Okay folks, I've been silent on our beloved XRP for quite some time, because there's not much to report since the side-banding action has been in play. But HERE WE ARE, right at the crossing of the Dark Green 4.618 magical fib circle boundary line. This is the bigger green set taking us from the previous significant peak on February 15th, 2020 extending through the low point occurring on March 12th, 2020. That means we are going to potentially see a spike, or a drop. Which direction and how significant of a move it is, well, I don't know. Here's why...
First of all, volume is garbage. If it stays at the current level, I don't see the potential spike or drop being anything significant. But if it stays as low as it is right now, we could move straight through the Dark Green 4.618 with no pivot. Secondly, we're in no-man's land on the 4-hour stochastic. We have stayed within the boundaries of oversold & overbought for nearly two weeks, and right now, we're pointed in the downward direction at the 60% level. Sure, momentum is headed south. But that doesn't mean it can't reverse course and pop up here in middle territory. But this is at least the only bit of evidence we have that might give a southward break the slighter edge probability-wise.
If this turns out to be a "nothing burger", we've got the light blue 2.618 just up ahead that has shown it's magical powers in the past, and could possibly provide a pivot. That was a lot of "P" words. I did not do that on... "P"-urpose! haha.
Okay let me get back on-point. Enough of the goofy talk. We of course know that the movement of XRP at this possibly-critical point will be influenced by Big Brother Bitcoin. And Big Brother Bitcoin's movement at this critical point will be dictated by Uncle Stock Market. And Uncle Stock Market's movement at this critical juncture will be dictated by Old Man Oil. And the Old Man is on life support.
This all makes one heckuva soap opera for our enjoyment. Or maybe I should say "reality show". Let's all keep our eyes on Old Man Oil, because it has the power to pull a Carol Baskin and feed Uncle Stock Market to the tigers.
Have a great weekend, and don't do anything stupid... like taking my ramblings as financial advise.
Carlton Flowers
The CryptoPro
First of all, volume is garbage. If it stays at the current level, I don't see the potential spike or drop being anything significant. But if it stays as low as it is right now, we could move straight through the Dark Green 4.618 with no pivot. Secondly, we're in no-man's land on the 4-hour stochastic. We have stayed within the boundaries of oversold & overbought for nearly two weeks, and right now, we're pointed in the downward direction at the 60% level. Sure, momentum is headed south. But that doesn't mean it can't reverse course and pop up here in middle territory. But this is at least the only bit of evidence we have that might give a southward break the slighter edge probability-wise.
If this turns out to be a "nothing burger", we've got the light blue 2.618 just up ahead that has shown it's magical powers in the past, and could possibly provide a pivot. That was a lot of "P" words. I did not do that on... "P"-urpose! haha.
Okay let me get back on-point. Enough of the goofy talk. We of course know that the movement of XRP at this possibly-critical point will be influenced by Big Brother Bitcoin. And Big Brother Bitcoin's movement at this critical point will be dictated by Uncle Stock Market. And Uncle Stock Market's movement at this critical juncture will be dictated by Old Man Oil. And the Old Man is on life support.
This all makes one heckuva soap opera for our enjoyment. Or maybe I should say "reality show". Let's all keep our eyes on Old Man Oil, because it has the power to pull a Carol Baskin and feed Uncle Stock Market to the tigers.
Have a great weekend, and don't do anything stupid... like taking my ramblings as financial advise.
Carlton Flowers
The CryptoPro
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.
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.