Here's another update with a look on the micro level, along with my thoughts on the macro level with what we are seeing, and how this relates to the BTC action and news.
The magic of these fib circles is still going strong, as we see pivot points happening at the boundaries I have delineated. The July 12th to July 28th red fib circle boundaries have been pivot points on the micro level since July the 20th. We see the price candles bouncing back and forth from the red lines in this slim trading channel that started around this very date, and this trading channel is still in play. We also pivoted on the 2.618 line on July 22nd on the light blue fib, based on the July 16th to July 19th circles.
We are sitting right on the red 4.236 fib circle, and I expect yet another pivot to the down side, where it should propagate towards the next rd 4.618 fib circle line. There could also be a pivot point on the light blue 3.618 line. I expect this boring action to continue with nothing ground-breaking occurring outside of this.
That should keep us entertained for the next few days, but what is significant about this? It's the fact that we could have a pathway of action inside of this trading channel that takes us to the BIG blue 1.618 fib circle line. IF BTC continues to correct, I expect that we will have the opportunity to drop down to that 1.618 line and find out if XRP has the guts to land solidly on what I believe to be the absolute base. There are still people talking about a correction to 0.13 and 0.08, but I just don't see any reason or possible scenario for such a drop, outside of a Black Swan event. Even with BTC correcting as it is, the base of XRP has been established for over a year. This has been a long accumulation phase.
The only scenario that I can see happening that would call for an 0.08 buying opportunity would be a complete capitulation event for BTC. If BTC falls into a massive short situation, dropping it back down to the all-time low level for the past year (3100), it could happen. We will soon find out if the reckless printing of Tether has been the root cause for the premature bull run of BTC. We all know that the regular market cycle for BTC movements was cut short for the bear market. But a continued drop would prove that the market cycle has not finished. IF Bitcoin actually has a real value of 3100 or less, and IF BitFinex Tether printing does not keep the price propped up in the artificial range, the correction could happen and the entire crypto market could pay a severe price for it.
It really doesn't matter to me. I call it wishful thinking. I would love to have one more opportunity to load up on XRP at less than a dime. This wouldn't be a negative situation to me at all. It might be the opportunity of a lifetime. But it's just sounding like it's too good to be true. So in the end, it's a win-win situation no matter what happens.
In the long run, I believe we will not see the major run until all of this mess with BTC shakes out. Day after day, we hear ridiculous predictions of a massive run, only to be followed by a drop in price. The announcement of the Bakkt futures event was a dud. I have said it all along, the Bakkt futures could have just as much of a NEGATIVE effect on price as it could a positive effect. It's looking like my thoughts were true. A fall runup of XRP would be nice, but I am patiently waiting for early 2020 to see the pump to the $10 level. After that, all bets are off!
I am going to post some video commentary on my CryptoPro YouTube channel. Please check it out and subscribe to my channel, and comment if you will. Click this link to hop to my channel! Thanks, and your thoughts would be more than welcomed!
The magic of these fib circles is still going strong, as we see pivot points happening at the boundaries I have delineated. The July 12th to July 28th red fib circle boundaries have been pivot points on the micro level since July the 20th. We see the price candles bouncing back and forth from the red lines in this slim trading channel that started around this very date, and this trading channel is still in play. We also pivoted on the 2.618 line on July 22nd on the light blue fib, based on the July 16th to July 19th circles.
We are sitting right on the red 4.236 fib circle, and I expect yet another pivot to the down side, where it should propagate towards the next rd 4.618 fib circle line. There could also be a pivot point on the light blue 3.618 line. I expect this boring action to continue with nothing ground-breaking occurring outside of this.
That should keep us entertained for the next few days, but what is significant about this? It's the fact that we could have a pathway of action inside of this trading channel that takes us to the BIG blue 1.618 fib circle line. IF BTC continues to correct, I expect that we will have the opportunity to drop down to that 1.618 line and find out if XRP has the guts to land solidly on what I believe to be the absolute base. There are still people talking about a correction to 0.13 and 0.08, but I just don't see any reason or possible scenario for such a drop, outside of a Black Swan event. Even with BTC correcting as it is, the base of XRP has been established for over a year. This has been a long accumulation phase.
The only scenario that I can see happening that would call for an 0.08 buying opportunity would be a complete capitulation event for BTC. If BTC falls into a massive short situation, dropping it back down to the all-time low level for the past year (3100), it could happen. We will soon find out if the reckless printing of Tether has been the root cause for the premature bull run of BTC. We all know that the regular market cycle for BTC movements was cut short for the bear market. But a continued drop would prove that the market cycle has not finished. IF Bitcoin actually has a real value of 3100 or less, and IF BitFinex Tether printing does not keep the price propped up in the artificial range, the correction could happen and the entire crypto market could pay a severe price for it.
It really doesn't matter to me. I call it wishful thinking. I would love to have one more opportunity to load up on XRP at less than a dime. This wouldn't be a negative situation to me at all. It might be the opportunity of a lifetime. But it's just sounding like it's too good to be true. So in the end, it's a win-win situation no matter what happens.
In the long run, I believe we will not see the major run until all of this mess with BTC shakes out. Day after day, we hear ridiculous predictions of a massive run, only to be followed by a drop in price. The announcement of the Bakkt futures event was a dud. I have said it all along, the Bakkt futures could have just as much of a NEGATIVE effect on price as it could a positive effect. It's looking like my thoughts were true. A fall runup of XRP would be nice, but I am patiently waiting for early 2020 to see the pump to the $10 level. After that, all bets are off!
I am going to post some video commentary on my CryptoPro YouTube channel. Please check it out and subscribe to my channel, and comment if you will. Click this link to hop to my channel! Thanks, and your thoughts would be more than welcomed!