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POSSIBLE BREAKOUT , REVERSAL UPTREND ? Hello everyone 😃 Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it ! - $CAKE is on the verge of breakout on the channel's high. Currently it's moving on the 1D time frame chart into a descending channel and after the break-out, It'll be able to climb up to the higher S/R 9.4$ - 10.5$ - 12.80$ respectively. - But it's better to wait for a proper hold above 9.0$ to take Long on it, meanwhile we can notice the spike in volume where buyers pushed the price upper protecting level of support 5.3$ as i suggest that buyers are shifting their money into CAKE making it likely that the existing trend is about to reverse direction after the sellers have failed to make a new lower low. - Be aware that we have the possibility of reversal on $BTC at $49500's resistance. Hope you enjoyed the content I created, Have a good day Traders!
Long
by Johnny_a88
XRP extra analyses | Wyckoff schematicsWelcome fellow Traders, In this analyses we are going to show you our view on the current market situation for the cryptocurrency: Ripple . This analyses is going to be a little bit different from our usual analyses since this is going to be an explanation on why we see the Wyckoff pattern evolving in this cryptocurrency. We will be analysing XRP using the wyckoff method. For those of you not familiar with the Wyckoff method be sure to check: school.stockcharts.com Let me know if you think our analyses is spot on or completely rubbish! Phase A: Phase A marks the stopping of the prior downtrend. PS: The preliminary support is where substantial buying begins after a prolonged down-move. This can be seen in the chart, this was the first place where we really got a feeling that the downtrend for XRP/BTC might be over. SC: Selling climax, this is the place where selling pressure usually climaxes and panick selling by the public is being absorbed by larger proffesional institutions. We can see the selling climax in the red circle. AR: Automatic rally, this occurs when the selling pressure is mostly absorbed and therefore a buying spree will easily move price to higher places. The high of this rally helps define the boundary of the Trading range. This can be foudn in the first green circle. ST: Price revisits the former area of the SC and the bottem can be confirmed here. The volume and spread should be significantly diminished, which can be seen in the chart. Phase B : Phase B is the cycle where we are "building a cause" for a new uptrend. ST(B): The first thing we see here is a new test, The Generally bigger players are building up a position here and are usually becoming Net long. At this particular crypto we saw support located at 2K sats. Test: ON nov 17 and 18th we saw the test, the test is when the players is checking wether supply or demand is in fvour and when a sudden hit of supply jumps in this means that the market is not ready for a burst to the upside. Phase C: A decisive test of the remaining supply. SPRING: The next thing is the spring, this is the place where players get confused. When it dropped below the 2K sats support, everyone got the feeling that the only way was down, the big players are here trying to buy up any floating supply that they can find. When this is done (all) supply is dried up and a jump across the creek is likely. This was seen in the 3 days of pumping, we completely neglected all support and resistance and jumped straight up to the top of the trading range. Phase D: Consistant dominance of demand over supply. SOS: The sign of strength is a price advance with a increasing spread and relatively high volume. These usually confrim the bias of the analyst and justify looking for entry points. The jump towards 4200 sats was the Sign of Strength in this particular analyses. LPS: The last point of support is a point after the SOS which has flipped from resistance to support. As we can see we are now on the place where the whole wyckoff started. We are back at the bottem region of the TR and are now at the low point of the first SC. Combining this with the (perfect) touch of the 200 daily SMA and the touch of the 50 weekly (SMA) Makes us believe that there is a good change that this is the LPS. BU: The back up is usually referred to back up to the creeck and represents short term profit taking and a test for additional supply around the resistance area. Phase E: Demand is in full control! In summary: We have tried to show you our current market view on XRP as you have read this Wyckoff schedule is not yet comopleted, but we are near the end. In our opinion we are now beginning in phase D, which would mean that the 200 Daily SMA should hold for this analyses to be valid. If this holds then we might be in for a long profitable run up with the XRP cryptocurrency. We would love for you guys to share your thoughts on this nalyses, we have some experience with wyckoff schematics but we are not experts. So if you have some tips, tricks or extra points to include in this analyses please let us know! This analyses is only intended to share my idea, to educate and entertain you guys. This should not be considered as financial advice. I hope you guys enjoyed this analyses, if you did don't forget to leave a Like ! If you want to share your thoughts, please do so in the comments below! Kind Regards, Frank | Forallcrypto
Long
by ForAllCrypto
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