Short Term Most Likely Bearish For XRP
So, this is my first chart and analysis. I've still got a long way to go in terms of learning the different patterns (head & shoulders, cup & handle, etc.), as well as what all the indicators mean.
Earlier today I gave it a shot, and I probably used some of the tools incorrectly (creatively?), but basically i was trying to chart trending patterns to see if there were any clear pattern in sub-trends. Basically, i wanted to see how the trends were changing as time goes forward.
I started off with a ~3month trend, which showed that overall, of course, trend is positive.
I then moved to smaller and smaller sections of the chart, lining up the max and the min trends, and noticed that there is a clear downward momentum, even when the candles were green.
For fun, i made a prediction that tonight XRP will see $1.65, or drop below it. I forgot to publish the chart, as i was doing this during my lunch break at work, but when I saw XRP was $1.65 i had to publish this. It since has dropped another $0.10. If my noob-instincts are correct, then this should be threatening a downward break to continue the bear path.
What do you think of my first go at this? Like i said, i started off playing with the tools, so my procedure may be terribly unorthodox -- i don't even know. I'm always open to education though!
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Earlier today I gave it a shot, and I probably used some of the tools incorrectly (creatively?), but basically i was trying to chart trending patterns to see if there were any clear pattern in sub-trends. Basically, i wanted to see how the trends were changing as time goes forward.
I started off with a ~3month trend, which showed that overall, of course, trend is positive.
I then moved to smaller and smaller sections of the chart, lining up the max and the min trends, and noticed that there is a clear downward momentum, even when the candles were green.
For fun, i made a prediction that tonight XRP will see $1.65, or drop below it. I forgot to publish the chart, as i was doing this during my lunch break at work, but when I saw XRP was $1.65 i had to publish this. It since has dropped another $0.10. If my noob-instincts are correct, then this should be threatening a downward break to continue the bear path.
What do you think of my first go at this? Like i said, i started off playing with the tools, so my procedure may be terribly unorthodox -- i don't even know. I'm always open to education though!
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