Bitcoin BTC Possible Bullish Triangle Bitcoin BTC Crypto is forming a possible bullish triangle with a +9% increase. We have broken out of the July 2021 triangle indicating the bottom at $17,600. We should be starting to stabilize above $17,600 over the next month. We are now in the Psychology of a Market Cycle called "Disbelief". This will be confirmed over the next month now.
Bullrun
BTC/USDT Long term ideaThis is a personal idea for reference purposes only. I don't recommend anyone to invest in this idea 100%. This is a long term idea so actual price action will be different. Hope u make a lot of money.
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BTC BearishOn the mid-term I STILL believe that we will eventually reach our longs entry at the price of 17600, since the PUMP, Rally, base theory is still valid,
We have got shorts order on the base, many people will think that it's over and we're going up, but I believe that mid-term sellers will take the price down from there, don't forget that we're looking on the 4hrs/1d timeframe on this play. So they can buy from a lower level, don't forget that the people who want to take the price down, are the same people who want to take the price back up in the future, we always want the best entries, I believe that after this mouvement up, there is still a one final mouvement down to pick many orders in that level, we will see what happens next.
BTC - If You're Short, Abort!Analysis:
- Support & Resistance
- Supply & Demand
- Trend Line Analysis
T1: Target 1
T2: Target 2
T3: Target 3
$: Bias Change / Bull Run Begins
D: Demand Zone / Bottom / End of Correction
Opinion:
We will have a bull run going into Q4 and early next year
accumulate accumulate accumulate
XRP WHAT WE NEED FOR 1$HI guys, our next step is 0.57$ in the weekly and the montly chart(see thouse)
after that as i marked in the red pattern line, another down trend followed for a bull run to the 1$>
in the daily and weekly chart we bounced the 50% on RSI.
0.57$ is the Mark, if we cross it, if we close above it i will buy.
GALA BULLRUN HOLD IT 5 years at leastGala is been at the bottom and bottomed at 0.4200 area.
In a year we should hit 1$
Next 2 years should be able to hit 4$
Next 4 years should hit 6$
8 years should hit 10$ and more
Just a theory.
But this is a lifetime big money in and hold it.
NIFTY 50 NOT IN RECESSION!! DETAILED ANALYSISi have used a great colour to present my analysis.
so please go through the colours carefully.
INDIA is clearly not in recession, this makes us to understand its bottom point. lets start:
THE TWO BLUE LINES: represents the trend followed by NIFTY post corona's bull run.
and through drawing the PURPLE LINE, i have marked the bottom, and its area(sorry for the bad drawings :p)
i had followed the analysis by describing how that point i have marked is the recession point.
have a look at ORANGE LINE, its the bull run trend. after the bull run completed markets have consolidated(THE ORANGE CIRCLE)
FII entering in INDIAN markets made nifty to rise a more(till the orange circle)
DEFINING more about, THE ORANGE LINE, past from 23rd march till 12th April, nifty was on left side of the orange line, after that it came to other side. just a short observation of saying bull run got completed. (arrows are drawn have a good look).
THE TWO GREEN LINES are the support lines. now have a look at THE PURPLE ARCS. INDIA was not in a recession from the start so, it has just touched its support line, and never entered in recession. the same situation is now too.
check, THE DARK BLACK LINE, its the support line(which is supported many a times).
FINALLY, i conclude my analysis, where i have described how and where nifty 50 is in its position. i will post soon about its further trend lines(resistance and support).. stay connected!!
WTI/USOIL (The Beast) - Can we break? Or is it a retracement?So it is Very fair to say that the last 2 weekly candles have been very naughty indeed.
For any EMA traders that took heed of the very important contacts with the 800 in the daily and the 100 on the weekly-provided they didn't fiddle too much-should have added substantial gains to trading account.
Most of our traders in this team did at least 150% with the top winner Tripling their account.
Its also fair to say that if you are not already in a long it may be better to stay on the side lines and wait for a decent short or await a dip to enter at a key support level. We do however need to bear in mind that historically October is "mark up" month.
The last idea spoke of a news that would send price down to the levels we were looking at in Jan 2022. That news was US rates going up more than expected and the result was high demand for the Dollar and a sharp rise in the DXY sending us down to one of the levels mentioned in the previous idea. We spoke of a move to begin from when a bottom is established at a place where there is a strong reaction as well as some other confluences.
The are that it happened from was 76.25. The confluences were as follows:
- Being at a level that had been tested multiple times in the past as both resistance and support
- Making contact (or overriding the 800 and 100 EMAs of the Daily and Weekly time frames respectively
- The formation of an inverse head and shoulders pattern
- The recovery of Blue Vector candles at the base by a big Red Vector candle (making the head) followed by a new Blue Vector candle at the base (making the second shoulder)
- Failure in 4HR time frame to embed to the downside on the Stochastic RSI and it's subsequent emergence out of oversold
5 very good reasons to go long blindly and hold 90% of the position for 1350 pips. The other 10% still running to see just how cheeky the Beast will be in it's charge to the upside (96.2 next stop if remains Bullish). Currently, it is at almost 1700 pips from where it took off from. But we are very close to the 800 EMA in the 4 Hour time frame.(tends to be a good place to have a strong price reaction)
We also have to bear in mind that most of the crazy moves we have seen his year have had a "distance traveled" of 1000-1700 pips before either retracing or reversing.
So What now?
Although we said in the previous idea, after a few Shandy's that we were going back to the high and would potentially break it and make a new all time high, there is a chance that that will not happen very soon. If it does, great but being realistic, we must think of the lower levels that it may visit before any pump to those levels.
BULLISH VIEW
There are Red Vector candles that were made all the way down from $123 Some of these will surely be recovered by March 2023.All of the ones that happened from $90 down have been recovered last week. The main ones that we are now looking at are the ones on the way to $103 where there is a price gap to the downside.
However before getting there, there is a Juicy Purple Vector Candle at $97 with it's wick top being at $97.67. We will look for a nice short there, even if price is to continue up.
The journey up there should be a nice ride from whichever the next solid support will be -if this trend has indeed reversed to the upside.
We are currently looking at the following levels as ranges to enter fresh positions for a continuation to the upside:
77.28 (4 Hour Blue Vector candle recovery)
78.11 (4 Hour Green Vector candle recovery)
79.90 (4 Hour price gap)
83.30-84 (Key support/resistance area)
86.00-44 (4 Hour Green Vector candle recovery)
89.20 (4 Hour Green Vector recovery and retest of 2.5 Pitchfork line)
Targets are in the paragraph above
This is essentially a 1200 pip range so we must be very careful. All the while bearing in mind that there are still levels like 75,74,72,66 and of course 62 that price could go to with the right conditions as they are all supports and places that Green Vector candles exist.
BEARISH VIEW
When price is moving so strongly in one direction they tend to say "buy the dips in an up trend and sell the rallies in a down trend."
If this is a case of sell the rally then there should be a short very soon.Especially if the DXY wants to go on more of a run to the upside and or Supply increases/Demand falls in Oil.
Now some would say that there has been a break in structure to the upside in the downtrend that we have been in since March, and that we are off to 98-100. But have we really? In our opinion not until we've cleared 96.6-97 comfortably has there been such a thing.
Now if we fail here (97) or somewhere close, there is a good chance that we are going to either come down to retest the levels in the Bullish view to go long again or we are going to continue a down trend and go and test 75,74,72,66 and of course 62.
We are looking for entries for a continuation of a down trend (if that's what is to come) at the following levels:
93.75 (4 Hour 800 EMA)
95.3 (4 Hour Green Vector candle recovery)
96.2-97.7 (4 Hour Green Vector candle recovery)
99 (4 Hour Green Vector candle recovery)
102 (4 Hour Green Vector candle recovery)
103.5-103.7 (Price gap)
108 (4 Hour Green Vector candle recovery)
110 (4 Hour Red Vector candle recovery)
113 (4 Hour Red Vector candle recovery)
This is a 1000 pip range so once again we must be very careful.
Good Luck Traders!
This is not financial or trading advice and should be taken with a pinch of salt.
ROUTE- long accumulationCharts that take long to develop are the ones that run the hardest once they get going. PA might seem boring, unattractive and makes you jump ship. I've made the same mistake with VRA and MATIC just before they went on a face-melting mission and I told myself I'm going to look for a chart that looked like those prior to their pumps. CHZ is another example.
All of these 3 coins have accumulated for around 650 days before expanding, so don't be surprised if you end up holding the coin longer than expected. We are currently on day 443 ranging.
Another observation we can make that it bottomed before all others on May 12th. Currently facing a breakout of the triangle.
Good luck to you all. I'm sure it will be worth it.
BTC BearThe Bitcoin Bear has about gathered enough scraps to scurry back into his cave for hibernation. The monthly macro chart outlook showing signs closing in on the start of the next Bull cycle with CCI curling upwards along with Macd histogram color change. There is still a possibility of one last test of the june lows for a final shake out, wishing good health wealth and prosperity for all hodlers and traders alike!
BTC is bullishCurrently forming a bullish divergence, double bottom. Recent Point of control zone is around our bottom, most volume traded is around that area, I believe that the whales are buying in now, we could see some reversal to the upside soon on bitcoin, I won't trade the first resistance because it will look risky, but I will short the one above it because if we close, we will pump. Then we will go down to grab some liquidity before going more upwards, or just continue going downwards after filling the point of interest zone of the recent structure that we broke. First TP should be reached, then we will see.
If we fail to reach other tps and close above our first short stop loss, we will see another massive pump to the next point of interest zone.
Bitcoin: Short term: BULLISH
Mid-term: 65% Bullish
CAN BIT2ME GO TO 1$?hello guys i hope you are well.
in recentry news Telefonica new adquisition is BIT2ME.
telefonica is one of the greates comunications company around the globe, and its new adquisition of a spanish crypto company make me believe that Bit2Me will reach 1$ soon or this year..
why? because Telefonica as i said, never make mistakes.
we are in a resintance zone now and if surprice it , next eyes in 0.04$
BITCOIN ANALYSIS - BEARMARKET BOTTOMHey Traders,
Im Astro and today i show you my Bitcoin Monthly Analysis.
Where do i think is the bottom?
- Best case: 14000$ - 11000$
- Worst case: 7000$ - 4000$
Where will i buy?
- I will buy a lot of Cryptos when Bitcoin is in the 14000$ - 11000$ area.
Will i trade this with leverage?
- Yes i will also open some 2x-5x Longs on BTC and ETH at that area and dca them and hold them for the bullrun 2023/2024.
I hope you like this idea and if you got any questions feel free to ask. I will come back here and give updates.
META EASY SCALPING IDEA $$$META has been in a constant downward wedge for the past 5 days, as you can see. It has been following the wedge precisely and is near maturity. I've included take profit signals for quick and easy profits, However, a stop loss of 1-2 $ below the wedge should be added in case it breaks apart.
Deeper Network DPR Crypto Bull TriangleDeeper Network DPR Crypto is forming a Possible Bullish Falling Triangle with a Break out by 19/19/22. It is possible at the moment that BTC may hit it bottom during this time, if so then this pattern may play out. It's hard to say how things will playout with the investors being paid back as this will be a continual push down. Lets see what happens in the next month. Stay Toned...........
News: There will likely be a similar crash to the 1990's Dot Com bubble crash coming very soon, with the Alt Coin Bubble that is going on now. Only the strongest Alt Coins will survive. Will Deeper Network get there act together to maintain there support thru out there community or will they continue to twist there words around forcing there supporters to look to only Bitcoin or Ethereum . So far Deeper Network on its own initiatives, is pushing itself farther away from the top ranking alto coins.
Bearish News: Deeper Network is not a Decentralized Platform but a Centralized Platform, They currently use the Polkadot Blockchain Governance Platform which if working 100% is not technically decentralized as per it's maker Gavin Woods. But Deeper Network has a hidden backdown open to bypass all approvals for programing which would other wise need to be approved by who ever holds the most DPR basically at the end of the day as a Council Member by voting yourself in on the Governance Website Page made by Polkadot . At any point in time the Council Members or Deeper Network with there back door open can take you DPR out of your wallet if they want thru programing codes directly by Deepers DEVs or voting as a Council Member as a Motion. Since Deeper has the most DPR it will be controlled internally in a scenes making it centralized at the end of the day.
Bearish News: Aug. 5 & 6, 2022 Deeper Network has turned down an invitation to showcase at Sir Richard Branson’s Block Chain Summit on Necker Island at the Neckerverse Showcase for a chance to pitch to the Virgin Impact team and other global heavyweight investors. The reason from Deeper Network "Cheryl, Russell and I ( Eric ) seriously considered attending the gathering but decided it was best to focus on exchange listings, research & development, and new product deadlines instead." This is the worst mistake they could of made during this bearish time period.
Bearish News: Possible Token Crash Starting around September 6, 2022 thru the next 6 months, investors getting Deeper ERC-20 DPR returned to them who bought in at .006cents to .02cents. There was 2Billion token allocated to sell but they only advertise 1Billion being sold. DPR given out already to the investors that crashed the coin the first time (estimated 40% investment returned already), there is an estimated amount of 2 to 4 Million DPR being released each day to their investors for the next 6 months starting in September 2022 thru March 2023. I foresee another massive upset that Deeper Network will hush the investors by kicking people out of there Deeper Network community social groups when people complain and get upset like what happened when they lock up the investors DPR the first time without paying them back as was promised in their smart contract that had a hidden back door in the smart contract to reprogram it and to lock back up again. This is a lack of trust that I don’t think Deeper Network will every out live. This is the finial contract agreement after being changed multiple times with out permission from the investors.
Bearish News: the Seed Investors who bought in at .003cents were told this "Your DPR is locked until tier 1 CEX listing, then unlocked 1 year after tier 1 CEX listing. Linear distribution over 1 year. If DPR is not listed on tier 1 CEX within 2 years of Jan 1, 2023, unlock starts on Jan 1, 2025 then linear distribution over a year. You will definitely get your DPR however, you'll need to wait a little longer for the benefit of the whole. Deeper Network appreciates your understanding and apologizes for any inconvenience this may have caused." This was confirmed by a Volunteer Mod.
-Crypto Whale Information: See the Whale news on my channel for their Wallet address & Location, as you can track for yourself who is a true supporter and who is a dumper…… (AMA said Whales are allowed in the project now)
- Deeper Chain Community Governance - Currently being controlled directly by Deeper Network, not by the Community but thru a back door in the program (Verified on AMA) I don't foresee them giving the governance to the community within the next year or so because they like to be able to have fully control without have to wait for voting approvals, because the programing is far from being perfect..............
- 7 Validator Nodes on Deeper Chain, 7 have been verified to be in control of by Deeper Network DEVs, apparently they can control votes on the Governance with their locked DPR rewards- Wallet Addresses 1st 5C4vNVT5pDroqufEtXKYp3RKrNXVTHk9yqTeNNUSnJ6EbGGY ; 2nd 5CJDFR5RCMxPwVdzgH6JA9D7M625FEFKrdsJG1JnQVQdQkH2 ; 3rd 5HCG6MvAhYgLZdPoD1BVHEjgKee9n4AhMLKfq64VLiM4znuU; 4th 5Fug4ra4oJaCZQzUZ5C5vNaWBHUujKwGgu5NmZtcDwXMtsCp ; 5th 5Fe7kQ2kunvxDzd1f1AFUuLDPnd8uzqrbgQ4Q4zLHNeC82xD ; 6th 5CaViidoJL9qL22pvdVfpGkaE34kH7cH79rTemVGpUqddaaZ ; 7th 5F95SXGB5dj6TpcKzPGZRCXMsoBLcgg7nmhZxSC5sHCHdDx7 ; Deeper has said they will burn the DPR from the 7 Validators but the miners do not know if they can trust Deeper Network to keeping there word and if it will be 100% Burn or just 1% like everything else........
Founder & Head of the Society Governance Platform Wallet Address: 5GViXCfq22KUdWYK9E6bFZXYJWY7v4EVKJz3mgn6vGGPU1iT this is a Genesis Gold Ter 8 out of the United Kingdom. This wallet seems to be programed to dump coins after there mined across the bridge to sell on and exchange. We will be following this wallet, stay tuned for updates...................
-Deeper Chain DPR Crypto Burn Wallet #1: (Warning this is a subject Deeper does not like to talk about) There has not been a routine burn setup yet promised by Deeper to fight inflation . The only burning is est 21DPR perday equivalent to about .80cents per day!!! from the Validator transactions which they are calling a “Routine Burning or Every Gas Fee”. The old burning was every 7 days and burnt all the treasury wallet. Then they slowed it down to every 24 Days thru the Treasury and to burn only about 1% now. There is credit burning set up for the miners, which is false advertisement because they only burn 1% of the money paid to buy credit to increase mining rewards. The rest of the money is added to the treasury wallet for Deeper to pay their DEVs instead. Waiting for Deeper Network to provide Burn Wallet Address for all three Blockchains so the community can monitor what they are being told. Talking about this subject will get you band and removed from Deeper Network Social media accounts so be aware………… Deeper Network has responded to my concern about this saying "that 1% of the treasury wallet is burned each day" but I don't believe that's what happens, I believe that only 1% of each transaction that is transferred to the Treasury wallet is then sent into the burn wallet only during the transaction process, not that 1% of the treasury wallet total is burned. So once the funds go into the Treasury wallet once the 1% has been taken out, the remaining funds are no longer programed to be burned. (...to be determined) At the moment it is unknown how to see a total burn amount from this wallet but you can see how much DPR will be burned in the next 7 day burn period.
-Deeper Chain DPR Crypto Burn Wallet #2: Deeper Network has not provided the wallet address from the burning during the Pico sale so the community can monitor the wallet activity. (I believe they did a fake burn because they did not even realize they had an internal burn wallet nor did they know they had a Treasury Wallet, I believe they just made a random what address and sent it there. But Deeper will not provide the process they used)
- Deeper Token ECR-20 Blockchain Ethereum Burn Wallet Address - Deeper Network has not provided the wallet address from the burning during the Pico sale so the community can monitor the wallet activity.
- Deeper Token BSC Binance Smart Chain Burn Wallet Address - Deeper Network has not provided the wallet address, nothing would be in the wallet address that i would be aware of if it exist yet
- Deeper Chain Treasury Wallet Address: This is how Deeper Network makes income from internal network transactions 5EYCAe5ijiYfyeZ2JJCGq56LmPyNRAKzpG4QkoQkkQNB5e6Z (At the moment this is funded by the left over Validator Transactions & Burn DPR for Credit Score Increase, ect. 1% of Transactions going into the wallet are Burned every 24 days, this is confirmed by looking at the programing on Github Deeper-Chain; Actions; Branches; modify treasury burnning rate
- Polkadot Parachain for Deeper Chain – not yet, no future plans at the moment (Verified by Polkadot Support)
-10 Billion DPR Total: 6 Billion DPR will be mined within 25years (Verified on AMA); & 4 Billion DPR Belong to Deeper & Investors
-Location of Deeper Network servers where VPN data is stored: Unverified, Programmers working from China, ect. , Government Jurisdiction over VPN data information unknown (As per Deeper User Policy to have to agree to Logs are kept by them internally), Privacy Policy VPN info shows data is kept by Deeper Network, time period kept unknown. Do not know why Deeper Network is not Transparent with this information like other VPN providers. And or what will be there main goal with this data kept.
- Deeper Network VPN / DPN equipment concerns: They say they do not keep logs of records of your internet access BUT!!!!! When you login to the device for the first time it makes you approve there two privacy agreements first. Terms and Condition of Use agreement under point Prohibited and restricted uses point #25 say : “We shall have the right… to monitor User Content”; The second agreement you must approve is the Deeper Network Privacy Policy under Data we Collect says “We may receive access to basic personal information from your social network accounts should you register or sign onto such services using Deeper Network Products or Services” (Why in the world is Deeper trying to collect your personal information?????????, also would they not also be able to see your banking information then...), then under section Data Retention it says “We will keep records containing personal data….. as maybe required by applicable laws (So then which governments laws are you under because there are countries that require no data collected) at the end of the day Deeper Network is not a Decentralized VPN because your data is collected in Deeper Networks Servers and Deeper Does not allow the Miners with the Exit Nodes for the VPN service to erase the VPN data on there own devices, even if their country allows for no logs to be collected. Will Deeper Network change their policy’s to be in harmony with what they told their community of NO LOGS/DATA KEEP BY DEEPER and ONLY DATA COLLECTED ON EACH EXIT NODE, apparently, they changed their minds……
Pico - At the moment the Pico is only good for mining with a Staked credit score, if the Pico has its own Public IP and is connected for months without being disconnected it will currently not get 10mb of traffic each day to get an increased organic credit score as an exit node, the network currently will choose a faster path out thru a Mini instead. So the Pico at the moment is not a good mining device if that's what you bought it for organically. This has been confirmed. Update: It seems like they are trying to fix this issue. If the device to left on for an extended amount of time it will work on the block chain but will not allow for personal internet access.
-Company Info:
-Deeper Network INC of the Marshal Islands (no office location there currently) Crypto Currency company that was set up as a shell company, filed on March 8, 2019 Entity number 100333 (Legal system mixed legal system of US and English common law, customary law, and local statutes; International law organization participation accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction)
-Deeper Network Inc of Delaware USA (no office location in Delaware currently) Software Developer/ VPN / DPN , Entity 201816910575 6/14/2018, EIN Tax ID# 841835438, State ID 04799167 This is the company that controls everything.
-Location Of Head Quartiers Office (5200 Great America Pkwy, Santa Clara , California, 95054) : The main temp office rental location no longer exists that is advertised and on Entity Documents, the location is currently enmity and abandoned, supposedly working remotely from home and out of a shipping warehouse since the past two years+ or longer, unable to verify from the last trip to California. No new permanent office location currently that I am aware of that has been verified. Even from there past video of this office location you can tell it was just a temp location as if it was like one of those rent a cubical to work at temporary location.
(A lot of people have come and gone from the head ranks or moved DOWN to different positions within the company, High Turnover Rate, not sure if currently accurate)
Chief Executive Officer: Mao Liu ( aka also known as Michael Liu); China / California (Runs another Company in California Fam Capital which is not registered in the State of California to work in the State)
Chief Technology Officer: Hui Liu ( aka also known as Russell Liu); San Jose, California, USA
Chief Operations Officer: Xiaoshuai Liu ( aka also known as Cheryl Liu); Maple Ridge, British Columbia, Canada
Chief Marketing Officer: Position Open, last person quite and moved on...............
Contracts: Chao Ma
Secretary/Chief Financial Officer: Xiaoshuai Liu ( aka also known as Cheryl Liu); Maple Ridge, British Columbia, Canada
Corporate Officer: Adam Wolfe
Lei Chang; Saratoga, California
Chief Branding Officer: Yinan S.
Software Developer: Arturo Jimenez
Product manager: Kain Xu
Deeper Network if you feel any of this information is inaccurate please reach out to me and provide me proof showing something different and I will update it on my next post. Information is gathered thru the Deeper Network Community Chats.
New Bitcoin season ???I'm glad you're still in the market until now. My idea is buy n HODL. Uptrend is coming, i'm belive it, so what r u think?
Anything that doesn't make sense, please give me a comment. Please motivate me to develop myself and help someone needed.
Don't forget click like, it's a hug for me. Thank you!
BTC FUTURES LONG Trendline break signals a long position here. I wouldn't put to much thought into this. I mean we dropped from 60k how much longer do we need to wait for a pop. Crypto prices are in shambles. Maybe fair value is a little lower around 15k but regardless we found massive support at 17k a few months ago and we haven't broken that since, we know that we know a lot of buyers are waiting there and we also know anyone selling from 29k or even 25k or 20k is going to have to their take profit at new lows or at 15k//16k. I don't think anyone actually see's this touching 10k ever again. I could be completely wrong. It is possible the crypto is a massive bubble, Its possible laws crack down on it but i think the community is too strong. Ever since Luna crashed and Do KWON made off with billions - a lot of faith has been lost. Its clear we are at a standstill. Prices have been going sideways for eternity. If you are not good at trending ranges or smaller timeframes on leverage then you really have had no chance to beat the market since June. the volume just isn't there. The total market cap for crypto is hitting the lows of 2020 pre pandemic levels. We saw a Rise in tech like never before. sadly its looking like a bubble now. But historically if we compare it to the .com bubble or what not. Even though there was a tech bubble, we all now still use internet today. investing in top companies like apple, Microsoft, yahoo, whoever else were some if the biggest opportunities in modern history to secure your retirement. It would be the opposite of smart to not consider these top coins as serious investment opportunities to buy and hold. Buying these dips is the best thing you can do over the long term and create the best opportunities. that being said if your on margin or leverage. This trade I am posting is worth a shot at with a tight stop loss on new lows.
IF you want more signals for any other charts please comment below. Subscribe to see more scalps for crypto, forex, stocks, ETF , commodities. Thanks for your support! Happy trading!
Ripple Showing Rising Relative Strength Ripple (XRP) has outperformed the overall crypto market, showing relative strength in comparison to the Altcoin index. However, the XRP price is still trapped inside a 4-month consolidation pattern, with the upper resistance line close to $0.50.
Ripple Relative Strength
The relative strength metric can help us spot which cryptocurrencies are outperforming the general market. It's also a bullish sign when the XRP price makes a higher low when the Altcoin index, which tracks the performance of the overall altcoin market, is making a lower low.
This means that the XRP's price is rising while the other cryptos are falling.
Consolidation Pattern
The 4-month-old consolidation pattern led to a local bottom of $0.287 and resistance at $0.457. If the current XRP relative strength continues to progress, there is a high probability that the token will retest the top of the consolidation pattern.
The rally could even extend further to tag the 200-day simple moving average, which currently stands near the $0.50 mark.
Weekly Stochastic Indicator
Additionally, the stochastic indicator on the weekly chart is emerging from oversold readings (below the 20 level) for the first time since the current consolidation phase. This can further sustain the recent bounce.
Looking forward: Since we're still inside a consolidation pattern, there is a risk that we may end up with tighter price action until a real catalyst triggers a breakout.
High probability of seeing higher pricesI've entered long lately. Reasons:
Technically the trendchannel/flag has been broken to the upside. Trendcontinuation is very likely.
According to seasonality (10 years or longer) the price will peak in mid Octoboer/November (depends on the time period).
As problems in the supply chain, inflation etc. doesn't get solved quickly it increases only the price increase.