Another Pump and Dump
Over 200 Million XRP is sent to exchanges in the last hour.
First, it pumps.
Then I get fooled and buy more XRP,
Then he dumps and I will loose money. (Not quite like that, but you get the idea)
Check out this 3-Day chart:
Here are some facts:
Fact #1: whenever RSI goes above 82, we saw a massive correction. (Correction is imminent when RSI is at 91-92)
Fact #2: Last cycle, we had 5 incident with RSI higher than 82. The 5th one was ATH.
Fact #3: During last cycle, the 3rd RSI spike matched the price to its ATH (2nd previous ATH).
For Multiple reasons, listed below, ETH is going to test the a higher resistance.
- RSI shows an upward momentum.
- Double Bottom and rejection of the previous low.
- A "W" shape pattern in price chart
Relative Strength Index has reached 90. Since 2017 All Time High, this is the third time we see this value for RSI.
First time RSI reached 90, BTC had its ATH, and price dropped immediately.
The second time, price kept its momentum and continued going up after a 16% correction (from $8.3K to $7.0K).
This is the third time, and we have not seen a single red...
Please enlighten me if you know what is happening with Bitcoin and WMA indicator.
The volume is declining, and price has been sideway for the last few hours.
And, why Weighted Moving Average is almost going vertical (upward)?
per my little experience from reading charts, I can say that we are at the "moment of truth". The lower chart is RSI (relative strength index) if it does not keep the strength and bounce down, we will go to another bearish season. However if it break the red line, we probably see more bullish days ahead of us. Even looking at the upper chart, you see we are at one...
In case of breakout, USDCAD will face the next resistance at 1.36.
Reasons why moving upward is highly possible:
- US Presidential Election in less than three weeks
- Gold and Silver are facing strong resistance (Precious metal price is declining)
- Cash is running out since there is a hold on the next Stimulus Check
- RSI shows a strong uptrend (no sign...