Will XRP Teach Us a lesson?
Updated
According to the school of technical analysis, “The basic concept of underlying harmonic patterns is based on price/time movements that follow the symmetry of the Fibonacci ratio and its correlations in markets.”
The issue with Harmonic Patterns is that harmonic pricing patterns need to exhibit movements of a specific size in order to indicate an accurate reversal point when the pattern expands.
Therefore, looking at
XRP it demonstrates a pure Harmonic movement working a long-term ascending channel.
On a weekly Oscillators standpoint, the indication is by far clearer to reality:
- Momentum (10) 0.12776 = Buy
- MACD Level (12, 26) 0.03080 = Buy
- Exponential Moving Average (20) 0.58496 = Buy
- Simple Moving Average (20) 0.56844 = Buy
- Exponential Moving Average (30) 0.56559 = Buy
- Simple Moving Average (30) 0.57230 = Buy
- Exponential Moving Average (50) 0.54378 = Buy
- Simple Moving Average (50) 0.51553 = Buy
- Exponential Moving Average (100) 0.53909 = Buy
- Exponential Moving Average (200) 0.51817 = Buy
- Simple Moving Average (200) 0.54754 = Buy
The issue with Harmonic Patterns is that harmonic pricing patterns need to exhibit movements of a specific size in order to indicate an accurate reversal point when the pattern expands.
Therefore, looking at
XRP it demonstrates a pure Harmonic movement working a long-term ascending channel. On a weekly Oscillators standpoint, the indication is by far clearer to reality:
- Momentum (10) 0.12776 = Buy
- MACD Level (12, 26) 0.03080 = Buy
- Exponential Moving Average (20) 0.58496 = Buy
- Simple Moving Average (20) 0.56844 = Buy
- Exponential Moving Average (30) 0.56559 = Buy
- Simple Moving Average (30) 0.57230 = Buy
- Exponential Moving Average (50) 0.54378 = Buy
- Simple Moving Average (50) 0.51553 = Buy
- Exponential Moving Average (100) 0.53909 = Buy
- Exponential Moving Average (200) 0.51817 = Buy
- Simple Moving Average (200) 0.54754 = Buy
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