XRP - Everyone is bearish, so we might be near the bottom
Markets usually don't do what the majority thinks it's gonna do.
At the moment I see lot's of XRP holders capitulating and pretty much any analist only viewing bearish scenarios, so I am here to give a different perspective on the market right now.
The following can be seen on the chart:
- 1,5 year accumulation phase
- Weekly hammer
- Deviation from range (low volume breakdown)
- Daily bullish divergence
- XRP/BTC trading just below 1,5 year downtrendline
Okay, so let's elaborate the above
XRP has been trading in a range for nearly 1,5 year and has been showing signs of accumulation. The best way to earn money is to follow the whales/market makers/institutions or whatever name you want to give them.
Usually this means: buy in accumulation, sell in distribution.
Accumulation and distribution is often done through wyckoff accumulation : school.stockcha...ts.com/doku.php?id=market_...
On the chart I have marked the range and points in the accumulation phase and we are currently appearing to be making an accumulation schematic #1
Currently, we are appearing to be making the spring after the accumulation period, this is usually done to shake out weak hands and trigger stop losses.
If we look at the volume, the volume has been relatively low, not what you expect from a 'dump' below a 1,5 year range. This means there's no selling pressure and it is likely a deviation.
Because of these facts I am inclined to believe that this is the spring rather than a breakdown of our current range.
XRP/USDT is also showing daily bullish divergence and has made a hammer on the weekly chart right on previous consolidation zone (2017 zone, will post in updates below)
Besides that, XRP/BTC is currently trading just below the major downtrendline, only a little push from here is needed in order to create alot of momentum. I will add this trendline in the updates below, I suggest you mark it on your chart and keep a close eye on it.
How to trade
In order to confirm that this was indeed a deviation/the spring, we want to see the range low reclaimed. Once price starts trading inside the range again, you should be looking for an entry.
In addition to that, I might also be entering a trade whenever XRP/BTC breaks it's downtrend diagonal.
you DON'T want to enter at the current price. If this is not a deviation/spring we will see alot lower prices, so wait for confirmation in the form of reclaiming the range.
Oh and, don't forget to view the updates below!
Best of luck, may the gains be with you
At the moment I see lot's of XRP holders capitulating and pretty much any analist only viewing bearish scenarios, so I am here to give a different perspective on the market right now.
The following can be seen on the chart:
- 1,5 year accumulation phase
- Weekly hammer
- Deviation from range (low volume breakdown)
- Daily bullish divergence
- XRP/BTC trading just below 1,5 year downtrendline
Okay, so let's elaborate the above
XRP has been trading in a range for nearly 1,5 year and has been showing signs of accumulation. The best way to earn money is to follow the whales/market makers/institutions or whatever name you want to give them.
Usually this means: buy in accumulation, sell in distribution.
Accumulation and distribution is often done through wyckoff accumulation : school.stockcha...ts.com/doku.php?id=market_...
On the chart I have marked the range and points in the accumulation phase and we are currently appearing to be making an accumulation schematic #1
Currently, we are appearing to be making the spring after the accumulation period, this is usually done to shake out weak hands and trigger stop losses.
If we look at the volume, the volume has been relatively low, not what you expect from a 'dump' below a 1,5 year range. This means there's no selling pressure and it is likely a deviation.
Because of these facts I am inclined to believe that this is the spring rather than a breakdown of our current range.
XRP/USDT is also showing daily bullish divergence and has made a hammer on the weekly chart right on previous consolidation zone (2017 zone, will post in updates below)
Besides that, XRP/BTC is currently trading just below the major downtrendline, only a little push from here is needed in order to create alot of momentum. I will add this trendline in the updates below, I suggest you mark it on your chart and keep a close eye on it.
How to trade
In order to confirm that this was indeed a deviation/the spring, we want to see the range low reclaimed. Once price starts trading inside the range again, you should be looking for an entry.
In addition to that, I might also be entering a trade whenever XRP/BTC breaks it's downtrend diagonal.
you DON'T want to enter at the current price. If this is not a deviation/spring we will see alot lower prices, so wait for confirmation in the form of reclaiming the range.
Oh and, don't forget to view the updates below!
Best of luck, may the gains be with you
Comment:
XRP/BTC downtrendline, break this and we have a high chance of another bullish cycle
Comment:
XRP/USD previous consolidation providing strong support
My ideas are not meant for trading advice, always do your own research. Always be prepared for bull and bear scenarios
If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ
If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ