XRP monthly bottom might be in/but beware countertrading whales!
Updated
https://charts.cointrader.pro/snapshot/36uwn
As you can see in the monthly Chart of XRPUSD, there are strong arguments to be made we bottomed longterm.
Monthly double bottom @ $0.1740 and $0.1750.
When we draw a parallel channel on the log chart since 2013, we see that we always rejected or bounced from the borders.
Smart mathematicians will say: "You can't draw such a channel on a log chart, it has to be a flattening curve!".
Alright, but thus far, this channel works and I also don't think its probable that we will touch the top of this channel, but rather top out @ 0.236 of this fibonacci channel.
So basically, while price action on daily and weekly suggest further downside for XRP, traders forget to look at all the chart data you can find of an asset. For example: don't simply chart NEO on any exchange chart but look for the whole data including Antshares times, which you can find on charts.cointrader.pro @ the NEOUSD ticker.
While those log channels worked pretty well in 2017, the crypto market changed overall and it might be we can't use those channels anymore.
An Argument that those channels don't work:
charts.cointrader.pro/snapshot/jCD1o
Argument that those channels might still work:
charts.cointrader.pro/snapshot/ox4dp
While the probability for a monthly bottom on XRP seems quite high with the provided charts, beware of countertrading whales due to maybe me posting this charts right now. Be careful trading this and don't take to much leverage or none. The overall crypto market is on a brink of a big move due to low volatility in past 2 months. My best guess based on anything I know is, that BTC first quickly pumps to arround $9.700(stop hunting leverage shorts), in the next moment it dumps to $8.400(stop hunting leverage longs) and then we take off to the next parabolic phase for the whole crypto market. In this scenario XRP could breakdown from the channel for a short period of time, just to enter it again and take off as planned without the overleveraged moonboys!
Please comment down below what you think of this analysis. Thx!
I'm not a financial advisor, this is for entertainment purposes only :)
As you can see in the monthly Chart of XRPUSD, there are strong arguments to be made we bottomed longterm.
Monthly double bottom @ $0.1740 and $0.1750.
When we draw a parallel channel on the log chart since 2013, we see that we always rejected or bounced from the borders.
Smart mathematicians will say: "You can't draw such a channel on a log chart, it has to be a flattening curve!".
Alright, but thus far, this channel works and I also don't think its probable that we will touch the top of this channel, but rather top out @ 0.236 of this fibonacci channel.
So basically, while price action on daily and weekly suggest further downside for XRP, traders forget to look at all the chart data you can find of an asset. For example: don't simply chart NEO on any exchange chart but look for the whole data including Antshares times, which you can find on charts.cointrader.pro @ the NEOUSD ticker.
While those log channels worked pretty well in 2017, the crypto market changed overall and it might be we can't use those channels anymore.
An Argument that those channels don't work:
charts.cointrader.pro/snapshot/jCD1o
Argument that those channels might still work:
charts.cointrader.pro/snapshot/ox4dp
While the probability for a monthly bottom on XRP seems quite high with the provided charts, beware of countertrading whales due to maybe me posting this charts right now. Be careful trading this and don't take to much leverage or none. The overall crypto market is on a brink of a big move due to low volatility in past 2 months. My best guess based on anything I know is, that BTC first quickly pumps to arround $9.700(stop hunting leverage shorts), in the next moment it dumps to $8.400(stop hunting leverage longs) and then we take off to the next parabolic phase for the whole crypto market. In this scenario XRP could breakdown from the channel for a short period of time, just to enter it again and take off as planned without the overleveraged moonboys!
Please comment down below what you think of this analysis. Thx!
I'm not a financial advisor, this is for entertainment purposes only :)
Note
Take a look at my XRPETH analysis:
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