XRPUSD Confusingly Poised
A few things to note on this graph; to start, the wedge forcing XRP down since early November seems to be condensing into a breakout position. The green line stems from the last highest high that presumed the downfall from ~.30USD to ~.15-.20USD and the red line from the bottom of the next green candle recorded, a lower high. The green line lacks confirmation points to consier it a resistance in this last wedge but still clearly fits the price trend in a general sense. The red line however has two confirmation points as a resistance and has most recently had another 3 back-to-back confirmations that can be seen if zoomed in the latest price action. This may signal a flip from resistance to support and could be signaling a breakout to the upside.
Secondly, the Awesome Oscillator (AO) is indicating the possibility of a further sell off, if it follows a tradition AO pattern, but that is a temporary pain, and once that second higher swing low is confirmed, or rather if, then it will signal a breakout to the upside likely from a price only slightly lower than the current one.
Another interesting note about this graph is that XRP is coming off a heavy sell off that was predicted by the Bollinger Bands (BB) in typical BB fashion. if this trend continues along the BB, there is a good chance that second swing low does not come, and the breakout is to the upside.
The most recent green candles have come on a wave of high volume, which could signal a confirmation of the start of an upside breakout.
The lilac colored box is my target area for partial liquidation on any very short term price movements to the upside just to lock in profit.
Only time will tell.
Secondly, the Awesome Oscillator (AO) is indicating the possibility of a further sell off, if it follows a tradition AO pattern, but that is a temporary pain, and once that second higher swing low is confirmed, or rather if, then it will signal a breakout to the upside likely from a price only slightly lower than the current one.
Another interesting note about this graph is that XRP is coming off a heavy sell off that was predicted by the Bollinger Bands (BB) in typical BB fashion. if this trend continues along the BB, there is a good chance that second swing low does not come, and the breakout is to the upside.
The most recent green candles have come on a wave of high volume, which could signal a confirmation of the start of an upside breakout.
The lilac colored box is my target area for partial liquidation on any very short term price movements to the upside just to lock in profit.
Only time will tell.
Penafian
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