If price action enters green circle, a higher low is achieved as it collides with multiple support/resistance lines. I believe the market will be weary of the short bear trend and will be looking for a reason to enter back in to XRP. Stoch will likely be oversold at that point as well.
Dagangan aktif
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First target failed- attempted highest trendline at high of $1.945, fell within middle trendline. Found support, hoping for breakout around $1.889.
I like the 3 possibilities you gave on the chart..............
I keep holding my position.
happy trading,
michaelnecker
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@dvd232323, Thanks- I think the first choice might be overly optimistic, and the market reflected that. Quite a pullback after hitting that nearly vertical line. I expect heavy support to kick in if we bounce off of support at 1.92 or if we hit the 2nd diagonal support line. Hold is the right choice here IMHO.
GeneralGous
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Like your insight. Can you give us an update?
michaelnecker
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@eugenegous, it's followed it quite closely. I'm watching it on the 1m as it's heading back and forth within the orange pennant (take a look at the updated idea I had posted) and I personally hope and believe it'll break bullish, following the most recent trendline upwards that led to the parabolic increase.
I must admit, I'm pretty proud of nailing the most volatile moment in the cycle, as price action dipped into the "circle of explosion" it went pretty wild for a moment.
The market is just waiting for the green light to jump back in, and I think this is it.
GeneralGous
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@michaelnecker, Well done really. Great presentation you've given us. Looking forward to read more of your ideas.
michaelnecker
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@eugenegous, Thank you! I'm happy to see that it's broken out of the pennant bullish. Hitting some resistance currently at 1.927, but that's a pretty consistent level of resistance historically, and I expect that at the very latest it will truly break bullish when that line and the vertical green one beneath it meet.
My great hope is that ultimately it will lead to yet another 2x to 4x run upwards. I expect $5 - $8 by mid Spring.
Synn
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So you expect it to drop again to about 1.80
michaelnecker
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@Synn I believe it will before it rises, yes. Not enough upwards momentum to justify a big push on its own at the moment.
I keep holding my position.
happy trading,