XRP - LED Novembers Crypto Run, What's Next? -BY SHARING PROFIT
Hey everyone, In this technical analysis I am back reviewing the price action on Ripple! It has been a long time since our last review, where we got that beautiful callout out at 0.11 cents, before seeing our bullish run up until these past few weeks. The bullish scenario present is a powerful signal for a market with potential to reach past highs and I will be explaining how you can trade it.
Both candlestick patterns and momentum are quite relatable to each other and have proven to be powerful chart patterns in technical analysis , especially when complemented together. They are considered 'continuation patterns'. First things first, it is important to understand where the name is coming from. We are looking for any form of continuation patterns present on candlesticks in this region.
If you look at the structure to the left you should get a pretty solid idea. The price has already gone through a series of battles while contracting between the 28-50 cent range in early 2019, before bottoming early 2020.
The price is expected to continue in the direction of the move we are currently holding now, and if all goes as speculated on the chart we could see Novembers growth emulated again for another 202% gain. Which if you look closely, would be then putting us all the way back at the top at $1.49. It had seen this level before (in the past with strong upwards momentum) and we are looking forward to continue seeing some volume from this coin.
Furthermore, we can see some very interesting behavior at the 28 cent and the 50 cent mark that I want to explain.
The transparent zone at the bottom left of the chart is the major region of coercion. Which means, this is an area of psychological resistance. Once the price broke through, we saw a drop to 9 cents then a surge directly towards 28 cents again. If you set up an inverse head and shoulders you will also see price aligned back at that level for the right shoulder, which is now also aligned with the fresh 3 month demand zone .
So eyes are still aware of a pullback to this region.
Similarly if we look at the 50 cent horizontal level we can see that it has been smashed through in November, although it is a major zone. It is now re-tested, and being utilized as a new demand zone . We very often see that prices continue on from a last kiss opportunity to a past supply zone , especially when accompanied with an imbalance in the market, which we have present on the 1 week timeframe. We might see some more support all the way down to 43 cents, which is still paired with the imbalance and last kiss scenario, so have patience when watching.
All in all I am suggesting a long outlook here, After that, I suggest holding to at least $0.72 cents for minor moves.
Follow me for free, consistent, expert updates, with clear explanations and charts.
Please like if you support this post!
- Sharing Profit
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Both candlestick patterns and momentum are quite relatable to each other and have proven to be powerful chart patterns in technical analysis , especially when complemented together. They are considered 'continuation patterns'. First things first, it is important to understand where the name is coming from. We are looking for any form of continuation patterns present on candlesticks in this region.
If you look at the structure to the left you should get a pretty solid idea. The price has already gone through a series of battles while contracting between the 28-50 cent range in early 2019, before bottoming early 2020.
The price is expected to continue in the direction of the move we are currently holding now, and if all goes as speculated on the chart we could see Novembers growth emulated again for another 202% gain. Which if you look closely, would be then putting us all the way back at the top at $1.49. It had seen this level before (in the past with strong upwards momentum) and we are looking forward to continue seeing some volume from this coin.
Furthermore, we can see some very interesting behavior at the 28 cent and the 50 cent mark that I want to explain.
The transparent zone at the bottom left of the chart is the major region of coercion. Which means, this is an area of psychological resistance. Once the price broke through, we saw a drop to 9 cents then a surge directly towards 28 cents again. If you set up an inverse head and shoulders you will also see price aligned back at that level for the right shoulder, which is now also aligned with the fresh 3 month demand zone .
So eyes are still aware of a pullback to this region.
Similarly if we look at the 50 cent horizontal level we can see that it has been smashed through in November, although it is a major zone. It is now re-tested, and being utilized as a new demand zone . We very often see that prices continue on from a last kiss opportunity to a past supply zone , especially when accompanied with an imbalance in the market, which we have present on the 1 week timeframe. We might see some more support all the way down to 43 cents, which is still paired with the imbalance and last kiss scenario, so have patience when watching.
All in all I am suggesting a long outlook here, After that, I suggest holding to at least $0.72 cents for minor moves.
Follow me for free, consistent, expert updates, with clear explanations and charts.
Please like if you support this post!
- Sharing Profit
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
