I sketched this idea based on historic levels of resistance and support using fib levels. I find for alt coins the "wallstreet cheat sheet" (see link below or google it) seems to be an excellent way to judge market sentiment and investor psychology if you can match up similar shapes as the market follows a cycle. On this chart... I have included 3 notes regarding a friend I have that has been hoarding XRP since 2013 (never sold 1 he boasts). Since he does not trade (only buys) I feel he is an excellent indicator and also seems to have followed the WSCS. At this point, we have come all the way through the market cycle and are entering the new accumulation phase which I predict will be in the 0.00006000 - 0.00003800 range with maybe a few spikes to as low as 0.00002400 (the level before the bubble began).
Notes:
1. At this level he was beginning to be very confident and continued to tell me to buy more. He believed the price of XRP could easily reach $1.00 by mid summer (I think this was around 0.00050000 btc at the time).
2. At this point I was pretty sure we were at or near the top because his predictions changed from $1 to $5 to $10 dollars seemingly overnight; Euphoria on the WSCS. I sold almost all I had (just in case he was right) and have since been watching the patterns form almost perfectly along the bubble pattern presented in the WSCS.
3. His sentiment has now changed to "I dont really care about the price, I'm a long term holder". Which was his sentiment before the cycle started and he seems to be paying a lot less attention to the market. Somewhere between anger and depression on the WSCS.
Hit the Like button if you like it or tell me why I am wrong in the comments below. Thanks for taking the time to look and good luck on your trades!
Notes:
1. At this level he was beginning to be very confident and continued to tell me to buy more. He believed the price of XRP could easily reach $1.00 by mid summer (I think this was around 0.00050000 btc at the time).
2. At this point I was pretty sure we were at or near the top because his predictions changed from $1 to $5 to $10 dollars seemingly overnight; Euphoria on the WSCS. I sold almost all I had (just in case he was right) and have since been watching the patterns form almost perfectly along the bubble pattern presented in the WSCS.
3. His sentiment has now changed to "I dont really care about the price, I'm a long term holder". Which was his sentiment before the cycle started and he seems to be paying a lot less attention to the market. Somewhere between anger and depression on the WSCS.
Hit the Like button if you like it or tell me why I am wrong in the comments below. Thanks for taking the time to look and good luck on your trades!
Trade active:
If Bitcoin continues to rally, I would expect there to be buying opportunities in the range shown above. DYOR, but this looks to me like an excellent zone for long term buy/hodl.
Trade active:
Playing out beautifully for accumulation... look for some potential moves/test pumps as we approach October 16th Swell Conference
