Here is an update to my previous analysis.
XRP has been progressing through the consolidation zone and has finally dropped below the previous Daily chart level 1 marker, thus making this retracement significantly deep, as it has currently retraced almost 80% of the initial Level 3 move. In the last 24 hours, price has bounced off major support zone (flip zone) and is currently forming a W (Level 3) on the 4 hour chart, where we can expect a bullish trend to ensue from here on in.
However before we can confirm this, there may be an additional reset which would take the price even lower to around the 0.33 ~ 0.34 cent area. I consider that move to be highly unlikely, but still possible.
The reason for my consideration are:
1) The manipulation pattern has completed on a higher timeframe, even in Daily should we get a confirmation of Level 1 move, it will continue upwards.
2) The W pattern is in progress on the 4 hourly, we can expect with high probability, that it will form a level 1 pattern which once confirmed, will signify the bullish trend continuation.
3) Looking at the 'TDI', where 'RSI' low point was 9.9 RSI, (with current RSI setting at 10) and has formed a W
4) 'RSI' has made a sharkfin as well as a W, outside of the Lower 'TDI' band.
5) Fast 'MA' (Fast Moving Average) - (Red Colour) has hit the Lower TDI band.
All of these are prime for a super high probability bullish move/continuation.
Note: In lieu of the current high volume dumping of Futures Contracts against Bitcoin (See twitter channel here for live updates: t.me/whalecalls), because XRP is currently correlated with bitcoin, we will see similar movements on XRP, until as such time as XRP is decoupled from bitcoin, which shouldn't be far away, I'm expecting that to happen after the 11th of November.
----------------------------------------------------------------------------------------------------------------------------------------------------------
Obviously, nobody can tell the future and trading is a game of probability based on previous structure, fibonacci measurements, experience etc...
Sure anyone can disagree with my analysis, but don't just say you disagree, show me your analysis. However don't be surprised if I don't reply, I'm not interested in debating with people, because it seems Tradingview is full of trolls lately and altcoin fanboys who treat trading and crypto coins like barracking for football teams. I'm a professional full time trader, I live from trading, I make money from trading. I don't care about the name of a coin or currency pair, I just care about making money, and I make a lot of it because I know what I'm doing.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
XRP has been progressing through the consolidation zone and has finally dropped below the previous Daily chart level 1 marker, thus making this retracement significantly deep, as it has currently retraced almost 80% of the initial Level 3 move. In the last 24 hours, price has bounced off major support zone (flip zone) and is currently forming a W (Level 3) on the 4 hour chart, where we can expect a bullish trend to ensue from here on in.
However before we can confirm this, there may be an additional reset which would take the price even lower to around the 0.33 ~ 0.34 cent area. I consider that move to be highly unlikely, but still possible.
The reason for my consideration are:
1) The manipulation pattern has completed on a higher timeframe, even in Daily should we get a confirmation of Level 1 move, it will continue upwards.
2) The W pattern is in progress on the 4 hourly, we can expect with high probability, that it will form a level 1 pattern which once confirmed, will signify the bullish trend continuation.
3) Looking at the 'TDI', where 'RSI' low point was 9.9 RSI, (with current RSI setting at 10) and has formed a W
4) 'RSI' has made a sharkfin as well as a W, outside of the Lower 'TDI' band.
5) Fast 'MA' (Fast Moving Average) - (Red Colour) has hit the Lower TDI band.
All of these are prime for a super high probability bullish move/continuation.
Note: In lieu of the current high volume dumping of Futures Contracts against Bitcoin (See twitter channel here for live updates: t.me/whalecalls), because XRP is currently correlated with bitcoin, we will see similar movements on XRP, until as such time as XRP is decoupled from bitcoin, which shouldn't be far away, I'm expecting that to happen after the 11th of November.
----------------------------------------------------------------------------------------------------------------------------------------------------------
Obviously, nobody can tell the future and trading is a game of probability based on previous structure, fibonacci measurements, experience etc...
Sure anyone can disagree with my analysis, but don't just say you disagree, show me your analysis. However don't be surprised if I don't reply, I'm not interested in debating with people, because it seems Tradingview is full of trolls lately and altcoin fanboys who treat trading and crypto coins like barracking for football teams. I'm a professional full time trader, I live from trading, I make money from trading. I don't care about the name of a coin or currency pair, I just care about making money, and I make a lot of it because I know what I'm doing.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
----------------------------------------------------------------------------------------------------------------------------------------------------------
