XRPUSD: Trendline Mayhem shows STRENGTH
Updated
I have been watching XRP and BTC very closely because they are very respective of crypto technical analysis.
Let's begin.
TRENDLINE MAYHAM
My chart shows many trendlines that have proven to be important to XRP's current price action. These are:
1. BLUE DOWNTREND
2. RED DOWNTREND
3. BLACK LOWER UPTRENDS
4. CHANNEL
Beginning with the first blue downtrend, it is one of the strongest downtrends I have found in XRP. This down trend hit many points in XRP's history, proven to be bearish since $1.3757763. Not only is that the beginning of the down trend, but it is also a very strong resistance price for XRP....but guess what? XRP finally broke out of this trendline, while retesting it 3 days in a row, wicking up. We are currently retesting it again. I don't expect it to break through.
Next, we have the red downtrend, which is the most significant to prove that we finally have a market relief for XRP because that is the downtrend from ATH. It only hits one point, the ATH. However, when it reaches it again, it will either break through or reject strongly and that proves to me that we are in for some more downward movement...we are talking .18-.20.
Then, the black lower uptrends are key levels of support, with the one closet to the current price, being the bottom of the falling wedge pattern, when zoomed out to see the entire trend. This also is paired with the blue downtrend. Which, we broke out of....see the confluences? The second one is from the beginning of historical data given on the Binance chart. Both retested together (3 days from their crossing point) at .2443622. Then price wicked, and closed at .3677190 3 days later. Strong support trendline.
Finally, we have the channeling of XRP. This is an upward channeling trend, between .35-.316. Currently, we are retesting the bottom of this channel, and the blue trendline. You ARE seeing the confluences, correct? This hasn't broken for 11 days in a row, with 2 actually moving higher (where price broke the blue downtrend) and now back to retest the blue downtrend (which I love seeing, because it tells me that what was once resistance has now become support), and retesting the channel. Matched up with BITCOIN, hitting a support area at around $6819.1 and wicking, I think it's fair to assume both will retest important trendlines. Why do I mention this? It's very important to study Bitcoin with any ALT...trust me...bitcoin is very bearish to me until it breaks my downtrend flagpole I have drawn for it, WHICH is also a strong downtrend of BITCOIN. XRP is acting in a somewhat inverse relationship...
What I expect to happen to XRP
Price retests these areas, and makes its way towards .36 again. Either price falls back down, making a higher low, or shows a break of the resistance for the channel. Where in this case, we need to see a nice bullish engulfing into the next zone, and thus creating newfound support and newfound price targets...then it would push towards the red trendline line...exciting!
What could happen
Price breaks through the channel and the blue trendline. Support would be around .28...highly unlikely...at that point, I would have to updated the TA.
OR
Price explodes with high orders and runs to .44-.50...would not like to see this. It would come crashing down. The slower, the better.
My Targets
.38
.44
.50
.70
.50 being reached would show the price breaking through the red trendline. In that case, XRP has broken out of its bear trend....great timing right? The same time during last year's bull run, price near the beginning of last year's bullrun, lots of mayhem going on, bitcoin in a battle between bulls and bears....YOU ARE SEEING THE CONFLUENCES, RIGHT? Okay, good. Just checking.
WAIT, you didn't tell us about the orange trendline!
That was actually a continuation pattern of a bull flag that I noticed....the pattern seems to have become somewhat unclear, but I still left the pole and target there, in case it follows.
A side note...
Please. Control your emotions. If there is one thing, I would love for beginners to learn from my mistakes, it would be to never act on impulse. Price always has ebb and flow...our emotions do not. Trade what you see at logical levels, and remember...trade the market you SEE, not the one you WANT.
This is what I see NOW...it could change in the next couple of days, and I could scratch this entire TA...checking once a day is enough.
OVERALL, I am bullish on XRP right now.
Best of luck and may crypto improve you and your family's lives.
Let's begin.
TRENDLINE MAYHAM
My chart shows many trendlines that have proven to be important to XRP's current price action. These are:
1. BLUE DOWNTREND
2. RED DOWNTREND
3. BLACK LOWER UPTRENDS
4. CHANNEL
Beginning with the first blue downtrend, it is one of the strongest downtrends I have found in XRP. This down trend hit many points in XRP's history, proven to be bearish since $1.3757763. Not only is that the beginning of the down trend, but it is also a very strong resistance price for XRP....but guess what? XRP finally broke out of this trendline, while retesting it 3 days in a row, wicking up. We are currently retesting it again. I don't expect it to break through.
Next, we have the red downtrend, which is the most significant to prove that we finally have a market relief for XRP because that is the downtrend from ATH. It only hits one point, the ATH. However, when it reaches it again, it will either break through or reject strongly and that proves to me that we are in for some more downward movement...we are talking .18-.20.
Then, the black lower uptrends are key levels of support, with the one closet to the current price, being the bottom of the falling wedge pattern, when zoomed out to see the entire trend. This also is paired with the blue downtrend. Which, we broke out of....see the confluences? The second one is from the beginning of historical data given on the Binance chart. Both retested together (3 days from their crossing point) at .2443622. Then price wicked, and closed at .3677190 3 days later. Strong support trendline.
Finally, we have the channeling of XRP. This is an upward channeling trend, between .35-.316. Currently, we are retesting the bottom of this channel, and the blue trendline. You ARE seeing the confluences, correct? This hasn't broken for 11 days in a row, with 2 actually moving higher (where price broke the blue downtrend) and now back to retest the blue downtrend (which I love seeing, because it tells me that what was once resistance has now become support), and retesting the channel. Matched up with BITCOIN, hitting a support area at around $6819.1 and wicking, I think it's fair to assume both will retest important trendlines. Why do I mention this? It's very important to study Bitcoin with any ALT...trust me...bitcoin is very bearish to me until it breaks my downtrend flagpole I have drawn for it, WHICH is also a strong downtrend of BITCOIN. XRP is acting in a somewhat inverse relationship...
What I expect to happen to XRP
Price retests these areas, and makes its way towards .36 again. Either price falls back down, making a higher low, or shows a break of the resistance for the channel. Where in this case, we need to see a nice bullish engulfing into the next zone, and thus creating newfound support and newfound price targets...then it would push towards the red trendline line...exciting!
What could happen
Price breaks through the channel and the blue trendline. Support would be around .28...highly unlikely...at that point, I would have to updated the TA.
OR
Price explodes with high orders and runs to .44-.50...would not like to see this. It would come crashing down. The slower, the better.
My Targets
.38
.44
.50
.70
.50 being reached would show the price breaking through the red trendline. In that case, XRP has broken out of its bear trend....great timing right? The same time during last year's bull run, price near the beginning of last year's bullrun, lots of mayhem going on, bitcoin in a battle between bulls and bears....YOU ARE SEEING THE CONFLUENCES, RIGHT? Okay, good. Just checking.
WAIT, you didn't tell us about the orange trendline!
That was actually a continuation pattern of a bull flag that I noticed....the pattern seems to have become somewhat unclear, but I still left the pole and target there, in case it follows.
A side note...
Please. Control your emotions. If there is one thing, I would love for beginners to learn from my mistakes, it would be to never act on impulse. Price always has ebb and flow...our emotions do not. Trade what you see at logical levels, and remember...trade the market you SEE, not the one you WANT.
This is what I see NOW...it could change in the next couple of days, and I could scratch this entire TA...checking once a day is enough.
OVERALL, I am bullish on XRP right now.
Best of luck and may crypto improve you and your family's lives.
Note
With BTC failing again in ETF approval, we see the repercussions...XRP broke through the channel and my bearflag of BTC has come true....now the concern is how far will this go? BTC should still make its way to 4.5k...as for XRP? I actually sold out of my position, after I entered at .345....I sold at .33...I saw a pennant on XRP and it broke below it....right before this insane crash down.There should be some recovery. I am expecting a retest of .33..if it fails, that is where I will sell.
Note
I did a new TA...XRP heading to .19 cents at the very bottom.First target: .238
Next .198
Last .178 (maybe).
I would put an order in between .191-.199
Note
:D
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