XRPLong
XRP don't panic! current evidence
Updated
as xrp approaches ATH it finds further and further resistence
as expected it's impossible to go up and up with no end, so finally we stumbled upon the first bearish evidence we had since this month of bull run.
even tho the slight red you might see on the chart, we are still in a bullish market
bearish evidence: clearly, a drop to 1.56 from 1.90 is a huge bearish scenerio
the fractal that made this to drop so far is a bear flag that broke down
bullish evidence:
the bearish fractal is small in size and scale
we still managed to get the price as high as it is now, and the price is doing really well for a bearish scenerio, no panic and a lot of confidence in the coin, the longest of long positions still haven't sold.. and ofc price recovered to 1.70 and even reached 1.80 (1.66 at time of speaking)
if we look at the 4 hours chart there's still no clear bearish formation that's forming, and again.. support is doing really well to keep the price up (even if it gets bitten and prices drop, it bounces back and recovers)
in conclusion we are still in a bull market, we are just correcting a huge bullish move right now.
what now?
bullish scenerio(probably):
i believe we will trade around 1.60 to 1.80 for a couple more days until prices have established and and made a foot hold, when correction/sideways is done prices will continue upwards
i emphesise, this correction is so small in scale at the moment that it's almost gurenteed to go up now, so buy in now while it's still cheap (it could possibly go cheaper, but prices haven't dropped further than 1.65 for 40 hours.
bearish scenerio(very unlikely):
if the pressure is too high (and currently it seems like we're doing fine) and prices will drop lower and lower, little by little we will form a bearish formation in the 1 hour chart, if this happens it will effect the 4 hours chart and we will see prices at 1.40-1.50 and even as low as 1.20-1.40 what else it also means it will take more time before a bullish scenerio..
the crucial point for trading in this point is hodl
the prices have ALREADY went down you don't want to miss it when they go up
as expected it's impossible to go up and up with no end, so finally we stumbled upon the first bearish evidence we had since this month of bull run.
even tho the slight red you might see on the chart, we are still in a bullish market
bearish evidence: clearly, a drop to 1.56 from 1.90 is a huge bearish scenerio
the fractal that made this to drop so far is a bear flag that broke down
bullish evidence:
the bearish fractal is small in size and scale
we still managed to get the price as high as it is now, and the price is doing really well for a bearish scenerio, no panic and a lot of confidence in the coin, the longest of long positions still haven't sold.. and ofc price recovered to 1.70 and even reached 1.80 (1.66 at time of speaking)
if we look at the 4 hours chart there's still no clear bearish formation that's forming, and again.. support is doing really well to keep the price up (even if it gets bitten and prices drop, it bounces back and recovers)
in conclusion we are still in a bull market, we are just correcting a huge bullish move right now.
what now?
bullish scenerio(probably):
i believe we will trade around 1.60 to 1.80 for a couple more days until prices have established and and made a foot hold, when correction/sideways is done prices will continue upwards
i emphesise, this correction is so small in scale at the moment that it's almost gurenteed to go up now, so buy in now while it's still cheap (it could possibly go cheaper, but prices haven't dropped further than 1.65 for 40 hours.
bearish scenerio(very unlikely):
if the pressure is too high (and currently it seems like we're doing fine) and prices will drop lower and lower, little by little we will form a bearish formation in the 1 hour chart, if this happens it will effect the 4 hours chart and we will see prices at 1.40-1.50 and even as low as 1.20-1.40 what else it also means it will take more time before a bullish scenerio..
the crucial point for trading in this point is hodl
the prices have ALREADY went down you don't want to miss it when they go up
Note
not a financial advise...
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