We are waiting for a pretty simple confluence of indicators to resolve hopefully in the next week or so if not sooner. There is a lot of bullishness in the crypto market and rather than chance something that is already on the move I am looking to catch something before its next big move. What I am watching for is pretty simple... big moves end up causing the indicators to behave certain ways and a simple thing to watch for is for the stacking of the simple moving averages into a fully bullish pattern. The chart shows three occurrences when price action strengthened enough that the SMAs stacked bullishly and then after this strengthening the price popped up rather nicely. If things continue as I suppose, the price will continue to strengthen until the 20 finally crosses over the 50 and we see another pop.
One reason why I think price will continue to strengthen is the MACD situation is also bullish on the daily chart and I suspect it will remain so. The main chart has a falling resistance trendline drawn mostly to wicks as opposed to candle bodies and the chart below has the trendline drawn to candle bodies around the April high. This suggest that the resistance has been flipped to support and the fibs show some struggling at the 0.618 after bouncing off of the 0.382. The fib target for a impulsive move is up there at 1.618 and that is an interim target.
This idea's suppositions are negated if the MACD crosses bearish or price action cannot rise through resistance. I suspect we can see some wicking below the 10 daily SMA while waiting for the 20 and 50 to cross bullishly. If this doesn't pop within a week then also it wasn't the trade we are looking for. Really $1.25 should be taken out within days. Hopefully once this goes well I can take my gains and repeated this set up on some other cryptos I am watching that are about to resolve bullishly with the SMAs and MACD
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So far the 10 has fallen as support but there has been strong wicking at the 20 and 50 so it seems that those are holding as support for now. We are still watching for the price to stay above those levels and hopefully strengthen so the 20 and 50 can still cross bullishly. This would require price action to get above the 10 in short order.
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With about 8 hours to go there is still some time for this to reverse but so far XPRUSD is on the verge of getting that fully bullish stack I was looking for. Price is above the 10, the 10 above the 20, and the 20 above the 50. From here it would be nice to confirm with a couple of periods with no candle bodies below the 10.
Things should begin to get impulsive. Of course there is no telling how long XRP will strengthen before popping.
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MACD has crossed bearish and price continues to test the 50 as support. I have my stop a tad below the 50 so we will see if I get taken out for a small loss.
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Stopped out of my trade. Looking to buy the dip in the orange area.
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Looks like are sort out is complete and we have broken out.
@TradingView, But this isn't really technical analysis...hes measuring past moves and claiming that the coin will pump. Seems a bit premature...
This_Guhy
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@TheCryptoChartWhisperer, I would have to disagree. Moving averages are often seen as support and resistance and the fact that we've cleared the three smes I showed you indicates that we've cleared that daily resistance. Also the macd is often used as a way of measuring momentum. When the macd is above zero that's a sign that the momentum for the look back period Is positive.
Likewise Fibonacci extensions and retracements have a lot of Elliott wave theory embedded into them when used properly.
Likewise I also mentioned the downward sloping resistance on the chart. Having price action ride the sma's out of this resistance puts us poised for a breakout. One of the first things I mentioned in this chart was I was trying to get poised for a breakout and not rush into anything that's already moving. That's also why I had the negation detailed out in the closing paragraph.
TheCryptoChartWhisperer
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@This_Guhy, Then why don't you showcase the monthly MACD.
This_Guhy
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@TheCryptoChartWhisperer, because I used my discretion as a author to post a trade and analysis as I saw fit as I was looking for an asset I hope would be breaking out within a week or so.
TV ideas cannot be all things to all people.
TheCryptoChartWhisperer
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@This_Guhy, Thank you for your responses and your analysis.
sawyur
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Shitcoin
This_Guhy
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@sawyur, It is really fast and cheap. That puts its above some other tokens.