XRP.USDT (Y20.P4.E1).Macro.TA.Bottom formation
Hi All,
I haven't done a TA on xrp for some time so this is a revisit at the macro level. Surprisingly its easier to read than I thought it would be.
I have seen this structure many times in other charts but on a smaller time scale.
I alike it to a diamond like formation, a reversal formation without the top part of the diamond.
OBSERVATIONS and THOUGHTS:
===================================================================================
a) Fan like structure before bouncing of the Covid black swan event where it found the bottom;
b) Indicators on the larger time frames has downward pressure;
c) Bottom trendline has confluence with the macro Fib level of 0.618 and the weekly 21 EMA;
d) BTC dominance is still likely to go up some more;
e) I'm having this as a correction wave of ABC;
f) 21 weekly ema is support and would likely stay support as the ABC plays out towards the bottom trend line
Please give me a tick or like for this post
Regards,
S.SAri.
Daily chart;
===================================================================================
2 Day chart:
Has downward pressure as the phoeix indicates the red RSI and the green are likely to close below 50% on the 2 day candle, less than 24 hrs for it to close.
===================================================================================
Weekly chart:
Major trendline broken (start of bull run) and holding.
Even if we have a pullback, it will likely stay above it the 21 weekly ema and likely to bounce off the bottom trend line and the ema;
Phoeix, WT,and Stoch show downward pressure but not a trend change as all indicators are high on the weekly. Looking at having their main momentum to start here.Strong support.
I haven't done a TA on xrp for some time so this is a revisit at the macro level. Surprisingly its easier to read than I thought it would be.
I have seen this structure many times in other charts but on a smaller time scale.
I alike it to a diamond like formation, a reversal formation without the top part of the diamond.
OBSERVATIONS and THOUGHTS:
===================================================================================
a) Fan like structure before bouncing of the Covid black swan event where it found the bottom;
b) Indicators on the larger time frames has downward pressure;
c) Bottom trendline has confluence with the macro Fib level of 0.618 and the weekly 21 EMA;
d) BTC dominance is still likely to go up some more;
e) I'm having this as a correction wave of ABC;
f) 21 weekly ema is support and would likely stay support as the ABC plays out towards the bottom trend line
Please give me a tick or like for this post
Regards,
S.SAri.
Daily chart;
===================================================================================
2 Day chart:
Has downward pressure as the phoeix indicates the red RSI and the green are likely to close below 50% on the 2 day candle, less than 24 hrs for it to close.
===================================================================================
Weekly chart:
Major trendline broken (start of bull run) and holding.
Even if we have a pullback, it will likely stay above it the 21 weekly ema and likely to bounce off the bottom trend line and the ema;
Phoeix, WT,and Stoch show downward pressure but not a trend change as all indicators are high on the weekly. Looking at having their main momentum to start here.Strong support.
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This community has signals now but with no risk management comms.
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