After studying the Bitstamp data, the following pattern can be deduced. I have now shorted this market. I will review the data once again if we break resistance or reach correction wave-E.
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I could be wrong tho!
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Careful, rising wedge.
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??
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Trade active
Trade closed: target reached
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Well that was a nice short :)
I'm still not convinced that I should be opening long positions.
I'm still not convinced that I should be opening long positions.
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maybe another short?
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I am 90% convinced Ripple is in a complex correction... I'll buy it at 19 cents
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For all you bulls: that hammer candle is Ripple telling you "i'm going this way."
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We are still within a large rising wedge, and the candle stopped at the ema. More up after going down is technically possible.
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OK, Wave C? You have a chance to sell your position at 25 cents before decending to the buy zone at Wave point E.
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Market conditions have changed, and investors are very risk averse. Caution at the support at 19 cents as we may test the trend line (16 - 17 cents). If we don't bounce off the trend line, we may not see the 19 cent area for a while :(
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Wave C was deep and not really a good sign. We are likely to visit D at a lower range and return to the support line.
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Moving back to the support line. I have this marked as the end of correction wave E. Unfortunately, this does not seem in sync with BTC and some of the other assets and their correction stages. So, if you plan to buy at the support, please be cautious. The trend line is now closer to the support area on the chart. If we break the trend line it will be very bad news for Ripple in this pair.
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We should consolidate below the min fibo based on the data. The BTCUSD correction is about half way through, so I cannot see the XRPUSD price punching the long term bull line. I expect a bit of a sell off when we cross the purple line.
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I am still waiting for BTCUSD to finish wave 4 before buying XRP. But here is what I see at the moment. Once I am long I will post another thread.
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NEW THREAD looking at the XRPBTC pair.
I mentioned in a previous post that Ripple is very good at returning to the 0.618. To me, this means large players are leaving the market :)