Month’s Theme: Mixed behavior that’s overall bullish and a sideways-fluctuating rally that precedes a decline. That’s crossed with an S-formation within a channel.
Behavior Around the High: A crest revisited in the midst of behavior back and forth through the same price level.
Behavior Around the Low: Not specified.
Trade Opportunities:
An opportunity to open a long position for a day trade in the midst of a drop on the 1st.
An opportunity to open a short position for a day trade after moving through resistance on the 3rd.
Overview
On the 1st, there’s a drop that offers an opportunity to open a long position for a day trade. There’s both a prominent crest and a prominent peak. There’s a lot of ground covered in the midst of a decline. On the 2nd, there’s a notable fake out/shake out and a move to the upside toward the end of the day. We’ll most likely have a lowest low either on the 2nd or the 3rd. On the 3rd, there’s a move higher through resistance, we’ll stay above it briefly, and then break back down shortly thereafter. There’s an opportunity to open a short position for a day trade when we move higher through resistance. On the 4th, I’m advised to be cautious due to tricky chart behavior. On the 5th, we’ll decline through multiple support levels pretty early. There’s a trade opportunity to open a short position on the 5th and close it on the cusp of the 5th/6th.
The rest of the month is offered in the paid version of XRP.