Doing analysis on XRP- since my last couple videos, we've returned to support and the market is in a consolidation period. Bulls are looking for entry, and Bears are becoming increasingly nervous- you can tell by the severity of dips after short term support is broken. Currently we're seeing higher lows on smaller timeframes and an oversold stochastic on larger timeframes.
We're also at support with BTC/XRP, and SBI is going live on July 31st- so to me, it's not if it's a good time to get XRP, but when.
I'm looking at a tight stop entry in the potential near future with aggressive stops, and failing that, a broader entry around support after price touches .28
@jack_hartmann, Do you think that XRP/BTC pair revisiting the trendline could make the RSI oversold again? Namely, since the RSI went up so high (with little northward movement)-- could the same happen to the downside? Ie, revisit the immediate trendline and get oversold on the RSI?
Best for the bulls^
tradeformula
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@jack_hartmann, That will be interesting to watch. It does make me a bit concerned as an overbought position in a bearish trend is a big sell signal for some. Could break support I detailed in the video. Because XRP is near support, this would likely mean a breakout for BTC/USD IMO.
LtCmdrData
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@tradeformula, Interesting! Agreed on the sell signal.. Fundamentally many (aka > 50%) probably are expecting a change in trend..
Thanks for the comment- will watch closely! Glad I discovered these videos.
Gi7vis
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Glad to hear from you as always! Great news on SBI, lets see if it really impacts the market as everybody hopes! A question..What kind of stochastic set up do you use? Usually its 2 lines but yours is one. THANKS!
tradeformula
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@Gi7vis, My pleasure- I do believe SBI is priced in to a degree, it all comes down to the nature of how they're using xRapid and how much interaction it will have with actual exchanges. I'm only using SlowK, only looking at overbought/oversold, all that really matters to me. SlowD is simply a delayed/moving average version of SlowK so it's a bit redundant IMO
Gi7vis
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@tradeformula, another thing to the point you made about XRP/BTC being overbought and being in a downtrend.I just hope that similar thing like October 26, 2018 happens. I hope that fundamentals like SBI will negate the technicals of xrp/btc. Anyway.. XRP/USD is not overbought so we have some room there.