Multi-timeframe Analysis Of XRPUSDT Using Support And Resistance Strategy

Source

Hello friends,

It feels awesome to be here again before you all in this great community.

Here in this community I have so many friends and mentors and I will be happy to share my analysis again with them.

Today, I will be sharing my analysis with you all on XRPUSDT.

I love taking my analysis from the monthly timeframe and then I move gradually to the weekly and daily timeframe.

The monthly timeframe helps to filter out noise from market and gives the overall market trend, and by detecting the overall market trend, a trader can easily make the right trading decisions.

With that I will be sharing my analysis from the monthly timeframe.

The screenshot above contains the price movement of xrpusdt on the monthly timeframe, and on the price chart, each candle takes a waiting period of one month to be formed.

With this, it has helped out in filtering out market noise and the trend of the market can easily be identified.

From the screenshot above, we can say that the trend for the pair xrpusdt is bearish overall, although it it's latest leg is bullish.

Then my analysis progressed to the weekly timeframe, where I saw more candlestick.

On this timeframe, every formed candle took a waiting period of 1week to be completely formed, which is one reason the candles on the weekly timeframe is more than that on the monthly timeframe.

On the weekly timeframe, I was able to spot key market levels, which are functioning as resistance levels to the market price.

These levels are believed to be valid levels in the market because they have tested and respected these market levels.

And whenever the market gets to this level, it gets rejected to the downside.

I then decided to progress with my analysis as I moved to the daily timeframe.

And on this timeframe, I could see so many market noise, I could see numerous candlestick and some of them are as a result of price manipulation.

Then on this timeframe, I was able to detect a diagonal support level, and this level has been proven to be valid, because the market has made several touches on it , without being able to break below.

And the latest leg of the market is as a result of the rejection from this support level.

Then moving to the 4hr timeframe, I could see more market activities, the lower the timeframe I approach, the more candlesticks I come in contact with.

From this timeframe, I could see lots of market noise and distraction, I can see lots of fake move and when I watched carefully, I was able to detect a key level.

As seen above, this level has been tested and respected countless times by the market, and the price has just broken this level.

Breaking this level, we expect to see a retest of the market on this level, it is upon the retest that we shall take our entry.

Proceeding to the 3hr timeframe, I can see retracement into this broken level.

This retracement is represented by the bearish candles, and upon the formation of a bullish candle, I will join the market to the upside.

That being the case, I decided to move to the lower timeframe for more market analysis.

On the 2hr timeframe, I can see the market activities more clearly.

I can see the bulls and bears struggling to push the market price to their preferred direction.

Then I looked at my point of interest in the market, and from my POI, I can see the formation of bullish candle, which is the confirmation I have been searching for.

But I don't enter the market from the 2hr timeframe, so I decided to join from the lower timeframe.

Mock to the 45min, I could see more market activities, I could see price movement very clearly.

Looking carefully, I spotted the rejection candles I have been searching for and this is enough confirmation for me to take a buy order.

With this, I moved to the 15min timeframe where I took my entry.

And as seen above, I placed my entry off the broken resistance level which is now functioning as a support level.

And I placed my stop-loss right below this support level.

Thank you all for going through my post