We called the volatility squeeze within one candle of it happening. I was feeling Bearish but optimistic. Nevertheless, the length of the breakout met the criteria I laid out in my previous analysis. Please note that my charts are correlated to the 4Hr timeframe and only forward-looking a few days. A week at the most. I like to stay somewhat updated on XRP as it is my favorite cryptocurrency. Let's take a Micro-View and see what we might expect based on the previous price action.
We got the volatility squeeze I wrote about amounting to about .03; not too bad if you used my references points as entry and exits. I am a trend trader as those who follow me know that well.
The volume was quite large on this squeeze and now we are seeing the typical retracement. We cleared out the weak players who sold wight into the breakout closing the candle right at the .618 Fib level (correlated to 4Hr, 2-day timeframe). Notice the long green candlewick where we cleaned out the weak players. The filled in triangle with the letters is just for reference. There are no Elliott wave concepts used in my charting, EVER! I just wanted to show visually the volatility squeeze and the top of the triangle which should act as support for another run North! We have seen this before, and with all the volume we just had, I feel we should see another move upwards, shortly.
Outlook: Neutral. We are range trading and now are right about the 8-day Mean. I am looking for a bounce off the top of the shaded triangle or in between the .50 and .38 Fib level. There is no need to be anxious to get into XRP. We could head South .03 just as fast as we headed North. I noted the upper and lower resistance and support area in Yellow with price balloons for your review.
If you expand my chart you will see the Macro picture which is just more of the same for now. Don't forget to follow me on twitter for real-time updates and trend trading analysis. If nothing major changes than just refer to my chart for trendline support and resistance price levels.
Best,
Biff
We got the volatility squeeze I wrote about amounting to about .03; not too bad if you used my references points as entry and exits. I am a trend trader as those who follow me know that well.
The volume was quite large on this squeeze and now we are seeing the typical retracement. We cleared out the weak players who sold wight into the breakout closing the candle right at the .618 Fib level (correlated to 4Hr, 2-day timeframe). Notice the long green candlewick where we cleaned out the weak players. The filled in triangle with the letters is just for reference. There are no Elliott wave concepts used in my charting, EVER! I just wanted to show visually the volatility squeeze and the top of the triangle which should act as support for another run North! We have seen this before, and with all the volume we just had, I feel we should see another move upwards, shortly.
Outlook: Neutral. We are range trading and now are right about the 8-day Mean. I am looking for a bounce off the top of the shaded triangle or in between the .50 and .38 Fib level. There is no need to be anxious to get into XRP. We could head South .03 just as fast as we headed North. I noted the upper and lower resistance and support area in Yellow with price balloons for your review.
If you expand my chart you will see the Macro picture which is just more of the same for now. Don't forget to follow me on twitter for real-time updates and trend trading analysis. If nothing major changes than just refer to my chart for trendline support and resistance price levels.
Best,
Biff
Commento:
Just traded right thru the major trading price level. Keep watch on the lower yellow support. I indicated we could move south by .03, so be prepared. I am hoping to buy more if we break the yellow support, in fact, there might be a possible swing trade here PRAYING we trade to the upper yellow resistance price level. Good luck!
