Ripple has seen a long and healthy period of consolidation, ending with the pump during the SWELL twitter countdown. I won't go into my reasoning as to why this price action is behaving as it is, or why the Ripple team have chosen to pump this coin towards a conference, but I have my suspicions about the price action and the centralised nature of the token. Regardless of the factors at play behind the movement, this token appears ready to explode, and it provides an excellent opportunity.
I have taken the bar pattern of the price action throughout the duration of April this year, which occurred just before the last big run. I have stretched the pattern to fit the recent price action since the twitter announcement of Swell. If history is to repeat, it lwill likely do so soon.
The moving averages are looking excellent, with a tightening of SMAs since the Swell announcement, and what bdkelly1203 refers to as a "lighting strike" in September. This is when the 7, 21 and 77 SMAs all cross at once on the 343 minute chart. We just had a cross of the 77 over the 235, and the 235 is showing a nice curve throughout this stable period, now heading northward!
After a recent break upward to challenge the local retracement fib, we dropped back down to bounce on the 235 and have entered an ascending triangle on previous resistance.
Pending buy orders can be placed above the local big even at about 0.000056, with a stop loss below the 0.000052, and a first target at around 0.00009. This target was the strongest support after the correction earlier this year, and should be the first stop on a continued run. I will be looking to reenter at about 0.000075 for more upside.
Good luck to all jumping in! Feel free to leave a comment :)
Az.
I have taken the bar pattern of the price action throughout the duration of April this year, which occurred just before the last big run. I have stretched the pattern to fit the recent price action since the twitter announcement of Swell. If history is to repeat, it lwill likely do so soon.
The moving averages are looking excellent, with a tightening of SMAs since the Swell announcement, and what bdkelly1203 refers to as a "lighting strike" in September. This is when the 7, 21 and 77 SMAs all cross at once on the 343 minute chart. We just had a cross of the 77 over the 235, and the 235 is showing a nice curve throughout this stable period, now heading northward!
After a recent break upward to challenge the local retracement fib, we dropped back down to bounce on the 235 and have entered an ascending triangle on previous resistance.
Pending buy orders can be placed above the local big even at about 0.000056, with a stop loss below the 0.000052, and a first target at around 0.00009. This target was the strongest support after the correction earlier this year, and should be the first stop on a continued run. I will be looking to reenter at about 0.000075 for more upside.
Good luck to all jumping in! Feel free to leave a comment :)
Az.
Comment:
A close up of the ascending triangle with the bar pattern faded out:
Order cancelled:
pattern broken due to BTC breaking 5K