For this analysis, we go back to the basics. Patterns, volume, RSI and trend definition.
What to look at here?:
-Following a new high for volume and an exit from price compression, a reversion to the 50d mean occurred but was promptly cancelled by bulls. Since then, XRPBTC has trended, even though volume is slowly declining.
Either way XRP may go, watch for a bounce along this band for a trend continuation signal.
-XRPUSD seems to be breaking out into an early accumulation cycle, despite declining price. XRP's USD price decrease since June seems to have been largely the result of Bitcoin's recent fall, a fate met by many other coins in the space. Despite this, OBV has risen steadily across most exchanges. It will be key to watch for higher volume here, and a large increase in the OBV, as this could signal a breakout.
-Watch for liquidity hunting by whales. There will be many, many people setting stop losses on either side of this formation, and this can be dangerous.
-Whether the pivotal RSI pointed out will sustain, or if it will follow its previous pattern. In the case of it not sustaining, this could likely be a great short entry.
I implore you all to do your own research and come to your own conclusions on the matter, using this information only as an idea. This is not financial advice. Manage risk properly!
*Thank you all for tuning into my ideas, I'm amazed that I'm at 10,000 views already. I really do appreciate your viewership, and hope that my ideas have helped you understand the cryptocurrency market at least a little better. I will keep striving to improve my analysis and put out better content for the community.
In addition, I've started a twitter account @see_are_em (twitter.com/CoinRepoMan) that will be mainly dedicated to market theory, trading education, and cryptocurrency research / news.
Check below for other alts I've looked at, and even a macro prediction for XRP.
Good luck!
What to look at here?:
-Following a new high for volume and an exit from price compression, a reversion to the 50d mean occurred but was promptly cancelled by bulls. Since then, XRPBTC has trended, even though volume is slowly declining.
-XRPUSD seems to be breaking out into an early accumulation cycle, despite declining price. XRP's USD price decrease since June seems to have been largely the result of Bitcoin's recent fall, a fate met by many other coins in the space. Despite this, OBV has risen steadily across most exchanges. It will be key to watch for higher volume here, and a large increase in the OBV, as this could signal a breakout.
-Whether the pivotal RSI pointed out will sustain, or if it will follow its previous pattern. In the case of it not sustaining, this could likely be a great short entry.
I implore you all to do your own research and come to your own conclusions on the matter, using this information only as an idea. This is not financial advice. Manage risk properly!
*Thank you all for tuning into my ideas, I'm amazed that I'm at 10,000 views already. I really do appreciate your viewership, and hope that my ideas have helped you understand the cryptocurrency market at least a little better. I will keep striving to improve my analysis and put out better content for the community.
In addition, I've started a twitter account @see_are_em (twitter.com/CoinRepoMan) that will be mainly dedicated to market theory, trading education, and cryptocurrency research / news.
Check below for other alts I've looked at, and even a macro prediction for XRP.
Good luck!
50D ROC remains increasing showing a strong XRP.