Future ex Rupee? XRP/USD Weekly view
Harangue: 2020, the year when a question between buying a hazmat or a space suit is the most relevant it has ever been. It's been a long and painful journey for most die hard crypto bag holders, trying to sniff out that one unicorn shit-coin at #879 market cap only to pay back the rent that they're due from 2 months ago. Even though we can all relate to losing money in the markets, it's not recommended to keep smashing your head into the same wall for extended period of time (This is not a health advice, I'm not a registered health official). The only way you'll make it in this personal development journey called trading, investing, stock picking or peddling (they're all the same thing btw) is by actually doing the work yourself and taking responsibility for ALL of your actions. The bottom line is to end up with your own system that works in all markets, on all time-frames and can be systematically improved upon in a feedback loop fashion. I hOpE this message reaches you well if you're not there yet, now let's move on to the task at hand.
Freedom for XRP bag-holders is in sight, if there's any of you left there at all... 1.5 years of accumulation pattern on a weekly TF is no joke and if played correctly can lead to massive gains. Now I'm not saying that the bottom is in, 1.5 years does not mean it can't turn into 2 years or fail entirely. My point is that we're near nearing key macro levels with clear signs of volatility suppression while maintaining down-trend since ATH's (lower lows and lower highs). The tricky thing is that the market will keep printing lower lows and lower highs until it doesn't and your job is to find the optimal entries during that time. Your successful trade may not come on your first or even second try and that's why you have to take every valid set-up that your system provides. Worst case scenario you get stopped out on a good set-up and have to wait/find something else.
Technically XRP needs to close weekly candle above 0.3 level for me to constitute it as a local uptrend and so far this month we've seen a pretty convincing rejection from that zone. This indicates that the asset is not yet ready for an up-rise and will likely go to retest the local bottom clusters, noted in purple.
TL:DR Down-trend will continue until key levels are gained and held, macro structure forming orderly thus indicating potential for large upside for this asset. Definitely worth paying attention to XRP and correlated assets in the coming weeks.
Freedom for XRP bag-holders is in sight, if there's any of you left there at all... 1.5 years of accumulation pattern on a weekly TF is no joke and if played correctly can lead to massive gains. Now I'm not saying that the bottom is in, 1.5 years does not mean it can't turn into 2 years or fail entirely. My point is that we're near nearing key macro levels with clear signs of volatility suppression while maintaining down-trend since ATH's (lower lows and lower highs). The tricky thing is that the market will keep printing lower lows and lower highs until it doesn't and your job is to find the optimal entries during that time. Your successful trade may not come on your first or even second try and that's why you have to take every valid set-up that your system provides. Worst case scenario you get stopped out on a good set-up and have to wait/find something else.
Technically XRP needs to close weekly candle above 0.3 level for me to constitute it as a local uptrend and so far this month we've seen a pretty convincing rejection from that zone. This indicates that the asset is not yet ready for an up-rise and will likely go to retest the local bottom clusters, noted in purple.
TL:DR Down-trend will continue until key levels are gained and held, macro structure forming orderly thus indicating potential for large upside for this asset. Definitely worth paying attention to XRP and correlated assets in the coming weeks.
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