XRP ON THE VERGE OF BULLISH BREAK!
What great time it is to be in the Crypto market i would say, as we near the estimated bottom of the bear market which in my opinion will be roughly around MAY. This is the perfect time to be picking up a bit of XRP and a couple other coins which I will be discussing in my future articles.
Let me jump straight into the market by listing and explaining a couple levels of confluence I find in the current market structure.
1. Bullish flag formation: We have been rolling down hill for some time now and have seen our portfolios decrease in value (unless you sold the top ;) ), however all trends have to come to an end. I am not saying for certain now is the time the trend will end, as trading and analysis is a probability game, but it sure is looking like a break is in the works as this article is being typed. The price has just broken out, however there will be stronger confidence in the breakout if the price can stay above $0.80, creating a higher high in the short term movement and confirming the breakout from the short term pennant as seen between the yelllow lines.
2. strong support: a strong support has been found at the $0.60 which cuts through the current downtrend. As the prices move down the pressure is built by the support forcing the market to make a decision and in my opinion its looking more bullish than anything else. It can be argued that the level of support and the resistance of the long term downtrend are creating a pattern of its own, which can be seen in both a bullish and bearish site as the pattern is generally neutral.
3. MACD & RSI: On the daily chart the MACD is converging bullish which strengthens the breakout and seems all to convenient a therefore boosting the probability of the bullish move. The RSI is looking great as it sits very neutral at 52, which indicates potential space fore growth in the market.
In order to reach the medium/long term target the market has to break and hold the $1 mark which is very strong from a phycological point as well as it being the golden ration on the fib retracement. Therefore $1 is definitely a price to look out for in the weeks to come. It will be expected to see a retracement off the $1 mark back down to the resistance of the trend, which in its own will further increase the confluence towards a bullish move, as it will complete the breakout sequence of the major down trend.
Thank you for reading my attempt at analysis on this asset and hope it came in handy on giving you a perspective you may have not come across yet. Feel free to like and comment, i am always keen on constructive criticism and will reply thoroughly.
Let me jump straight into the market by listing and explaining a couple levels of confluence I find in the current market structure.
1. Bullish flag formation: We have been rolling down hill for some time now and have seen our portfolios decrease in value (unless you sold the top ;) ), however all trends have to come to an end. I am not saying for certain now is the time the trend will end, as trading and analysis is a probability game, but it sure is looking like a break is in the works as this article is being typed. The price has just broken out, however there will be stronger confidence in the breakout if the price can stay above $0.80, creating a higher high in the short term movement and confirming the breakout from the short term pennant as seen between the yelllow lines.
2. strong support: a strong support has been found at the $0.60 which cuts through the current downtrend. As the prices move down the pressure is built by the support forcing the market to make a decision and in my opinion its looking more bullish than anything else. It can be argued that the level of support and the resistance of the long term downtrend are creating a pattern of its own, which can be seen in both a bullish and bearish site as the pattern is generally neutral.
3. MACD & RSI: On the daily chart the MACD is converging bullish which strengthens the breakout and seems all to convenient a therefore boosting the probability of the bullish move. The RSI is looking great as it sits very neutral at 52, which indicates potential space fore growth in the market.
In order to reach the medium/long term target the market has to break and hold the $1 mark which is very strong from a phycological point as well as it being the golden ration on the fib retracement. Therefore $1 is definitely a price to look out for in the weeks to come. It will be expected to see a retracement off the $1 mark back down to the resistance of the trend, which in its own will further increase the confluence towards a bullish move, as it will complete the breakout sequence of the major down trend.
Thank you for reading my attempt at analysis on this asset and hope it came in handy on giving you a perspective you may have not come across yet. Feel free to like and comment, i am always keen on constructive criticism and will reply thoroughly.
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