We are at resistance, pretty strong and perfectly defined by the Fibonacci level. An area of supply was expected there, so the first rejection was logical. A bearish scenario would have expected $btc to crash after the rejection, or at least after the retest but 2 attempts to dump have been immediately bought up. This doesn't mean that the price can't decrease of...
I analyzed the selling of ada and as you can see from the chart is definitely losing strength
Selling swings are getting weaker, the last one failed to make a lower low, the price broke out of bearish trendline, decreasing volume.
2 possible setups on charts to long this
The demand under 168$ is impressive and may easily lead to a change of trend. The price already broke out of the bearish channel with a high volume long bullish candle, now is facing 180$ resistance, if it will reclaim that I will look for long setups
On 3d chart, we can clearly see the strong move upwards, stopped by the huge supply over 11.5k
The bullish trend is still intact (HH/HL, inside the bullish channel) but we are at a decision point, some thoughts on the chart
After the climactic candle to 14k and the immediate reaction, supply is in control
9k is a good support but if nobody is buying it's doom to fail, the logical target would be 7,5k
I'm not trading it since I don't have a setup yet
Bat has one of the clearer and more defined HTF structure you can find
We are at support, there has been some decent buying but I'm going to wait for a more reliable trigger, like an high volume spring that closes over support or a clean break of the bearish channel
I'm compairing last xrp cycle using Wyckoff law of cause and effect, which states that the impulse move is proportional to the energy accumulted in the trading range.
We can see that the range price excursion is narrower (-35% difference ) but in this cycle the accumulation is lasting much longer, atm +86% of the previous one. This means that the move we are...
High volume buying at strong demand zone allowed price to reclaim the important level around 0.0113sat, at the moment consolidating above
Target under the strong area of supply, stop under support or manully close in case of weakness
Rounded bottom, reclaimed previous support that held the retest, proving the presence of demand there
Target HTF supply area around 12.5$, I don't think 7,5$ resistance will hold another attempt to break
Stop just under support
$xrp in the usd chart price is consolidating under the strong resistance at 0.50$, another attempt to break upwards would probably be successful. But the attempt can't way too long or the bias would turn bearish, if bulls lose channel and 0.37 support we would see new lows