XRPUSD
I don't claim to know exactly what I'm doing with TA. Its interesting and a fun hobby that I am trying to learn. This is what I see in XRP and am hoping that history of the market cycle will repeat itself. So after each of the big parabolic bull runs in both 14 and the end of 17 we topped off. This is where i placed the descending red trend lines . The green trend lines are placed on top of the first bearish retrace which actually hits .702 on fibonacci retracement for the first bear market. And deeper than the .786 on the most recent bear market. In both bear markets we get multiple rejections at this trend line before we eventually buy through this descending trend line . Highlighted with the green rectangles. Now we are in the descending channel of the all time highs to the previous trend line we have taken. I'm not sure there is much to the purple and black trend lines . I am just trying to guess where we are in this cycle. Thought it was interesting that a close above the 200 day SMA seems to line up with the resistance. A close on the daily above that which coincidentally also breaks a huge resistance point would be confirmation that this thing is going to take off. I tried measuring percentages from the red trend line to the black trend line to try and determine where we are. I came up with -19% and -17.5%. Not sure if this is relevant in the slightest? Good luck everyone and wishing all you hodlers a very profitable year!
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