And that question revolves around the fact that over the past day or so, Ripple has made a really, really nice move. I mean, when you consider where the price was at these low points, and then you consider where it is right now, and I just say that where that is right now, because the markets are open 24/7. So I can't say the price closed there, but that's currently where it is, point here being that any rational person is gonna say yeah, Ripple has definitely made a very nice bounce. Now this leads to the valid question, therefore of, but is there any sort of true power behind this bounce?
Is there any sort of genuine strength, or is this just some sort of knee-jerk reaction dead cat bounce? I have no idea, but like I said, by using charts, we can make answering that question very straightforward. And in my mind, it all revolves around the level down here, which is support and I don't quite know the value yet, what is that? 78 cents, why, or yeah, 78, why is 78 cents so important? Well hopefully, we can all agree on the logic that price movements with true power, with genuine strength, the price is gonna progress forward. The price is not gonna go back to where it was bonuses nz. I'm assuming you're saying, hey thanks captain obvious. Of course a price movement with true power is not gonna go back to where it was. That would be a contradiction, exactly. So with that mind, think about 78 cents. Any sort of closes blow it, or worse yet, if the price separates to the downside, what would that be doing to the price? That would literally be putting the price right back inside of this range of the chart that it just broke out of. Again, going back, not a sign of true strength. Whereas let's say the price pulls back, so over the weekend pulls back and then does something like this, and then starts to work its way back upwards. What would you have in this situation? Well, you'd have a set of lows right here, you would have this previous set right there. If you picture each one of those as stair steps, well hey, now you have stair steps progressing in the upwards direction, and that's the name of the game. That's what a truly strong move is gonna do, it's gonna make progress forward, and in this situation, I am defining, quote unquote make progress as 78 cents. Now what about areas of resistance? So if this upwards move is going to continue, where some of these key battlegrounds at. As it stands right now, the main level of resistance, let's get that changed to red for resistance, and I almost put it right where it needed to be. But right up here, give or take around the 96-cent mark, you can see several occasions over the past that prices have been up around this area. You go back here through the history of the chart, knock down the price there, knocked it down, knocked it down, so you get the idea. But really in my opinion, top priority right now is not breaking levels of resistance, top priority is over the weekend, going through health consolidation and beginning to build higher bases, because as long as higher bases start to be built, then that's how this overall bounce can pick up that much more steam and maybe even potentially turn into a reversal, but one step at a time, that first step is staying up above 78 cents. Welcome to my desktop, and here is the chart that should look very familiar. This is what it was looking like as I did that video, which you just got done watching. And I want to really reiterate the point of this is not to try to come across or make you think that technical analysis, the use of charts, is some holy grail that's perfect all the time, that it's some sort of secret sauce in the market, there are nothing like that, it's a tool that can be used, but it is not a holy grail, they are not perfect.
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March 2019
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