Hello traders,
I am extremely bullish at the moment. My previous idea's were followed perfectly, now I have 2 possible scenario's that I see.
The bullish divergence on the RSI give me extra confirmation for a possible next bull run.
Scenario 1: Bullish Pennant, XRPUSD has been making lower highs and higher lows, this indicates a bullish pennant pattern in which XRPUSD will break out to the upside and retest the .67-.70 resistance level. If it breaks this, I expect to hit 1.80-2.00 dollars soon.
Again, bullish divergence on the RSI gives extra confirmation.
Scenario 2: Wyckoff accumulation, this is in my opinion the most likely scenario, I still see a gap that could be closed by retesting the 0.45 support line. After this support level is tested and the market has shaken off panic sellers, I expect a run to 1.80-2.00 dollars soon.
And it will not break 0.45 support line in my opinion.
Fundamental confirmations:
BTC is around it's ATH, back in 2017, the news was hyping the bull run, everyone wanted to buy at the top, that makes it a top, when your average Joe starts buying crypto, you know it's time to sell.
There is no media hype like back in 2017 at the moment, this means that institutions and whales are buying cryptocurrencies, which indicate we have a much higher way to go.
PS:
DO NOT look at the time frames to base your expectations on, I can not predict time frames, I only indicate the patterns en possibilities I see. Most importantly, I do NOT have a glass ball, I could be completely wrong so do your own due diligence before entering a trade and do not trade based on my expectations. I do not trade, I just hold.
GOOD LUCK!
I am extremely bullish at the moment. My previous idea's were followed perfectly, now I have 2 possible scenario's that I see.
The bullish divergence on the RSI give me extra confirmation for a possible next bull run.
Scenario 1: Bullish Pennant, XRPUSD has been making lower highs and higher lows, this indicates a bullish pennant pattern in which XRPUSD will break out to the upside and retest the .67-.70 resistance level. If it breaks this, I expect to hit 1.80-2.00 dollars soon.
Again, bullish divergence on the RSI gives extra confirmation.
Scenario 2: Wyckoff accumulation, this is in my opinion the most likely scenario, I still see a gap that could be closed by retesting the 0.45 support line. After this support level is tested and the market has shaken off panic sellers, I expect a run to 1.80-2.00 dollars soon.
And it will not break 0.45 support line in my opinion.
Fundamental confirmations:
BTC is around it's ATH, back in 2017, the news was hyping the bull run, everyone wanted to buy at the top, that makes it a top, when your average Joe starts buying crypto, you know it's time to sell.
There is no media hype like back in 2017 at the moment, this means that institutions and whales are buying cryptocurrencies, which indicate we have a much higher way to go.
PS:
DO NOT look at the time frames to base your expectations on, I can not predict time frames, I only indicate the patterns en possibilities I see. Most importantly, I do NOT have a glass ball, I could be completely wrong so do your own due diligence before entering a trade and do not trade based on my expectations. I do not trade, I just hold.
GOOD LUCK!