We're going to need more traffic cones.... RIPPLE - (XRP)
Hello Friends, Traders, all!
So, in my previous analysis I said simply, XRP had fallen from the uptrend channels. This isn't too serious, because the meteoric rise of XRP in 2017 makes it difficult to chart accurately. So. to look for a new proper uptrend, I need to see a good, strong "V" shaped reversal on the four hour.
Now, we shorted XRP as it fell below 8000 satoshi and here we are @ 5900. If you haven't closed XRP shorts yet, I personally would do so now. We seem to have found some support at the 71% level, but I will continue to be very cautious with longs here.
I have added a Buy Zone here - just make sure to take this area with a grain of salt. What I want to see is that "V" and ab impulse wave up. I think the conditions are right for XRP to bounce off the fib channels below and springboard off of the 79% retracement making an excellent recovery. Either way, something needs to be decided here. Next time I chart XRPBTC I will have to reevaluate and redraw the channels.
Previous analysis:
So, in my previous analysis I said simply, XRP had fallen from the uptrend channels. This isn't too serious, because the meteoric rise of XRP in 2017 makes it difficult to chart accurately. So. to look for a new proper uptrend, I need to see a good, strong "V" shaped reversal on the four hour.
Now, we shorted XRP as it fell below 8000 satoshi and here we are @ 5900. If you haven't closed XRP shorts yet, I personally would do so now. We seem to have found some support at the 71% level, but I will continue to be very cautious with longs here.
I have added a Buy Zone here - just make sure to take this area with a grain of salt. What I want to see is that "V" and ab impulse wave up. I think the conditions are right for XRP to bounce off the fib channels below and springboard off of the 79% retracement making an excellent recovery. Either way, something needs to be decided here. Next time I chart XRPBTC I will have to reevaluate and redraw the channels.
Previous analysis:
Comment:
Seems the fib channel is support. The "V" was attempted and failed. Stay out for now - not a safe long or short from here
Comment:
:O
