If you need me to explain the chart then you shouldn’t be trading.
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Hope to see price jump above pennant along with spike in volume. Then, see price bounce from pennant’s top trend line to breakout of channel, probably testing top of channel one last time on the way out.
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If we soon see a bounce with volume then assume lift off.
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Based on coinbase’s price but still valid. Looks like reaccumulation.
Hi Teklologist! I'm not trading yet, but learning.
So maybe you could make an exception and tell me if I read your graph the correct way.
XRP/USD went through the roof of this 4 month downtrend parallel channel and got a new grip on the 0.23 support.
If it holds it for a few candles more then we can expect a run towards the 0.5 area for the end of the year?
Isn't the decreasing volume a problem ?
Thanks!
Teklologist
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@JeremyDeprez, no worries. Pretty spot on. The decreasing volume would be an issue except volume spiked on 27 July when price broke above channel. As is typical, volume will decrease after a breakout as price retraces to confirm the breakout by testing old resistance as new support. In this case, we hope to see .23 hold as support.
Teklologist
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@JeremyDeprez, also, note that in the chart I used Heikin-Ashi candles not normal candles. So, current price here won’t equal actual XRP current price. However, in the long-run, HA based price is better for spotting trends and breakouts.
investopedia.com/terms/h/heikinashi.asp
Teklologist
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@JeremyDeprez, last comment. I suggest .23 as support but technically price can drop to as low as the top tend line of the channel to confirm the breakout. So, the longer confirmation takes, the lower price may need to drop. But, price doesn’t always drop low enough to reach the top trend line.
So maybe you could make an exception and tell me if I read your graph the correct way.
XRP/USD went through the roof of this 4 month downtrend parallel channel and got a new grip on the 0.23 support.
If it holds it for a few candles more then we can expect a run towards the 0.5 area for the end of the year?
Isn't the decreasing volume a problem ?
Thanks!