XRPUSD update
This particular analysis could be applied to the whole crypto industry as well.
First, all down-moves start from the initial up-impulse. And all up-moves start from the initial down-impulse.
As an example, the recent ABC bullish has started from initial down-move [1]. (Note the 17/Dec Panic within that initial down-wave).
What is now?
The extra-energetic up-wave [2] could easily be the initial move for the future down-trend (I plot approximately down-trend lines already). Extremely high volumes within wave [2] on 13/Feb represents the FOMO buyers who entered the trap above psycho number 0.3. Sell-off [3] locked them in losses.
What is next?
I expect some bullish low-energetic move [4] powered by support from C-line and SFDB zone. But this move has small odds to expand into a larger move with that great Weakness Zone above 0.3. That why the next bearish attack [5] should break down line C.
Home
Yes, You Can Become a Professional Chart Reader
To build success in any business, you should rely on things that really work.
In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.
Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!
Enter your email to Download books
Start building your success with Chart Reading method. Let’s not go back to what wasn’t working anyway.
No spam is guaranteed.