$XRP FULL DAILY VOLUME SPREAD ANALYSIS
With more clarity and safety on the regulatory front, the resumption of crypto euphoria is set to resume.
With that in mind my VSA analysis on the daily shows clearly a bear exhaustion. Well supported demand from any meaningful dips.
The bearish climax candle shook out all the longs. Right after that strong dips bounced back in the form of a daily bearish pinbar.
If that dip had strong selling behind it then the bounce back up would have been followed by more selling, but it didn't. This is a classical demand swamping supply side.
The final clue I'm always looking for before a safe rally(safe in terms of no more sellers willing to sell) is a market test.
In his case testing supply. If the dip attracts more selling then there is more time needed to shake them out and cover. However a successful test consists of a pinbar shaped candle
dipping down and back up on low volume. This indicates that sellers are at bay and it's safe to assume they won't halt a clean rally.
SpeculatorsTrading.com
With that in mind my VSA analysis on the daily shows clearly a bear exhaustion. Well supported demand from any meaningful dips.
The bearish climax candle shook out all the longs. Right after that strong dips bounced back in the form of a daily bearish pinbar.
If that dip had strong selling behind it then the bounce back up would have been followed by more selling, but it didn't. This is a classical demand swamping supply side.
The final clue I'm always looking for before a safe rally(safe in terms of no more sellers willing to sell) is a market test.
In his case testing supply. If the dip attracts more selling then there is more time needed to shake them out and cover. However a successful test consists of a pinbar shaped candle
dipping down and back up on low volume. This indicates that sellers are at bay and it's safe to assume they won't halt a clean rally.
SpeculatorsTrading.com
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