If XRP Moons, Where is the Top?
*Not trading advice*
There is increasing chatter about an upcoming altparty, and I believe it may get underway sooner than many expect.
How high will the XRPBTC price go? Let's take a look at how things played out in September of 2018 (check my linked idea for reasoning as to why this may be the best model for what to expect this time).
We see sustained slowly ascending sideways price movement (green arrow) that looks very similar to the current situation. Once the price breaks the yellow resistance it surges up past the daily 50 EMA (green) and then uses the 50 EMA as a support, consolidating for the next move up. The second move pushes past the daily 200 EMA (blue) and again consolidates, though for a shorter period of time.
What is notable about the final explosive move is that the volume is enormous and really stands out from the prior candles.
I will be looking to see whether the XRPBTC price action follows this pattern. If it does, I will be looking to sell once I see that huge green candle forming. If the price action deviates from this pattern, that should provide some insight as to where the peak will be and I will adjust my target accordingly. In particular, if the initial price surge fails to cleanly breach the daily 50 EMA, that will signal a lower final target.
Also note how, after the peak and the price falls out of the pennant, the price bounces up hard off the 200 EMA. That may be a great opportunity for some added profit.
Now I have a two questions for all of you fellow traders:
- Where do you think the peak price is likely to be?
- More importantly, what indicators or method are you using to calculate that value or range?
There is increasing chatter about an upcoming altparty, and I believe it may get underway sooner than many expect.
How high will the XRPBTC price go? Let's take a look at how things played out in September of 2018 (check my linked idea for reasoning as to why this may be the best model for what to expect this time).
We see sustained slowly ascending sideways price movement (green arrow) that looks very similar to the current situation. Once the price breaks the yellow resistance it surges up past the daily 50 EMA (green) and then uses the 50 EMA as a support, consolidating for the next move up. The second move pushes past the daily 200 EMA (blue) and again consolidates, though for a shorter period of time.
What is notable about the final explosive move is that the volume is enormous and really stands out from the prior candles.
I will be looking to see whether the XRPBTC price action follows this pattern. If it does, I will be looking to sell once I see that huge green candle forming. If the price action deviates from this pattern, that should provide some insight as to where the peak will be and I will adjust my target accordingly. In particular, if the initial price surge fails to cleanly breach the daily 50 EMA, that will signal a lower final target.
Also note how, after the peak and the price falls out of the pennant, the price bounces up hard off the 200 EMA. That may be a great opportunity for some added profit.
Now I have a two questions for all of you fellow traders:
- Where do you think the peak price is likely to be?
- More importantly, what indicators or method are you using to calculate that value or range?
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