Hey, please be sure to leave a like and follow as always before I get started and I always appreciated it of course! This is gonna be a quick add up/follow up to our previous XRP Idea this morning. In my morning Idea on XRP I noted the threat which loomed on us as we had just 'left the mountain' which is the term I use to point out whenever our EMA lines leave the bar mountain on a dramatic scale much like a skier may ski off a mountain then engage their parachute for the long fall down.
Thank you again and please feel free to leave a like or follow, thank you so much and I absolutely appreciate it!
~ Rock
- What we've seen following that was a pretty dramatic drop that took place following us forming an even lower high at the 0.44 benchmark now which helped to pave the way for that drop as well as our EMA lines having left the mountain, if you read my previous Idea you would know about that risk as well as the bigger inherent risk that gets created the closer we get to that descending wedge which would be us seeing a dramatic dump if we enter back to that point.
- That in mind we are still within the sideways channel and have yet to break below with us seeing some higher highs forming on the minute chart showing there indeed is resistance but whether or not it'll be enough is what we should pay some attention to. Traders of course don't want to see us cross below that sideways threshold down as it'll be bearish and it seems they are trying their best to keep us from losing more ground than we already have. We've also got a lower low that's formed now thanks to today's drop which nobody wants to see unless your a bear. We'll have to form a few higher lows for things to shift considering we did establish that lower low today and usually you'll wanna see things shift back first following these kind of moves before trying to read into the market like most are.
- Also to note is whales. Whales are the reason we can't form these new highs. If you look at the minute chart you'll see these massive sell orders that kick in at the peak of every mountain with most being closer to $1 million or even more in some cases as Market makers do their best to keep the market from progressing back positively. So don't think we just have weak hands or the market's not fighting back, it is, however it's pretty hard to do that when someone sells heavy on you at every "top" in an attempt to overwhelm and push you back down. So things as usual are pretty important to note based on these whales and what exactly they may want to see the market "do" for them as always seeking the max profit on every trade.
- I won't add much more since this is again mostly a follow up but definitely watch that sideways channel as I've pointed out the arrows to make things simple and tell you just what we are looking at in those scenarios. We move to the upside and break above the channel as we nearly did today it's bullish and below vice versa so simply keep that in mind as now the market will likely seek to push back up but with whales seemingly dumping at every turn it definitely is easier said than done.
Thank you again and please feel free to leave a like or follow, thank you so much and I absolutely appreciate it!
~ Rock
