Jump to content
Molten

Charting the course of XRP

Recommended Posts

5 minutes ago, Molten said:

As @Tinyaccount would say.... Sigh.

We had the break out perfectly with high volume, it wasn't a fake out.  But, as @dr_ed pointed out, we ran into a literal wall at $0.302 and got rejected pretty hard.  That level is turning out to be much firmer resistance than I gave it credit for.

So, the triangle pattern was correct but then the resistance at $0.302 stunted the magnitude of the break out.   I expect us to continue to grind higher and re-test $0.302 again a few more times before it cracks.

The good news: as of now, the top of the triangle, which was resistance, is now support.

lur6hMb2

I suppose every time we knock our head on the ceiling we take down some of the sell wall, and the resistance gets weaker, or am I wrong with my visualisation of how it works?

Share this post


Link to post
Share on other sites
1 minute ago, Julian_Williams said:

I suppose every time we knock our head on the ceiling we take down some of the sell wall, and the resistance gets weaker, or am I wrong with my visualisation of how it works?

I think eating through a wall decreases the amount of sell orders, but also the amount of buy order. The question is which one will be depleted first. Sometimes when a wall gets eaten too quick you see it disappear suddenly giving it instant headroom again. The whale does not want to give away cheap XRP if buying strength is strong.

Share this post


Link to post
Share on other sites

By my observations, the more times a resistance/support is tested, the more likely it is to break.  And the stiffer a resistance is, the bigger the rally when it does break.

I remember before we had the big leg down to $0.22, nobody believed the support at $0.28 Would break because it had held so many times.  IMO that was what made it vulnerable... it had been tested so often and, indeed, it eventually broke (after a triangle break down).

If we keep tapping on $0.30, it will break.

Share this post


Link to post
Share on other sites
24 minutes ago, Caracappa said:

I think eating through a wall decreases the amount of sell orders, but also the amount of buy order. The question is which one will be depleted first. Sometimes when a wall gets eaten too quick you see it disappear suddenly giving it instant headroom again. The whale does not want to give away cheap XRP if buying strength is strong.

I've noticed that a lot. A lot of these big sell and buy walls don't actually fully execute. They'll disappear and reappear at difference prices.

Edited by AlejoMoreno

Share this post


Link to post
Share on other sites

@MQB why the continuous ‘laughing emoticon’ when Molten explains a theory of his? What’s so funny about it... I find it quite annoying that someone is putting a lot of effort in explaining his TA views, is constantly ridiculed by you or others without actually counterargumenting it. It comes accross quite childish and is not very polite IMO.

 

Edited by Plikk

Share this post


Link to post
Share on other sites
13 minutes ago, Plikk said:

@MQB why the continuous ‘laughing emoticon’ when Molten explains a theory of his? What’s so funny about it... I find it quite annoying that someone is putting a lot of effort in explaining his TA views, is constantly ridiculed by you or others without actually counterargumenting it. It comes accross quite childish and is not very polite IMO.

 

@MQB doesn't like TA threads… So he goes to TA threads to tell everyone he does not like TA threads. It gives him a nice feeling and some much needed attention to visit threads anonymously from behind his keyboard and thrash the place just to watch it burn. We should give him some love perhaps.

Share this post


Link to post
Share on other sites
35 minutes ago, AlejoMoreno said:

@Caracappa @Plikk Just ignore him. Don't feed the trolls. He gets excited when he gets attention like this.

A lot of us appreciate people that go through the effort of doing TA because it helps provide some insight into what is going and because we have no interest in doing it ourself. It also sparks interesting conversation between opposing viewpoints.

Second. These few threads are the last ones that haven’t become toxic and totally derailed by petty arguments with trolls. Please don’t encourage them or engage them in this thread. 

Share this post


Link to post
Share on other sites
6 minutes ago, Molten said:

To be fair to @MQBhe made a nice comment a few pages ago and even posted a chart of his own over the weekend.  I think he is maybe coming around?

Anyway, let's all rejoice in the coming shattering of the $0.30 ceiling!

Indeed. Let's praise someone with maybe 1 out of 100 nice comments😜

Share this post


Link to post
Share on other sites
10 minutes ago, Molten said:

To be fair to @MQBhe made a nice comment a few pages ago and even posted a chart of his own over the weekend.  I think he is maybe coming around?

Anyway, let's all rejoice in the coming shattering of the $0.30 ceiling!

@MQB Well done! Here, here! Rejoice all ye faithful! God Rest Ye Merry, Gentlemen! .......

Share this post


Link to post
Share on other sites
3 hours ago, Molten said:

By my observations, the more times a resistance/support is tested, the more likely it is to break.  And the stiffer a resistance is, the bigger the rally when it does break.

I remember before we had the big leg down to $0.22, nobody believed the support at $0.28 Would break because it had held so many times.  IMO that was what made it vulnerable... it had been tested so often and, indeed, it eventually broke (after a triangle break down).

If we keep tapping on $0.30, it will break.

It's coming! Slowly but surely we'll break upwards. Meanwhile, we continue pushing ever higher with XRP/MXN liquidity so upwards progress is definitely being made on one front. Checking this thread in conjunction with the liquidity tracker has become something of a daily ritual - love having this thread to keep the emotions in check. I've also noticed on https://xrpcharts.ripple.com/#/xrp-markets that Bitso 24 hour, 3 day, and 7 day liquidity have been consistently rising, with the almost all payments being XRP/MXN. 

image.thumb.png.8b8174456c76fc4791084f5e2ba772c6.png

Share this post


Link to post
Share on other sites
24 minutes ago, Mpolnet said:

It's coming! Slowly but surely we'll break upwards. Meanwhile, we continue pushing ever higher with XRP/MXN liquidity so upwards progress is definitely being made on one front. Checking this thread in conjunction with the liquidity tracker has become something of a daily ritual - love having this thread to keep the emotions in check. I've also noticed on https://xrpcharts.ripple.com/#/xrp-markets that Bitso 24 hour, 3 day, and 7 day liquidity have been consistently rising, with the almost all payments being XRP/MXN. 

image.thumb.png.8b8174456c76fc4791084f5e2ba772c6.png

This is worth a read if you are interested in the liquidity. https://xrpcommunity.blog/corridors-easy-difficult/

The extraordinary thing about the above graph is that now is usually the low point of the monthly cycle, but somehow we are posting higher and higher values every day.  One wonders if the values are going to go through the roof as the next payment cycle starts, or regress before starting.

Share this post


Link to post
Share on other sites

×
×
  • Create New...