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Molten

Charting the course of XRP

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Alternative scenario: it's a big pennant and we could break to the upside.  I favor this pattern to be bearish, but as @MQB says, I need to call up and down so I can be right either way :biggrin:

Either way, the long term scenario stays the same, I expect for us to ultimately climb upward from here, irrespective of what happens in the near term.

sRWcXPFd

Edited by Molten

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3 minutes ago, Molten said:

Alternative scenario: it's a big pennant and we could break to the upside.  I favor this pattern to be bearish, but as @MQB says, I need to call up and down so I can be right either way :biggrin:

Either way, the long term scenario stays the same, I expect for us to ultimately climb upward from here, irrespective of what happens in the near term.

sRWcXPFd

The stochastics you've put up certainly look good for a swing back up...to me anyway. 

My view is that we are waiting for something...not sure what, but I expect we'll know it when it arrives.....hopefully not much longer.

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Just now, dr_ed said:

The stochastics you've put up certainly look good for a swing back up...to me anyway. 

My view is that we are waiting for something...not sure what, but I expect we'll know it when it arrives.....hopefully not much longer.

The pennant/triangle looks to terminate tonight around 11 pm EST.  Usually they break a few hours before the apex.  Perhaps a post-dinner time crash/moon?

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Mixed messages on the other metrics.. RSI is oversold on most time frames but MACD is showing bearish patterns on all but the longer term (day and week) trends.  I agree with @dr_ed: something is about to happen.  I think it'll be a dump and then bounce (dump n' pump?).  Could be a big pump from here.  It'll probably be a big swing either way.  If we dump, I think it important that we hold $0.26.

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9 minutes ago, Molten said:

So, turns out that was a pennant, huh?  Anyone who says TA doesn't work for XRP is deluded.  Anyway, this is very good news.  Could break as high as $0.35 with this next move.  Anything above $0.32 will be very bullish as this represented a long term resistance line.

STqn8P6O

If I was a whale manipulator I would say this is getting to be a prime time to light the switch. Within the next month or two. This could be the start of a decent run that continues to go until the BTC halving. This would re-ignite a lot of public interest.

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Well that was a dud.  Sorry guys and gals, I jumped the gun there. That looked for all the world like a big breakout with volume but then it just fizzled out.  Not sure if the drop in BTC stalled it or if it just never there at all.  Will get back to the charts later.  I know MQB can't wait :aggressive:

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OK, strike 1 last night.  This may be an alternative scenario of a longer pennant/triangle set to terminate tonight in about 6-8 hours.  As with the previous, I favor this to be a bearish setup but it really could be either.  Either way, we are still looking good on the daily and weekly charts.  The weekly inches ever closer to the bullish cross on the MACD - it looks to be about 3 weeks away.

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rA4IsVmL

Edited by Molten

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19 minutes ago, Molten said:

I've learned my lesson and not going to call a break out but interesting that we flipped above the top line and it is now acting as support.  This triangle/pennant is behaving strangely....

MsyhtBdB

Hi Molten. I'm a huge fan of your work and decided to participate in this chat with you guys rather than be an observer which I was in the past :).   Now back to your proposed charts I want to make a quick comment based on your reaction that the charts and descending triangle specifically is acting strange. Another indicator ive been looking through is exchange where xrp top 10% buy ration has been consistent with 77% - 81%  for couple of days. This indicates that majority of whales are buying and only roughly 20% minority are selling. I think they are getting ready for the next wave. Also on the daily it touched the MA as well. I look forward to your next responses my friend. Thanks for all the work :)

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On an separate but related note, ETH looks like a strong buy here.  Up against the resistance line but the weekly is oversold and trending to cross bullish, same as XRP, but I would say the chart looks a little more robust with its longer up trend.

U3FOdOcI

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Strike 2.  Last adjustment to the triangle/pennant taking the new price action in.  It literally can't be pushed out any more without invalidating the pattern.  Apex at around 9:45 pm EST.  Something has to break here!!

Q2DbdmHV

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