The price action this morning for XRPBTC hit 8700sats.
They say to "never try and catch a falling knife", but if I had to make a guess, I'd say that the price action this morning was our new low and new support. This was also the resistance for the first leg of the first Elliott Wave and the spike in volume is another confirmation of this movement. The conclusion of the fall this morning finishes our ABCDE second wave correction seen in purple.
I have used some basic Elliott Wave trend channel analysis to predict the coming price action, provided that the 8700sats is our new low.
It is expected that the price may face some resistance at 13500sats, as this is the top of the downtrend channel and also the support-turned-resistance of the A leg from our ABCDE correction.
If the bulls fail to break this resistance, we may see a quick end to the first leg of wave 3 and a retreat to the border of our trend channel in orange -- at 11600sats.
I have added rays at each of my predicted price levels.
T1: 16000
T2: 25000
T3: 30000
From our first wave, I would expect this price action to take place within the next 30 days.
If you have any comments or criticism, I am always open to learn! Post them in the comments below.
--------
Channels provide a clear, systematic way to trade. In fact, these simple instruments can show you when to buy and sell, where to place your stop-loss and take-profit points, how to determine the reliability of the trade and how long you should expect the trade to take.
There may be times when other forms of technical analysis are needed to enhance the accuracy of the channel plays, and verify the overall strength of the channel. Using other techniques in conjunction with channeling can also help you avoid the side effects of the two exceptions listed above. A few useful ones to keep in mind are:
MACD - These can be used to confirm channel movements, especially after a contact is made.
Stochastics - These are useful to confirm channel movements.
Volume - Analyzing volume ratios can also help you determine the strengths of different channel movements, which determine the overall channel strength.
SMA - These can provide you with a short-term outlook on a channel play. They are most useful after a contact is made to confirm the change in direction.
Candlestick patterns - These are useful for spotting channel breakouts.
Channels provide the ability to determine how likely your trade is to be successful. This is done through something known as confirmations. Confirmations represent the number of times the price has rebounded from the top or bottom of the channel - in essence confirming the accuracy of the channel. Here are the important confirmation levels to remember:
1-2:Weak channel (non-tradeable).
3-4: Adequate channel (tradeable).
5-6: Strong channel (reliable).
6+: Very strong channel (very reliable).
They say to "never try and catch a falling knife", but if I had to make a guess, I'd say that the price action this morning was our new low and new support. This was also the resistance for the first leg of the first Elliott Wave and the spike in volume is another confirmation of this movement. The conclusion of the fall this morning finishes our ABCDE second wave correction seen in purple.
I have used some basic Elliott Wave trend channel analysis to predict the coming price action, provided that the 8700sats is our new low.
It is expected that the price may face some resistance at 13500sats, as this is the top of the downtrend channel and also the support-turned-resistance of the A leg from our ABCDE correction.
If the bulls fail to break this resistance, we may see a quick end to the first leg of wave 3 and a retreat to the border of our trend channel in orange -- at 11600sats.
I have added rays at each of my predicted price levels.
T1: 16000
T2: 25000
T3: 30000
From our first wave, I would expect this price action to take place within the next 30 days.
If you have any comments or criticism, I am always open to learn! Post them in the comments below.
--------
Channels provide a clear, systematic way to trade. In fact, these simple instruments can show you when to buy and sell, where to place your stop-loss and take-profit points, how to determine the reliability of the trade and how long you should expect the trade to take.
There may be times when other forms of technical analysis are needed to enhance the accuracy of the channel plays, and verify the overall strength of the channel. Using other techniques in conjunction with channeling can also help you avoid the side effects of the two exceptions listed above. A few useful ones to keep in mind are:
MACD - These can be used to confirm channel movements, especially after a contact is made.
Stochastics - These are useful to confirm channel movements.
Volume - Analyzing volume ratios can also help you determine the strengths of different channel movements, which determine the overall channel strength.
SMA - These can provide you with a short-term outlook on a channel play. They are most useful after a contact is made to confirm the change in direction.
Candlestick patterns - These are useful for spotting channel breakouts.
Channels provide the ability to determine how likely your trade is to be successful. This is done through something known as confirmations. Confirmations represent the number of times the price has rebounded from the top or bottom of the channel - in essence confirming the accuracy of the channel. Here are the important confirmation levels to remember:
1-2:Weak channel (non-tradeable).
3-4: Adequate channel (tradeable).
5-6: Strong channel (reliable).
6+: Very strong channel (very reliable).
コメント:
Halving position at 14000 and looking for re-entry at 12000 due to wavetrend cross.
コメント:
Back in at 11900 with a change to positive wave trend, bounce off the senkou span B, and a tightening of the bollingers. Expecting price to head towards first target of 16000.
コメント:
Revised targets with symmetrical triangle setup in play. Expecting breakout north within 6-18 hours on good volume or news.