3D) look a bit shitty and with Swell coming up I wouldnt be surprised at all if we see a short sell off to 23 - 25cents. Remember though, we are focusing on the weekly and monthly here
- the fact that my lovely MA´s have crossed to the upside is really really good, even more so when it happens on a monthly scale
- we appear to be in a falling wedge (no, this is not a descending triangle in any way, shape, or form), which do tend to resolve to the upside
- finally, I usually don´t give a you-know-what about fractals but it is interesting how all the previous XRP pumps were preceded by big doji candles (blue boxes), followed by a nice bullish candle which ultimately lead to a big breakout
In short, my bias currently is to the upside but either way this thing breaks, the way to trade it is very simple, which is why you should definitely pay attention to XRP in the coming weeks.
Take care.
Trade closed manually:
The trade idea is today officially closed as we broke to the downside, which is very, very bearish. Short XRP to the ground.