XRP Current evidence
everyone keep saying how a retracement is possible without looking at the evidence that the chart provides, there are general rules to the market that are only general at the end of the day and they are there as a guideline.
crypto has proved to be a completely different market than other markets in this world, a market that has rules of its own so it is important to focus on evidence.
this is a fundamental issue that differentiate a smart trader and an emotional trader
we focus about what we want instead of looking at reality, so we start saying stuff we wish would happen like "XRP 15USD" "XRP 70c USD"
the bear wants to buy cheap, the bull just wants to run because he bought cheap.
both wish for an outcome based on emotions and not on logic and psychology of the market, and make trades accordingly.. the failed bear will turn bull in the wrong time and the failed bull will turn bear in the wrong time as well. a balanced approach would get out of the market just in the right time.
without further philosophy lets dive in the current evidence of xrp:
we all know: xrp jumped by 200% from 50c and sold at 1.5c retraced to current levels
the current pattern of the market is: big BULL jump then a retracement to new support.
current support is 1.30 where 2 days ago 1.10 was resistance
there are retracements but they are currently at the 1 hour 45 min 15 min and 1 minute, where chart patterns matter most (currently)
the patterns of the market seem to repeat still and a 4 hour time frame retracement is NOT likely.
at the current time of speaking price is trading at 1.4 and latest small support is at 1.35 the trend is currently going up
the evidence now suggest the price to go up to 1.70-1.75 with a probibility of psychological boost to 1.80 before a retracement back to 1.67
further reading and further historic evidence
xrp formed a cup and handle pattern on the 1 hour time frame from 07.04.21 to 09.04.21 price broke out at 10.04.21 and led to a boom that is our current price
the current formation that holds our chart is an inverse head and shoulder that broke out at 0.57
the head and shoulders that broke down from ATH brought us to 0.18 cents so we could only speculate that the head and shoulders bottom that was formed half a month ago is almost as strong
market psychology: people will keep join the ride as long as the price acts like bitcoin rise to 60k glory, with a lots of supports and huge moon rides.
when will we bear??
look at the 1 minute time frame and predict tops and bottoms, trend is your friend to not lose money and gain money
when will we bull?
after a sharp top there's most likely be a drop, find your positions and join the support line(just like the chart shows)
stop loss? after major support breaks, look for a triple top on the 1 hour.. that would be enough to retrace price on the 4h (but not change trend)
when will price trend shifts??
4 hours/daily time frame will produce a chart pattern, most likely a head and shoulders top just like in 2018 could be something else, as long as its major and bearish..and breaks down
when will trend shift happen?
hard to tell. especially when parabolic.
not a financial advice, trade at your own risk
crypto has proved to be a completely different market than other markets in this world, a market that has rules of its own so it is important to focus on evidence.
this is a fundamental issue that differentiate a smart trader and an emotional trader
we focus about what we want instead of looking at reality, so we start saying stuff we wish would happen like "XRP 15USD" "XRP 70c USD"
the bear wants to buy cheap, the bull just wants to run because he bought cheap.
both wish for an outcome based on emotions and not on logic and psychology of the market, and make trades accordingly.. the failed bear will turn bull in the wrong time and the failed bull will turn bear in the wrong time as well. a balanced approach would get out of the market just in the right time.
without further philosophy lets dive in the current evidence of xrp:
we all know: xrp jumped by 200% from 50c and sold at 1.5c retraced to current levels
the current pattern of the market is: big BULL jump then a retracement to new support.
current support is 1.30 where 2 days ago 1.10 was resistance
there are retracements but they are currently at the 1 hour 45 min 15 min and 1 minute, where chart patterns matter most (currently)
the patterns of the market seem to repeat still and a 4 hour time frame retracement is NOT likely.
at the current time of speaking price is trading at 1.4 and latest small support is at 1.35 the trend is currently going up
the evidence now suggest the price to go up to 1.70-1.75 with a probibility of psychological boost to 1.80 before a retracement back to 1.67
further reading and further historic evidence
xrp formed a cup and handle pattern on the 1 hour time frame from 07.04.21 to 09.04.21 price broke out at 10.04.21 and led to a boom that is our current price
the current formation that holds our chart is an inverse head and shoulder that broke out at 0.57
the head and shoulders that broke down from ATH brought us to 0.18 cents so we could only speculate that the head and shoulders bottom that was formed half a month ago is almost as strong
market psychology: people will keep join the ride as long as the price acts like bitcoin rise to 60k glory, with a lots of supports and huge moon rides.
when will we bear??
look at the 1 minute time frame and predict tops and bottoms, trend is your friend to not lose money and gain money
when will we bull?
after a sharp top there's most likely be a drop, find your positions and join the support line(just like the chart shows)
stop loss? after major support breaks, look for a triple top on the 1 hour.. that would be enough to retrace price on the 4h (but not change trend)
when will price trend shifts??
4 hours/daily time frame will produce a chart pattern, most likely a head and shoulders top just like in 2018 could be something else, as long as its major and bearish..and breaks down
when will trend shift happen?
hard to tell. especially when parabolic.
not a financial advice, trade at your own risk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.