While analysing the current market conditions I have come across this potential scenario which I am beginning to think could be a highly likely outcome. I have taken note of ronfkingswanson's latest XRP chart and see some validity there.
With the expectation of the Ripple Q4 report any day now, and the positive news expected, we could see a strong rally up to take out the recent highs. If this path plays out, I would expect resistance at the 2018 yearly open around 1.97 - 2.00 with a daily close below the 1.74 high. Below are some examples of this happening in the past (note how this happens on all different timeframes).
If the news release is negative, or not received well, then my previous chart should prevail
With the expectation of the Ripple Q4 report any day now, and the positive news expected, we could see a strong rally up to take out the recent highs. If this path plays out, I would expect resistance at the 2018 yearly open around 1.97 - 2.00 with a daily close below the 1.74 high. Below are some examples of this happening in the past (note how this happens on all different timeframes).
If the news release is negative, or not received well, then my previous chart should prevail
Kommentera:
While XRP is showing a breakout of the downward trendline, I don't see this rally going to far. There is no real volume behind this rally and the RSI is showing divergence. I am also watching the 50% level of the 4 hour breaker - so far this level has been respected.
Kommentera:
Price has also closed below the 50% level of the daily breaker
