History does not repeat itself however, it does rhyme. The correlation between the 2018-19 bear market and the most current bear market is not a splitting image however you can see a clear outline of a potential direction following the recent colossal uptick in price.
In the previous bear market, the period between the first red candle and the last major green candle, before the retracement leading towards the absolute bottom, is 17th months apart. This individually does not have much significance however, The current bear market has the same structure as well as the exact month time frame of 17 months. May 2019 saw an open-to-close candle of approx 35%, with a wicked size of approx 61%. The current September 2022 monthly candle still has 7 days before it closes but there is a chance the closing candle could fall in the 35% range putting the price at around $0.436 at the end of the month (this is pure speculation).
This opinion could be made invalid once a summary judgment has come to a conclusion in the SEC vs Ripple case. However, I do feel both cases of win or lose will result in a downtick for XRP as we should see a buy the news sell the release type scenario.
Give me your view on this analysis on the correlation between the two bear markets and whether you agree or disagree on the point of view.
Thanks
In the previous bear market, the period between the first red candle and the last major green candle, before the retracement leading towards the absolute bottom, is 17th months apart. This individually does not have much significance however, The current bear market has the same structure as well as the exact month time frame of 17 months. May 2019 saw an open-to-close candle of approx 35%, with a wicked size of approx 61%. The current September 2022 monthly candle still has 7 days before it closes but there is a chance the closing candle could fall in the 35% range putting the price at around $0.436 at the end of the month (this is pure speculation).
This opinion could be made invalid once a summary judgment has come to a conclusion in the SEC vs Ripple case. However, I do feel both cases of win or lose will result in a downtick for XRP as we should see a buy the news sell the release type scenario.
Give me your view on this analysis on the correlation between the two bear markets and whether you agree or disagree on the point of view.
Thanks