WEEKLY XRPUSD ANALYSIS (CONSOLIDATION BEFORE RISE)
Updated
TECHNICAL:
Currently, the pattern shows we are in Level 1, after being confirmed with a break 0.46 USD Cents zone, and is now consolidating before moving upwards towards the next Peak at 0.48 Cents USD.
There is a possibility that price action might continue to consolidate downwards towards the KETCHUP (13 EMA), however, if it does that, it will most likely PIN the KETCHUP.
In my opinion, the most probable move will consolidate around the MUSTARD (5 EMA) before moving upwards to complete the Level 2 move up to 0.52 cents area.
This is before another consolidation down to the 0.48 Cents area, before a massive push upwards towards 0.58 cents, possibly even towards the $1.00+ zone at a later date.
FUNDAMENTAL:
There are a huge number of reasons why I forecast this... Here are just a few
* XRP is now being adopted and prepared to be used by some of the largest Asian banks. The SEC court case does not have any standing with banks within Asia when interbank transfers occur, outside of the USA or its jurisdictions.
Thus the sheer volume will push market pressure upwards, once the xRapid/xCurrent service is used in the real market.
* COMEX RULE 589
(NO NOTHING TO DO WITH THE 589 EOY 2018 SILLINESS)
Directly affects the price of XRP in this context, as it is rumored that XRP will be linked to the price of gold. Rumor or not, it has affected the market somewhat already and continues to do so.
* GEOMETRY: We are at the start of a Bull Market, as well as market geometry shows we are about to break out of a major triangle, towards the upside. Usually, breakouts of this magnitude (in the Weekly) will produce spectacular gains
TDI shows RSI is also at level 1 position, although we have a current RSI (at time of writing) of 49.82, coming from the lower part of the RSI map, the market has made a particular move which should show a Bounce off the Blood (which is around the same area as the KETCHUP 13 EMA on the chart), in order to complete the Level 1 marker and progress through to the Level 2 move. The move is still currently AFP (Away From Peak), until we get closer to the confirmation peak area, which was previously broken.
As RSI is in the 40s area, we can also expect continued push upwards towards 80 RSI in the coming months. Remember this is a Weekly chart, not an hourly or daily.
Next chart I will post will be the XRP DAILY, to see if we can get some synergy with both and the overall trend.
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DISCLAIMER:
These are my analysis, my opinion, I give no guarantees and I'm not responsible for any losses that you may occur if you trade this, whether you buy crypto or trade it in the CFD market. If you want to trade this chart, do your own analysis and make sure you have a good money management plan in place. If you want to learn more about trading, here is a good place to start: babypips dot com
I generally post my own analysis in BTMM format, although I am proficient in Crypto Patterns, Gartleys, Butterflies, Pattern Trading, Elliott Wave Trading, Pitchfork, Trendline, VSA and Price Action trading, for which I may from time to time post additional analysis including some of these other methods.
I don't answer to bullies, trolls or charlatans. If you want to genuinely debate me, post a proper analysis, but don't post a blank chart with words or claim you are a 'WE' and have some magical algorithm or secret, I will not waste my valuable time to answer you. I'm posting this chart here for my own personal record and to share with those that may appreciate it, with the hope that it can help someone better their life.
###########
Currently, the pattern shows we are in Level 1, after being confirmed with a break 0.46 USD Cents zone, and is now consolidating before moving upwards towards the next Peak at 0.48 Cents USD.
There is a possibility that price action might continue to consolidate downwards towards the KETCHUP (13 EMA), however, if it does that, it will most likely PIN the KETCHUP.
In my opinion, the most probable move will consolidate around the MUSTARD (5 EMA) before moving upwards to complete the Level 2 move up to 0.52 cents area.
This is before another consolidation down to the 0.48 Cents area, before a massive push upwards towards 0.58 cents, possibly even towards the $1.00+ zone at a later date.
FUNDAMENTAL:
There are a huge number of reasons why I forecast this... Here are just a few
* XRP is now being adopted and prepared to be used by some of the largest Asian banks. The SEC court case does not have any standing with banks within Asia when interbank transfers occur, outside of the USA or its jurisdictions.
Thus the sheer volume will push market pressure upwards, once the xRapid/xCurrent service is used in the real market.
* COMEX RULE 589
(NO NOTHING TO DO WITH THE 589 EOY 2018 SILLINESS)
Directly affects the price of XRP in this context, as it is rumored that XRP will be linked to the price of gold. Rumor or not, it has affected the market somewhat already and continues to do so.
* GEOMETRY: We are at the start of a Bull Market, as well as market geometry shows we are about to break out of a major triangle, towards the upside. Usually, breakouts of this magnitude (in the Weekly) will produce spectacular gains
TDI shows RSI is also at level 1 position, although we have a current RSI (at time of writing) of 49.82, coming from the lower part of the RSI map, the market has made a particular move which should show a Bounce off the Blood (which is around the same area as the KETCHUP 13 EMA on the chart), in order to complete the Level 1 marker and progress through to the Level 2 move. The move is still currently AFP (Away From Peak), until we get closer to the confirmation peak area, which was previously broken.
As RSI is in the 40s area, we can also expect continued push upwards towards 80 RSI in the coming months. Remember this is a Weekly chart, not an hourly or daily.
Next chart I will post will be the XRP DAILY, to see if we can get some synergy with both and the overall trend.
###########
DISCLAIMER:
These are my analysis, my opinion, I give no guarantees and I'm not responsible for any losses that you may occur if you trade this, whether you buy crypto or trade it in the CFD market. If you want to trade this chart, do your own analysis and make sure you have a good money management plan in place. If you want to learn more about trading, here is a good place to start: babypips dot com
I generally post my own analysis in BTMM format, although I am proficient in Crypto Patterns, Gartleys, Butterflies, Pattern Trading, Elliott Wave Trading, Pitchfork, Trendline, VSA and Price Action trading, for which I may from time to time post additional analysis including some of these other methods.
I don't answer to bullies, trolls or charlatans. If you want to genuinely debate me, post a proper analysis, but don't post a blank chart with words or claim you are a 'WE' and have some magical algorithm or secret, I will not waste my valuable time to answer you. I'm posting this chart here for my own personal record and to share with those that may appreciate it, with the hope that it can help someone better their life.
###########
Note
Here is the same chart with Candlesticks
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