XRP 2-Month Chart: Hammer Candle Reversal Signal
The Candlestick circled is a hammer candle. This candle most likely (statistically speaking) states that we can expect a reversal to the upside.
It is the March-April 2 Month Candlestick.
We have just begun our May-June candlestick.
97% of the time I do not day trade. I play longer-term swing plays. My opinion is this is an extremely good set-up for next several coming months.
It is the March-April 2 Month Candlestick.
We have just begun our May-June candlestick.
97% of the time I do not day trade. I play longer-term swing plays. My opinion is this is an extremely good set-up for next several coming months.
Comment:
I place much more emphasis on the longer-term picture for XRP. This is because I have been scaling in at logical entry points for awhile w/longer term horizon.
The updated 2-Month chart as of November clearly shows price reversal since the Mar-20 candlesticks: Higher lows each candlestick, include the hammer reversal candle in March.
Once we clear that thick red resistance line at ~$0.78, things will get very juicy, very quickly.
I place much more emphasis on the longer-term picture for XRP. This is because I have been scaling in at logical entry points for awhile w/longer term horizon.
The updated 2-Month chart as of November clearly shows price reversal since the Mar-20 candlesticks: Higher lows each candlestick, include the hammer reversal candle in March.
Once we clear that thick red resistance line at ~$0.78, things will get very juicy, very quickly.
Comment:
This chart has aged nicely, and we're just beginning
(1) The commentary above regarding the hammer reversal candlestick has held true; it is very evident that was our cycle low and turning point where by we are now beginning to create higher lows and higher highs
(2) The current 2 month candlestick set to close this month has cleared all downward sloping resistance lines show which is very bullish. We need this month to close > 0.25 to remain above both downward resistance lines AND to remain closing above our prior 2 month candlestick there by creating higher highs. An extremely ideal scenario would be to close August above the small horizontal line at 0.348. This is because it represents a prior high reached we were not able to close above and represents a major area of resistance
3) Big picture it is also very evident we have broken out of our falling wedge.
4) We can also see our RSI has broken out from it's lower high structure and is in the midst of creating a structure to begin forming higher lows and higher highs.
Looking at this view is invaluable if you are a longer term investor/trader. If this applies to you, ignore the 4 hour chart. Place more focus on the daily, even more on the weekly, more yet on the monthly, and the most on 2/3 month views. Things are looking very positive.