This drawing accompanies my others and highlights a 4 hour chart with 200 and 50 day Moving averages.
The Gold line is the 50 and the Red is the 200. The x forms the traditional Death Cross.
The MACD is crossed and heading lower> I have created an alert for the downtrend confirmations.
Interestingly the Bollinger Band % shows another Hook. With this in mind I mentioned in a previous chart that a J-hook had formed. When these happen there is a 80-90% correlation to the opposite direction fast. Hence, Xrp from .88 to 1.70 pushed through.
My other charts are still correct with initial observations.
The PSAR is still down.
So I have Down MACD, PSAR and a deth cross. A hook has formed and may cause a short bull run...4-8 hours but the overall trend is still down.
The Gold line is the 50 and the Red is the 200. The x forms the traditional Death Cross.
The MACD is crossed and heading lower> I have created an alert for the downtrend confirmations.
Interestingly the Bollinger Band % shows another Hook. With this in mind I mentioned in a previous chart that a J-hook had formed. When these happen there is a 80-90% correlation to the opposite direction fast. Hence, Xrp from .88 to 1.70 pushed through.
My other charts are still correct with initial observations.
The PSAR is still down.
So I have Down MACD, PSAR and a deth cross. A hook has formed and may cause a short bull run...4-8 hours but the overall trend is still down.
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This Chart is holding true too
