The double bottom was discussed in my previous article about XRP and as you can see the price fell below the 'potential bottom' and hit the support of the downward trending bullish flag formation. This alone is a very bullish signal as there is already talks about a potential alt coin season arising from the current situation BTC finds itself in, and when BTC bottoms out which I predict will be around 21.3k roughly, the alt coin season will be in full swing and ready for the remainder of the bull market following exponential growth. This how ever is "speculation" which in its self is a very vague term as many things can be referred as speculation, I feel crypto is a bit past the stage of speculation, as we have passed the threshold of the old views of crypto being a group of assets not to be taken seriously based on the fact that whales and institutions did not believe in them and if they did, would not make it public as it would alter their chances of retaining power if the consensus had to shift over to crypto, which it has in a big way.
A list of my points of confluence regarding my bullish prediction in the days/weeks to come will be stated below.
1) Bull flag: As discussed above we have currently touched support on the flag formation which in theory is a strong reversal signal, and time to place a trade, BUT don't make this be the only reason you make the trade, compile at least 3-4 points of confluence before being confident to place a trade.
2) Double bottom: the current point the price is at is the second touch (db2) of the formation with a target of $1.48, which is over 150% from where we currently are. It wont be that easy as we have levels of resistance plotted on the chart from A-E, these consist of fib levels, bull flag support and the double bottom neckline. Therefore it is obvious that the chart wont move in a vertical line and will have to take steps to get to the price predicted. Fundamentals could also assist the price achieve these prices as ripple seems to be taking the cake from the SEC and news will be coming out regarding the current lawsuit which will almost definitely be bullish based on all the recent articles stating Ripple is ahead in the fight against the SEC.
Hope you enjoyed reading this article and if you did, please leave a like and comment, feel free to give me your perspective on fundamentals or technicals on this market.
Thank you!
A list of my points of confluence regarding my bullish prediction in the days/weeks to come will be stated below.
1) Bull flag: As discussed above we have currently touched support on the flag formation which in theory is a strong reversal signal, and time to place a trade, BUT don't make this be the only reason you make the trade, compile at least 3-4 points of confluence before being confident to place a trade.
2) Double bottom: the current point the price is at is the second touch (db2) of the formation with a target of $1.48, which is over 150% from where we currently are. It wont be that easy as we have levels of resistance plotted on the chart from A-E, these consist of fib levels, bull flag support and the double bottom neckline. Therefore it is obvious that the chart wont move in a vertical line and will have to take steps to get to the price predicted. Fundamentals could also assist the price achieve these prices as ripple seems to be taking the cake from the SEC and news will be coming out regarding the current lawsuit which will almost definitely be bullish based on all the recent articles stating Ripple is ahead in the fight against the SEC.
Hope you enjoyed reading this article and if you did, please leave a like and comment, feel free to give me your perspective on fundamentals or technicals on this market.
Thank you!