Long time, no see, XRP! But it's good to visit with you and put you back on the radar again! Now that we are in what we believe to be a bull market, it's wise to keep a microscope on the daily movements for XRP. I started with a clean slate, erasing all former trend lines and fib circle sets. We will be beginning our new look with only one major trend line and a big magical fib circle set based on the time interval starting on June 26th and ending on 2019 to December 18th, 2019.
What can we ascertain from this powerful fib circle set? Well, for starters, I think it's telegraphing the impending correction before the major move. Based on previous gravitational strength of this set, I'm taking it seriously for its future tractor-beam-pulling power. I mean, look at the action that took place along the 1.618 of this set. The price rode up along this ring, bailed off, then pumped. Then the 2.618 ring produced a symmetrical flag right out of the gate. After a price drop (which usually happens coming out of symmetrical flags), we ended with yet another flag that took us to the 3.618, where the price crawled right up the ring.
We are still on an overall trend of descending peaks. But this is different. Notice how the current peak broke the trend line before taking a rest. I think that is a clue of what's to come, which is a bull run. But I look for a correction to happen after we get out of the range of the 3.618, where the price may look to the 4.236 to settle down. If the price bounces around between these two rings, it's gonna make another flag. If that flag comes to fruition, you better watch out because the price could get shot out of that flag like a rocket launcher before reaching the apex of the formation.
I'm more than likely going to get a position in before the real run happens. From all indications, I think this is the time for it. I sold out at 0.20 and watched the price dip to 0.17, where I was waiting for 0.11 to double down. But guess what? That never happened. I watched as the price rebounded, fighting its way back to 0.20, and then doing this mini-explosion to over a quarter. I lost a little ground trying to "month trade" this coin in order to shore up more bags. But that doesn't always work. When the market flips from Bear to Bull, you can get get fooled really quick... just like I did.
However, IF this is a bull market, the fun begins! It's a lot easier for me to identify flag formations and get clues on possible pivot points and pumps with the fib circle analysis. As we see the "hockey stick" formation (when price goes parabolic, shooting steeply upwards after an elbow-like beginning) continuing to climb, there has to be a correction soon. It could happen at 0.26, and from what I see, 0.30 would have to be the maximum. I expect XRP to take a break after the top of this hockey stick, where it could settle back towards the 200-day EMA. This coincides with a seriously "overbought" condition on the stochastic, where it currently is at 97%. It could definitely wobble around more in this overbought area, taking a new peak. But I expect the correction after it gets out of the gravitational pull of the 4.236 fib circle ring.
Don't be dumb and make a buying or selling decision based on what you read here. Use your brain, and realize that this AIN'T NO FINANCIAL ADVICE.
Wish me luck.
Carlton Flowers
The CryptoPro
What can we ascertain from this powerful fib circle set? Well, for starters, I think it's telegraphing the impending correction before the major move. Based on previous gravitational strength of this set, I'm taking it seriously for its future tractor-beam-pulling power. I mean, look at the action that took place along the 1.618 of this set. The price rode up along this ring, bailed off, then pumped. Then the 2.618 ring produced a symmetrical flag right out of the gate. After a price drop (which usually happens coming out of symmetrical flags), we ended with yet another flag that took us to the 3.618, where the price crawled right up the ring.
We are still on an overall trend of descending peaks. But this is different. Notice how the current peak broke the trend line before taking a rest. I think that is a clue of what's to come, which is a bull run. But I look for a correction to happen after we get out of the range of the 3.618, where the price may look to the 4.236 to settle down. If the price bounces around between these two rings, it's gonna make another flag. If that flag comes to fruition, you better watch out because the price could get shot out of that flag like a rocket launcher before reaching the apex of the formation.
I'm more than likely going to get a position in before the real run happens. From all indications, I think this is the time for it. I sold out at 0.20 and watched the price dip to 0.17, where I was waiting for 0.11 to double down. But guess what? That never happened. I watched as the price rebounded, fighting its way back to 0.20, and then doing this mini-explosion to over a quarter. I lost a little ground trying to "month trade" this coin in order to shore up more bags. But that doesn't always work. When the market flips from Bear to Bull, you can get get fooled really quick... just like I did.
However, IF this is a bull market, the fun begins! It's a lot easier for me to identify flag formations and get clues on possible pivot points and pumps with the fib circle analysis. As we see the "hockey stick" formation (when price goes parabolic, shooting steeply upwards after an elbow-like beginning) continuing to climb, there has to be a correction soon. It could happen at 0.26, and from what I see, 0.30 would have to be the maximum. I expect XRP to take a break after the top of this hockey stick, where it could settle back towards the 200-day EMA. This coincides with a seriously "overbought" condition on the stochastic, where it currently is at 97%. It could definitely wobble around more in this overbought area, taking a new peak. But I expect the correction after it gets out of the gravitational pull of the 4.236 fib circle ring.
Don't be dumb and make a buying or selling decision based on what you read here. Use your brain, and realize that this AIN'T NO FINANCIAL ADVICE.
Wish me luck.
Carlton Flowers
The CryptoPro