SlowK is a great way of measuring momentum- and when moves are exhausted. Daily SlowK is oversold at this point for the first time since the move in early December began.
When you consider the fact that we're bumping into a strong upwards trend, I expect Bears to not withstand the buying power that will come into the market over the next week, and a new buying cycle to begin.
When you consider the fundamental analysis considerations of "3/5 remittance companies" (and MoneyGram already being named) and "2 unnamed household names that are not FIs" by David Schwartz, we should receive a new bit of fuel to shoot upwards in the near future, perhaps catching up with previously broken Bull trends.
When we start making higher lows on the 15m and Hour chart, and particularly when the MA on the daily shifts bullish, we'll begin a strong move upwards.
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SlowK on the hourly is overbought- looking for a bounce on the 50 of SlowK, or if it dips into completely oversold territory to not fall beneath blue support. If so, continue bearish.
Calling red line of bearish trend broken. On the outside of the line for sustained period of time, and moving away bullish from it, following the support at 1.789, and if this is sustained until meeting up with the blue support in 24 hrs, MAs should have caught up, and the daily SlowK will have reacted bullish, pulling in more bullish support. Groundswell.
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Not looking good. Price action broke blue diagonal line and black support at 1.78, and after attempted bull push, it collapsed quickly.
Next stop 1.55, possibly 1.17 after that. Disappointing
I think the sellers are finished. after that the market will be back to normal and the buyers will dominate
tradeformula
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@ahmet_b, I wish we would have been right, but that wasn't to be. At this point, it's fallen far more than I would have thought, and feel like we're flying blind. If 1.55 doesn't hold, as I mentioned in my followup comment, I think we'll see 1.17 and 1.
MatthewRybicki
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@tradeformula, hey guys, whole market collapsed to the ground! everything is in red and most in red double digit %%%%%, Im not that worried tbh, whole market should bounce back from this anytime shortly as it always does!
Rule of thumb for me, when ever i see ripple dipping i watch the CMC.
BTW do you think it will go back to say about 1.80-1.85 area anytime soon?
SayeretJoe
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Do you see a head and shoulders pattern? or is it just me?