Ripple looks set for an upcoming wave 3, and the setup allows us to enter this trade from a few different angles: You can wait for the breakout or catch the bottom of this current consolidation. I’m looking to fetch some at around the 0.5 fibo which is acting as support. The breakout confirmation would be above the 0.618 fibo or around 0.235. You’ll want to look for continuation patterns, volume, and you want that nice RSI signal. Careful between the 0.28 – 0.30 level as it could top out at the red line (downtrend line on this chart).
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Just to get a lil more specific: I expect bouncing between 0.5 and 0.618 until takeoff
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We have a sell move here. Down to the 0.5 fibo?
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OK, so it touched our green line and freaked participants out...i'm still looking for the 0.5 fibo (not the sub 0.5 fibo!).
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OK, based on RSI i think the best we will get is the sub 0.5 fibo. It will be a short touch and go, then we will prob start crossing lines to the upside.
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MAN, so tempting to buy up here, yeah? No, I want the 0.5 fibo.
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This way?
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It will most likely double top here and contiune down to the 0.5 fibo. Patients required here! The reason I did not buy into this wave is for the following reasons:
We did not hit confirmation = approx 0.2425
Ripple has not proven to me that it is out of a bear trend. Why? Because Ripple has shown me it is very good at returning to 0.618 fibo, so losses can be recovered (by wales?). Remember, smart investors never sell on a down wave, they wait until the market comes back around. SOOOO, wave 1 may simply have been that, a wave to recover profits. BUT, if we get higher highs, that indicates to me that we are back in business. So far we have higher lows. I am OK to get involved at a support level because so far, Ripple always returns to a support level if I want to exit. Its not quite risk free, but close.
We did not hit confirmation = approx 0.2425
Ripple has not proven to me that it is out of a bear trend. Why? Because Ripple has shown me it is very good at returning to 0.618 fibo, so losses can be recovered (by wales?). Remember, smart investors never sell on a down wave, they wait until the market comes back around. SOOOO, wave 1 may simply have been that, a wave to recover profits. BUT, if we get higher highs, that indicates to me that we are back in business. So far we have higher lows. I am OK to get involved at a support level because so far, Ripple always returns to a support level if I want to exit. Its not quite risk free, but close.
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New pattern: consolidation is extended...
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I took another look at the data. I was looking at Bitfinex this whole time, but today noticed there is a whole bit of data I was missing. Below you will find a Bitstamp data set. If we end up breaking through to the red zone in my chart we should not be surprised. Apparently, when Ripple came down from its last tear, it went through the min fibo level (not good), and then on the way back ripped through the max fibo (thats good!). SO... theoretically we have a 50/50 chance. BUT... RSI is overbought so thats in our favour. The other problem is that we cant confirm if we hit correction wave-C... This should be fun!
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Remember I said we would trade between max and mid fib lines? I still expect this, and will buy only when we hit that mid (0.5) line.
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RSI turning? Bearish diverg on the stoch? We are kissing the 0,618? Three signals for me to leave this alone. Man..if I knew Ripple would be playing these games I probably would have ignored it.
Trade closed: target reached
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I have sold all my Ripple position and will revisit this market in mid September :) Good luck all!
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