O how the narrative has shifted since I have last written an article.. Its funny of fast people with minimum experience in markets can turn on crypto when it yields a negative return for the short term and does not bring you the lambo you have waited 2 months for while investing.
This is what happens, the mindset of those who don't understand distorts the general understanding of cryptos true value and potential, which is long term, and if played right short term. The following paragraphs will be based on my opinion on XRPs current situation.
First of all I will start with the fact that I am bullish in the medium/short term for XRP based on a few levels of confluences I have spent time gathering for you.
Flag formation: We have recently been in a down trending flag formation which most know to be bullish, and to complete the formation the price also came down and consolidated on the outer skirts of the level of resistance which became support, This gave me confidence above all that the price was going to spike, which it did. The target point for the formation put the price at $1.41, which in the short term the price could fall slightly short and retrace off the $1.39 which is the long term fib retracement level (38.2%).
Double bottom: this smaller time frame technical pattern is used together with the bullish flag formation and adds confidence to the breakout of the overall pattern, it plays a pivotal role in the ending of a formation, however it does not happen always, but when it does it is important to watch out for that break as it may come short after it is made visible on the chart. The target for this pattern is set at $1.21, which also coincidentally happens to be the long term 50% fib retracement level. This level is very strong therefore it is most likely the price will fight to break above and consolidate below this area for some time but after a couple attempts will break, which makes on the only resistance level there after to be the $1.32, which I feel, based on the fundamentals and strong technicals, is not going to pose a threat on the market and we will soon see the predicted levels of potentially $1.41 but most likely $1.39 in the short term.
I thank all who read this article and find any good advice among my so called "speculative ideas" as some would say. Feel free to leave a like and comment your honest opinion, whether it be good or bad.
#NotFinancialAdvice
This is what happens, the mindset of those who don't understand distorts the general understanding of cryptos true value and potential, which is long term, and if played right short term. The following paragraphs will be based on my opinion on XRPs current situation.
First of all I will start with the fact that I am bullish in the medium/short term for XRP based on a few levels of confluences I have spent time gathering for you.
Flag formation: We have recently been in a down trending flag formation which most know to be bullish, and to complete the formation the price also came down and consolidated on the outer skirts of the level of resistance which became support, This gave me confidence above all that the price was going to spike, which it did. The target point for the formation put the price at $1.41, which in the short term the price could fall slightly short and retrace off the $1.39 which is the long term fib retracement level (38.2%).
Double bottom: this smaller time frame technical pattern is used together with the bullish flag formation and adds confidence to the breakout of the overall pattern, it plays a pivotal role in the ending of a formation, however it does not happen always, but when it does it is important to watch out for that break as it may come short after it is made visible on the chart. The target for this pattern is set at $1.21, which also coincidentally happens to be the long term 50% fib retracement level. This level is very strong therefore it is most likely the price will fight to break above and consolidate below this area for some time but after a couple attempts will break, which makes on the only resistance level there after to be the $1.32, which I feel, based on the fundamentals and strong technicals, is not going to pose a threat on the market and we will soon see the predicted levels of potentially $1.41 but most likely $1.39 in the short term.
I thank all who read this article and find any good advice among my so called "speculative ideas" as some would say. Feel free to leave a like and comment your honest opinion, whether it be good or bad.
#NotFinancialAdvice