XRP/BTC Q4-17 into Q1-18 Tech Analysis
Hey there everyone.
With the October 12th Swell Conference coming up, it is very likely to see another spike in volume.
The 5201 Sell Wall on Poloniex is indicative of a certain volume level that is required in order to address demand. I would not expect a break in ranging until the crossover occurs. This stated, expect ranging to continue and volume to remain relatively low as the sell wall slowly gets eaten and bought back up.
Ranging trend should be expected to increase in daily trading price range, making more opportunity to purchase and sell with ease.
When volume crossover occurs, we should see another uptrend confirm.
BUYING OPPORTUNITY RANGE:
Below 5201 the Poloniex Sell Wall - Instead of being afraid of the wall, imagine yourself gathering your troops to add to the army. This wall is here for a reason and demands for sheer volume.
SELL WALLS:
Expect this sell wall to move upward in price, asking to be bought up. Again don't fear it. In fact, I would be more afraid of an extremely high volume buy wall instead of a sell wall. Buy walls that do not move suppress price appreciation and Sell walls that do not move give opportunity to purchase before they are broken.
With the October 12th Swell Conference coming up, it is very likely to see another spike in volume.
The 5201 Sell Wall on Poloniex is indicative of a certain volume level that is required in order to address demand. I would not expect a break in ranging until the crossover occurs. This stated, expect ranging to continue and volume to remain relatively low as the sell wall slowly gets eaten and bought back up.
Ranging trend should be expected to increase in daily trading price range, making more opportunity to purchase and sell with ease.
When volume crossover occurs, we should see another uptrend confirm.
BUYING OPPORTUNITY RANGE:
Below 5201 the Poloniex Sell Wall - Instead of being afraid of the wall, imagine yourself gathering your troops to add to the army. This wall is here for a reason and demands for sheer volume.
SELL WALLS:
Expect this sell wall to move upward in price, asking to be bought up. Again don't fear it. In fact, I would be more afraid of an extremely high volume buy wall instead of a sell wall. Buy walls that do not move suppress price appreciation and Sell walls that do not move give opportunity to purchase before they are broken.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.