cheynos
Long

We're falling into the buy-zone,Update(XRPUSD/BTC (daily/hourly)

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hello everyone
Today I’m doing a small update on Ripple. We’re going to have a look at the daily and Hourly chart to start off, then the XRPBTC chard and we’re going to finish with the XRPUSDLONGS/SHORTS charts. Let’s get straight in to this!

Daily
-You don’t have to be a TA expert to see this blood bath in ripple, the scary thing is that we’re creating new lows since January. So the first thing we have to look before speaking about a trend reversal is searching for a higher low! If we don’t create a higher low, we will keep going down.

-I think that we will go down to around 0.16 if we follow the downwards trendline . That level is for me the buy-zone. Everything between the 0.16 and 0.20 is buy-zone. I expect a bounce off the downwards trendline to our first resistance at 0.40. if we got rejected at that level and bounce off, that would be very healthy. If we bounce off the 0.40 and create a higher low, I would be extremely bullish on Ripple.

-RSI is extremely oversold. Last time we saw an oversold RSI for ripple was back in March, then we saw a 106% uprun.

Hourly
-The hourly is not so bullish , we can expect a short downtrend. We’re creating a bear flag at the moment, if the 4th bear flag is confirmed, than we could go down to 0.16.

XRPBTC
-We can see a huge support level at 0.00003485. I’m expecting a bounce at that level. Many people say that they expect XRP to go back down to our first support at 0.00001000. In my opinion that won’t happen. I’m not bullish on BTC at the moment and ripple is falling in to a buyzone with very strong support. Ripple has had a way bigger correction than BTC aswell. I’m expecting ripple to go down another 5 a 10%. If we go back down to 0.20, XRP will outperform BTC if you ask me. (i'm very bullish for BTC long term)

Extra
-another great thing to see is the XRPUSDLONGS and XRPUSDSHORTS . A graph that shows how many people are going short and long on bitfinex. We can clearly see a trend reversal in both charts. The RSI is ideal for both charts aswell, maybe price will follow.

Love to hear your opinion on this!
DM's and comments are always welcome.
Leave a like if you appreciated it!
Hi, I am thinking about selling now and buying back in at .20 (or lower) to increase my holdings in XRP. I know this is a somewhat risky move and that it could shoot up at some point. Would love to hear your thoughts.
Thanks
+1 Reply
cheynos Polyphemus
@Polyphemus, it all depends on some factors:
- when did you buy?
- how much money are we talking about (percentage of your portfolio/ cryptoportfolio)
- do you believe in the xrp project long term?

just know if you sell now to buy it back on lower levels that you could miss nice opportunities. Market timing is very difficult and very risky.

if you want that i have a look at your situation, send me a DM with the information I need to know and we can have a look at it. (small risk/reward analysis)

have a nice day
Reply
Really like your thoughts thank you
+1 Reply
cheynos chainstair
@chainstair, really put some hours in this :p
really appreciate your comment mate!
Reply
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