Great day for crypto and XRP today!
Not only because of the long awaited update on SEC case that came from Brad G, but also the pump created post FOMC today.
If you have been following my analysis, you are aware that price has been traveling as predicted. HOWEVER, it is still early to claim anything.
News pump definitely shakes up the market, but only after things are calmed down that we can see where we are.
I am still looking for a strong break of the $2.6 level(purple horizontal line) to confirm my bullish bias.
To keep things bullish, I have below 2 scenarios that I can see happening.
Scenario 1:
That's the scenario I showed you before.
In this scenario, Wave 1 peaks below the confirmation level, charges up on wave 2 and blasts through on wave 3. Price was moving slow and steady, but it was still following this path that I had shared with you all.
Scenario 2:
With the news that came out today, it becomes a little more risky to predict price movement.
Even though XRP pumped above the previous Wave 1 price, it still hasn't broke the $2.6 key level and is now showing signs of resistance around the level. With that in mind, it is possible that the peak you saw today is our new Wave 1, and price could retrace back (possibly even less than what is shown in the chart if buyers can defend that $2.3 support) before we go for the confirmation breakout.
On both scenarios, I expect price to move slow just like in the beginning of last pump, when price movement caught many by surprise and the FOMO meter went off the charts. I am also basing these scenarios on the idea that this pump might be near its end
Although I am just bringing up my bullish bias, there is still possibility of price going back towards $2 or lower to finish this consolidation phase. But I do believe that the crypto market has found its bottom, or at least we are pretty close.
What we must do now is take a nap and wake up when trading view send us the alert that will make husbands leave their wives and the unemployment rate to soar(iykyk).
For right now, let's remind ourselves that we are just observers of the market and that no one knows what the gods of the chart have planned for the future.
Not only because of the long awaited update on SEC case that came from Brad G, but also the pump created post FOMC today.
If you have been following my analysis, you are aware that price has been traveling as predicted. HOWEVER, it is still early to claim anything.
News pump definitely shakes up the market, but only after things are calmed down that we can see where we are.
I am still looking for a strong break of the $2.6 level(purple horizontal line) to confirm my bullish bias.
To keep things bullish, I have below 2 scenarios that I can see happening.
Scenario 1:
That's the scenario I showed you before.
In this scenario, Wave 1 peaks below the confirmation level, charges up on wave 2 and blasts through on wave 3. Price was moving slow and steady, but it was still following this path that I had shared with you all.
Scenario 2:
With the news that came out today, it becomes a little more risky to predict price movement.
Even though XRP pumped above the previous Wave 1 price, it still hasn't broke the $2.6 key level and is now showing signs of resistance around the level. With that in mind, it is possible that the peak you saw today is our new Wave 1, and price could retrace back (possibly even less than what is shown in the chart if buyers can defend that $2.3 support) before we go for the confirmation breakout.
On both scenarios, I expect price to move slow just like in the beginning of last pump, when price movement caught many by surprise and the FOMO meter went off the charts. I am also basing these scenarios on the idea that this pump might be near its end
Although I am just bringing up my bullish bias, there is still possibility of price going back towards $2 or lower to finish this consolidation phase. But I do believe that the crypto market has found its bottom, or at least we are pretty close.
What we must do now is take a nap and wake up when trading view send us the alert that will make husbands leave their wives and the unemployment rate to soar(iykyk).
For right now, let's remind ourselves that we are just observers of the market and that no one knows what the gods of the chart have planned for the future.
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.