$XRP Bullish - Not without a few fake outs along the way *SMC**SMC = Smart Money Concepts or I Formerly referred to it as Smart Money Theory. Same thing I think it is being adapted to a bigger retail trader class (you all are getting wiser for changing to this style of analysis) you can find a few tutorials and breakdowns in the related ideas link to this one. Earlier I did my own limit call at the beginning of the rebalance redeliver at 0.4219. It hit that price around 3:30 eastern time (U.S.) Monday and my exit was near the same recent high of .43155. Which was also the Consequential Encroachment of a daily Fair value gap. I Nailed it without blinking an eye. Now the question is where from here? Well at first, I didn't notice that it had already filled the rebalance-redeliver (Shown in this chart)
So my first drawing of the pullback might be off. It could just go straight up to the daily bearish order block. as the first projected yellow run just goes straight up into it and then pulls back. but it could manufacture more liquidity and pull back more before moving up. I'll explain in greater detail.
The objective was to fill the weekly Fair Value Gap (created in September, which has happened) as well as fill the imbalance in the redeliver rebalance (Which has already happened) However, it wouldn't be a smart money concept if it didn't try to manufacture liquidity. (just above the .43155 area) So I assume there will be another pullback near that price. However, now we have to keep in mind that there is another Weekly fair value gap that needs to be filled (thus gap was created in November when the price was moving down). (The purple outline that the projected yellow line touches going up and the pull back down) So it could pull back to the same area that it closed the redeliver-rebalance on (0.41330) and then run up and over the 0.43155 level to the daily bearish order block. This would be near .4498-.45 level. After it hits that rejection block it should fall to fill the rest of the weekly fvg which is near 0.398 but could get as low as .3768. This would cause a panic in the retail market and you would see a lot of people jumping ship for a loss. While Smart Money (Larger Institutions) sweeps in to buy up at a low price. When in reality all price is doing, is what its meant to do, 1 Fill imbalances 2. attack liquidity.
So then price I believe would start making another run this time up to a median of the bearish order block which is in the congruence of the 227% fib extension of around the .48 price.
How long will this take? Who knows. Am I gonna be 100% right? Probably not. But after studying so many smart money charts, I would not doubt that this would happen over the span of 2-4 weeks. Or maybe 1-2 weeks.
We can only wait and see :)
KUCOIN:XRPUSDT
KRAKEN:XRPUSDH2023
BITSTAMP:XRPUSD
BYBIT:XRPUSDT.P
