❗ XRP PATTERN! FALLING WEDGE REVERSAL ❗
Hey followers and trading view fam! Hope you guys are doing great, as always here to do what I can and show you guys some stuff so without further a due let's jump in!
The market fell this week before hitting that support point and getting a dramatic inflow and wave of support with the Dow Jones seeing a 400 point comeback rally and crypto surging today with XRP seeing some of the most dramatic moves this week as a result of whale manipulation.
SUPPORT
XRP found that support at 0.0336 before making a rapid push back up to 0.46 and falling back down to 0.39 now in the process of either pushing up or failing but we've put down our Elliot Wave pattern as well and XRP looks to be trading in a possible Falling Wedge (Reversal) and could break out. That is, of course if Whales decide not to dump again but based on how quick things changed it looks like they found their buy point and we could be looking at the possible reversal following the end of the Elliot Wave.
0.40-0.43 is our current short term average basically following our dramatic drop from .51 thanks to a massive sell dump during those overnight hours.
EMA
You can see our 20 Day EMA (Yellow) alongside the 50 day (White) and how we managed to enter the 'mountain' thanks to some strong buy pressure both now converging which is positive as well seeming to form an EMA crossover. "An EMA crossover basically indicates a bullish/buy signal when the short term EMA crosses or converges with the longer term EMA. Traders will usually be more bullish when the 20 crosses above or converges/remains with the 50 EMA. If it fails below then vice versa".
EMA CROSSOVER
To add on to the EMA and whale manipulation XRP was pushed back up into the falling wedge pattern it's been in on the hourly with intense pressure causing the 20 day EMA to break above the 50 day EMA before falling back down and converging now. If 20 breaks below or gets dumped quick below then well it's not that great but we can see how whales managed to push in enough volume to cause that crossover quick to form bullish momentum signaling they could finally be marking this as their bottom. Otherwise they simply want to fake people out again but now isn't such a bad point for them to reenter the marking especially considering how many investors they've already wiped out. If whales lose public sentiment and confidence it'll be hard for them to manipulate a market with investors too worried to enter. At some point they have to pull the switch.
I hope I haven't bored too many of you guys! Just wanted to give my best take on things and a possible idea of a falling wedge reversal based on how things have been and our Elliot Wave's so thanks for tuning in and please be sure to leave a like and follow, it's always appreciated and stay safe!
~ Rock
The market fell this week before hitting that support point and getting a dramatic inflow and wave of support with the Dow Jones seeing a 400 point comeback rally and crypto surging today with XRP seeing some of the most dramatic moves this week as a result of whale manipulation.
SUPPORT
XRP found that support at 0.0336 before making a rapid push back up to 0.46 and falling back down to 0.39 now in the process of either pushing up or failing but we've put down our Elliot Wave pattern as well and XRP looks to be trading in a possible Falling Wedge (Reversal) and could break out. That is, of course if Whales decide not to dump again but based on how quick things changed it looks like they found their buy point and we could be looking at the possible reversal following the end of the Elliot Wave.
0.40-0.43 is our current short term average basically following our dramatic drop from .51 thanks to a massive sell dump during those overnight hours.
EMA
You can see our 20 Day EMA (Yellow) alongside the 50 day (White) and how we managed to enter the 'mountain' thanks to some strong buy pressure both now converging which is positive as well seeming to form an EMA crossover. "An EMA crossover basically indicates a bullish/buy signal when the short term EMA crosses or converges with the longer term EMA. Traders will usually be more bullish when the 20 crosses above or converges/remains with the 50 EMA. If it fails below then vice versa".
EMA CROSSOVER
To add on to the EMA and whale manipulation XRP was pushed back up into the falling wedge pattern it's been in on the hourly with intense pressure causing the 20 day EMA to break above the 50 day EMA before falling back down and converging now. If 20 breaks below or gets dumped quick below then well it's not that great but we can see how whales managed to push in enough volume to cause that crossover quick to form bullish momentum signaling they could finally be marking this as their bottom. Otherwise they simply want to fake people out again but now isn't such a bad point for them to reenter the marking especially considering how many investors they've already wiped out. If whales lose public sentiment and confidence it'll be hard for them to manipulate a market with investors too worried to enter. At some point they have to pull the switch.
I hope I haven't bored too many of you guys! Just wanted to give my best take on things and a possible idea of a falling wedge reversal based on how things have been and our Elliot Wave's so thanks for tuning in and please be sure to leave a like and follow, it's always appreciated and stay safe!
~ Rock
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.