Not financial advice. Do your own research. The ideas posted here are the personal thoughts of the BitDoctor Team.
Everybody loves their Ripple. It's had a good run. Aside from the run last December when everything was going nuts, everybody remembers back in September when it went up almost 200%. Well, all good things come to an end (temporarily) and it does appear that we've double topped and we're heading for support. Last support was found right around 6300 and while I do expect it to hold, the next round of support is going to be around 5000 and 4000.
I've drawn several fib diagrams so I apologize for the messy chart but I'm trying to find the confluence zones. Here are the major zones I see:
1. Immediate Zone: 8000-8500
2. Major Support: 6300
3. Mild Support: 5000
4. Last Resort Support: 4000
As always use good risk management and if this happens to pass about 10500, this trade is considered invalidated. Risk/Reward is about 2.22 so it's a decent trade but this market is risky so be careful out there!
Everybody loves their Ripple. It's had a good run. Aside from the run last December when everything was going nuts, everybody remembers back in September when it went up almost 200%. Well, all good things come to an end (temporarily) and it does appear that we've double topped and we're heading for support. Last support was found right around 6300 and while I do expect it to hold, the next round of support is going to be around 5000 and 4000.
I've drawn several fib diagrams so I apologize for the messy chart but I'm trying to find the confluence zones. Here are the major zones I see:
1. Immediate Zone: 8000-8500
2. Major Support: 6300
3. Mild Support: 5000
4. Last Resort Support: 4000
As always use good risk management and if this happens to pass about 10500, this trade is considered invalidated. Risk/Reward is about 2.22 so it's a decent trade but this market is risky so be careful out there!
Trade active:
We do appear to continue going lower. Several alts have done very well recently and Ripple is no exception. We're going to be testing some resistance soon but I focus in on the smaller timeframes to show some key points with the recent price action.
We have recently found our support at 9000 but also round some resistance overhead. It's a bit of a bouncing ball right now. Of course BTC has a huge influence on the market whether you like it or not (I'm looking at you Ripplers). Ripple historically has had a tendency to just do whatever it wants, so this could invalidate quickly, but the resistance at 9300 is putting this in a really tight zone.
Whichever direction breaks out will either stop out this trade or find a decent amount of support at 8000 before it gets to the target of 6300. This is not really meant to be a short term trade, either, so keep that in mind.
We have recently found our support at 9000 but also round some resistance overhead. It's a bit of a bouncing ball right now. Of course BTC has a huge influence on the market whether you like it or not (I'm looking at you Ripplers). Ripple historically has had a tendency to just do whatever it wants, so this could invalidate quickly, but the resistance at 9300 is putting this in a really tight zone.
Whichever direction breaks out will either stop out this trade or find a decent amount of support at 8000 before it gets to the target of 6300. This is not really meant to be a short term trade, either, so keep that in mind.
Trade active:
It's been a while since I gave an update on XRP. The short is still in good shape. I'm not sure I'm to the point where I would move a stop loss to break even but something to make note of is the local swing low/high fibonacci retrace shows we're getting some reaction at the 78.6 which means we could get a bounce... it's actually already started today. BTC just made another move in the downward direction therefore we could see some more volatility across alts. There was some decent news coming to ripple in the last day or so, which could also be fueling the recent spike. All in all, we should stay within this channel otherwise we may just as well invalidate this trade.
I'll continue to monitor the books and let you know if this trade becomes invalid. Be safe out there friends.
I'll continue to monitor the books and let you know if this trade becomes invalid. Be safe out there friends.
