crypto_emu

XRP not quite ready yet?

BITFINEX:XRPBTC   XRP / Bitcoin
So RippleCoin has been continuing to do what it does best, looking a bit bullish before bleeding into oblivion. This time it was different, because muh strong support etc. My previous long was based around what I saw as a massive IHS on the daily, bull div & SFP on the 12H and the general shift in PA in this region close to the trendline . Seeing as I got stopped out on this long I decided to look closer at the higher timeframes. The monthly shows the next strong support coming in at ~6260, while a support region can be drawn from the weekly and 3D timeframes ~6100 - 6500. Given the recent PA I think XRP will continue to bleed, with some minor retracement, until we hit this region.

Looking at the 3D timeframe we can also note that the MFI was oversold preceding 4 of the most significant pumps in recent history, and currently XRP is not yet oversold (at least on this Bitfinex chart - CMC chart shows heavily oversold, though not yet reversed, and the same correlation is observed). So, as a pre-requisite for another attempt at longing this, I am waiting patiently for 3D MFI oversold on this chart, and a significant 3D MFI reversal on the CMC chart.
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