While analysing the current market conditions I have come across this potential scenario which I am beginning to think could be a highly likely outcome. I have taken note of and see some validity there.
With the expectation of the Ripple Q4 report any day now, and the positive news expected, we could see a strong rally up to take out the recent highs. If this path plays out, I would expect resistance at the 2018 yearly open around 1.97 - 2.00 with a daily close below the 1.74 high. Below are some examples of this happening in the past (note how this happens on all different timeframes).
If the news release is negative, or not received well, then my previous chart should prevail
評論
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While XRP is showing a breakout of the downward trendline, I don't see this rally going to far. There is no real volume behind this rally and the RSI is showing divergence. I am also watching the 50% level of the 4 hour breaker - so far this level has been respected.
評論
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Price has also closed below the 50% level of the daily breaker
The RSI divergence indicated is tenuous at best, very unconvincing.
PNUTTY
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Nice graph. Will be interesting to see what happens when the Q4 report comes out. Maybe it will enable Ripple to shrug off Bitcoin's usual influence on all altcoins.
DanLaffas
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@PNUTTY, time will tell. There's a lot of anticipation for this report (going by Twitter feed) so I'd say either way it will make a solid move out of this consolidation. I'm just looking at the RSI now and it is sitting at 40-50 on all timeframes. At this stage I'm not game to put money on which direction but I do think this one above could be the most likely outcome.