Volatility contraction. Breakout imminent. XRP's suprise

Technical -XRP is currently sitting on a 2800 sats strong support level. It has been traded for many days in that range in the past. Also you can see the market maker is not letting the price fall below this level despite the other major alts having a breakdown as soon as BTC broke down 11000 support level. The volatility shrunk drastically which can be observed on the daily chart. Place a stop-loss if it were to break down.

Psychological - - XRP will be the front runner in this bull run as it can capture first the liquidity from other cryptos to lead its pump. Just look at it from the market maker's perspective, you will get it. The first wave always happens when the market sentiment about the asset is lowest. Right now most people are thinking that XRP is dead and will go down to test lower supports.


Educational - - Support is a price range where market is traded for many days or weeks. It is not just a horizantal line/zone joining swing highs and lows. I see a lot of traders here missing this point which is why I am sharing.

P.S : I am always ready for discussion. I think it is the only way we can learn more concepts. I am greedy to learn than to earn at this point of time. Warming up for Crypto bull run.

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Entered at 2950 sats

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The market maker wants you to buy it now. He gave the stimulus through a recent fundamental which is - All Indian banks will adopt xCurrent 4.0 of ripple. I am from India and a bitcoin maximalist. I believe xrp is a shitcoin. But it is a good tool to earn BTC.

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I will be updating this post all along.

تعليق:

Learning from the mistake - I misspelt "surprise" in the title of this post

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Copy pasting the 2018 fractal to the present time. The top can be at 24k sats.

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What a divergence this is!

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Lot of volatility and volume contraction on the 4 hour time frame. Today's volume till this time(half day finished) is just 1/4th the yesterday's volume. Looks like it will explode today. I am getting ready to take profits at 4000 sats resistance.

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Instead we have a temporary breakdown here.

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It is clearly shaking off weak traders before breakout.

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Some TA

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I am anticipating a breakout today or tomorrow. I cannot predict the exact timing for a breakout. No one can. We can only anticipate based on the contraction of volatility, volume and also based on the stability of BTC. There is some uncertainty because of BTC volatility. As everyone is expecting a huge move from BTC, it is unclear whether it would be to the upside or downside. If it is to the upside, XRP's rally will be delayed. If it is to the downside, XRP will rally the moment BTC breaks down.
But I said I am anticipating a rally today or tomorrow because I expect a breakdown from BTC today or tomorrow to 10000 usd before testing 12000 usd again. Also after testing 12000 usd we will be having another correction which is shown in the chart below.

Anticipation of BTC moves is also done considering the BTC dominance. Right now, the wave 1 of BTC dominance has topped out and is due for correction. This implies that BTC is due for correction and will not rally anytime soon to take out 14000 usd to move further.

As the BTC dominance decreases and BTC volatility slowly fades away, we can expect the alts ETH, XRP, ADA, EOS, BAT etc., which are currently consolidating at their historical supports to start their rally.
Understanding this analysis could be a little difficult if you are not good with Elliot wave theory.

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Always remember that there can be a slight pullback before breakout

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It is trying to break out now. Lets hope it is not one more failed attempt