dipdizzywizzle
Long

XRPBTC Possible corrective ABC wave pattern long trades

POLONIEX:XRPBTC   XRP / Bitcoin
Possible corrective ABC wave pattern forming on the H4 XRPBTC any exchange. If this structure holds and plays out then we are looking at 2 possible long trading opportunities. The first is a small trade long off the bottom of the A wave and the second is a larger long trade off the bottom of the C wave where price has a 60% chance of challenging the swing high of .00011. Remember this is crypto so keep your bayonet fixed and ready for hand to hand combat at any moment. Good luck and as always plan your trade and trade your plan! Viva La Crypto!
Trade active: Price did correct to the 50% Fibonacci to form the B wave. If you caught it then congrats because it provided a nice 5% trade. Now we are looking for a move down to form the C wave where we will have an opportunity to catch a much bigger trade and limit your downside risk with a small stop and a large profit -to- loss ratio.
Trade active: Price has hit our second buy target so it is time to start looking for our big long trade. Caution is warranted at this point though. If you are a trader then you should be looking to set up a nice risk to reward trade where you can limit your downside risk. If you are a long term investor of XRP then I believe this is another excellent zone to buy more because it gives you a lot of room to dollar cost average (DCA) from this area. Best of luck!
Trade active: The squeeze is on. The pressure is building for the next rally.
Look at this. Confirming same positions as last year. Look at the similarity.

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Wow that is scary. They are almost identical and you can definitely see a pattern of repetition . Thanks for your analysis and input much appreciated. @Jeekis,
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Jeekis dipdizzywizzle
@dipdizzywizzle, Look at my BTC analysis. Because i'm really bearish on BTC, this will likely happen to XRP.
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I'm still bearish on BTC also. I agree with your technical analysis. If BTC rolls over then the whole Alt market will roll over as well. I would like to add some information from the fundamental side of the house if I may. The crypto market has changed drastically since Wall Street jumped into the mix with their BTC futures contracts. It gives them the ability to manipulate the physical crypto market with massive volume so they can set up their short trades on the regulated BTC futures side. In order for the whale sharks to make money they have to have liquidity. They generate liquidity via manipulation which equals theft in a sense. I digress. On the BTC futures contracts the smart money is still a little heavy short and until that money flips to long contracts then the movement of BTC is going to be limited. The main reason that I say that is because the mass of regular everyday crypto traders were not the ones that pumped the volume into the market back during the holidays. It was them. Currently on the BTC futures side of the house the professional (smart) money is short. They have 3,409 contracts long or about 30.2 million USD to 5,292 contracts short or about 46.9 million USD with a difference or separation of 1,883 contracts short which is equal to about 16.6 million USD. Believe it or not but the 8,701 BTC contracts are controlled by only 55 individual traders. That is the smart money. So until they switch their positions over to the long side this trader will treat all BTC up moves as liquidity building events for the real move to come. @Jeekis,
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Jeekis dipdizzywizzle
@dipdizzywizzle, Good comment man. Keep it up.
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Wave 3 can never be the shortest of the three impulse waves.
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You are correct that wave 3 can not be the smallest. In this case wave 1 is the smallest move @ 14.21% where wave 3 is a 22.55% move and wave 5 is a 40% move. Normally wave 3 is the largest move but we are also comparing crypto trading to stocks, futures, Forex and the like that all run through centralized exchanges or clearing houses. The rules still apply but we must be flexible and have the ability to adapt our vision to this new landscape. Thanks for the comment. @DashV,
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Just a note. I'm not sure how other traders do theirs but I measure my waves in percentage points because the way I understand the use of Elliot wave theory is it should be combined with Fibonacci to verify waves and to project targets and since Fibonacci uses percentages it just seemed logical to measure the waves in percentage points. However if something works for you then you should always stick to what is working until it doesn't. In my experience successful trading is more about building a routine or system that works for you and executing it the same exact way every single time...robotic, mechanical just like the Terminator. @DashV,
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