XRP on the Hour Biff's Simple Review!
Updated
XRP on the Hour
Simple Review:
I made some changes from my last hourly analysis – this is just an update. XRP price action is being distributed in a common price structure. The area of interest is the POC. I have explained in the past that the POC is where price will gravitate when price action fades higher or lower from a lower value node. I am seeing a well-functioning price distribution, or what I would expect to be NORMAL trading. I like XRP and while there is no fun in this price action because it lacks the volatility, we have become addicted too, I would like to add there is value at these levels in XRP. If you follow me on Twitter, I send out interesting information regarding all top cryptos as often as time permits. Also note the total width of the price channel is one penny (0.01). I thought this was interesting but consistent with the nice price action we have been seeing.
We have my standard primary support orange dotted trendline as the lower trend channel. There is a solid green middle trend and green upper trendline controlling the current price action. While this looks interesting, it is nothing more than RANGE TRADING. Notice we are at the POC, an HVN price level. Price volume is steady and rather dense, so I feel there is value here.
OUTLOOK
Neutral with more range trading inside 1 1/2 cents!
What’s Biff doing?
I am a swing trader and expect a 20-percent ROI. I don’t feel that entry at this level will give me the prices I need in the short-term, so I am waiting to buy more at or near the solid lower orange trendline.
Don’t forget to leave a thumbs up and follow me on Twitter for more excellent analysis, all for free! My previous analysis are still active. Check them out!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Simple Review:
I made some changes from my last hourly analysis – this is just an update. XRP price action is being distributed in a common price structure. The area of interest is the POC. I have explained in the past that the POC is where price will gravitate when price action fades higher or lower from a lower value node. I am seeing a well-functioning price distribution, or what I would expect to be NORMAL trading. I like XRP and while there is no fun in this price action because it lacks the volatility, we have become addicted too, I would like to add there is value at these levels in XRP. If you follow me on Twitter, I send out interesting information regarding all top cryptos as often as time permits. Also note the total width of the price channel is one penny (0.01). I thought this was interesting but consistent with the nice price action we have been seeing.
We have my standard primary support orange dotted trendline as the lower trend channel. There is a solid green middle trend and green upper trendline controlling the current price action. While this looks interesting, it is nothing more than RANGE TRADING. Notice we are at the POC, an HVN price level. Price volume is steady and rather dense, so I feel there is value here.
OUTLOOK
Neutral with more range trading inside 1 1/2 cents!
What’s Biff doing?
I am a swing trader and expect a 20-percent ROI. I don’t feel that entry at this level will give me the prices I need in the short-term, so I am waiting to buy more at or near the solid lower orange trendline.
Don’t forget to leave a thumbs up and follow me on Twitter for more excellent analysis, all for free! My previous analysis are still active. Check them out!
Best,
Biff
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts are volume bias.
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more, or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume.
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
Note
Go back and review this chart. This is very powerful when considering entry!
Related publications
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.