Big Brother Bitcoin CLEARLY drug the XRP price line down with the recent break from the descending triangle formation that I discussed on my BTC post. The power of that drop was enough to wipe out the wedge formation happening over here on the XRP chart. But the drop has us sitting RIGHT SMACK DAB on the Orange 4.618 Fib Circle Boundary, and I think this is a critical pivot point.
We are already in oversold territory, but not rock-bottom yet. That means we do have a probable scenario of a continued drop once we cross that Orange 4.618 line. But a bounce up isn't out of the question. We have seen XRP diverge from BTC a handful of times over the summer, so we don't want to rule that out. We could crawl upwards from the crossing of the Orange boundary, and move back up as we migrate towards the Big Green 4.618 line.
One thing that I have to mention here is the fact that the big pump that occurred with BTC was definitely NOT a technical move. There was NO indication that gave us the slightest clue that Bitcoin was going to experience one of the biggest pumps we have ever seen. What does this mean? In my opinion, it means that we are in the SUPER early stages of the market where pumping and dumping the price can be influenced by big bag holders and institutional investors.
We have to remember that the cryptocurrency market pales in comparison to the market cap of gold, the NASDAQ, or Dow Industrial. Heck... it's just a grain of sand when you put it next to the massive derivatives market. All that to say that it isn't really "manipulation" when we see massive moves that come without warning. It's what happens when people make huge buy orders, or huge sell orders. Part of what we see comes from the result of cyclical activity and human nature. But other parts are just from massive singular events.
My point is, BTC can wreck our nice little charts over here any time it wants. And we have to fully realize this, to be on the safe side.
Carlton Flowers
The CryptoPro
We are already in oversold territory, but not rock-bottom yet. That means we do have a probable scenario of a continued drop once we cross that Orange 4.618 line. But a bounce up isn't out of the question. We have seen XRP diverge from BTC a handful of times over the summer, so we don't want to rule that out. We could crawl upwards from the crossing of the Orange boundary, and move back up as we migrate towards the Big Green 4.618 line.
One thing that I have to mention here is the fact that the big pump that occurred with BTC was definitely NOT a technical move. There was NO indication that gave us the slightest clue that Bitcoin was going to experience one of the biggest pumps we have ever seen. What does this mean? In my opinion, it means that we are in the SUPER early stages of the market where pumping and dumping the price can be influenced by big bag holders and institutional investors.
We have to remember that the cryptocurrency market pales in comparison to the market cap of gold, the NASDAQ, or Dow Industrial. Heck... it's just a grain of sand when you put it next to the massive derivatives market. All that to say that it isn't really "manipulation" when we see massive moves that come without warning. It's what happens when people make huge buy orders, or huge sell orders. Part of what we see comes from the result of cyclical activity and human nature. But other parts are just from massive singular events.
My point is, BTC can wreck our nice little charts over here any time it wants. And we have to fully realize this, to be on the safe side.
Carlton Flowers
The CryptoPro