Well, the last bit of analysis wasn't perfect. I did however nail the pivot point- price action just went a different way. Coinbase's announcement and CMC's omission of Korean data influenced it, but ultimately the market wasn't ready for another big push upwards. Fundamentally, Ripple is extremely promising, and XRP is fundamental to companies' success that choose to use Ripple. I'm a long term bull on Ripple & XRP, and still believe January has a lot of promise.
On the chart, the darker the line, the stronger the support/resistance I believe it holds. The yellow & black line is the strongest. Break that with any strength, and we're heading way back down to $1 or sub $1. I don't personally believe that will happen, but it's possible. I see a short term pennant to get us out of the current slump highlighted by the lighter green downwards line, and see the green triangles following that to be ideal buy-in zones. When price bangs up against the black & yellow (or in that region) I expect to see strong buying activity as those that wisely exited in the $3 range will be looking to get back in. Good news will reinforce these positions further.
In previous waves, there's been a slight build up to confirmation of buy-in, and we'll see that happen again before we begin the next wave. I'm not 100% certain how long it might take for the next wave to begin or where the target will be (my guess is between $4 - $6 depending on the nature of news that emerges) but I do expect another move upwards.
If you're still holding, I'd stay in the market at this point. I don't see another strong move downwards happening.
If you're not holding and looking to buy, I'd look for a dip within the darker (or failing that, lighter) triangle.
The one danger I see here is that this could become a massive head & shoulders pattern, with us being in the bottom of the right hand shoulder now. God help us if this is the case
On the chart, the darker the line, the stronger the support/resistance I believe it holds. The yellow & black line is the strongest. Break that with any strength, and we're heading way back down to $1 or sub $1. I don't personally believe that will happen, but it's possible. I see a short term pennant to get us out of the current slump highlighted by the lighter green downwards line, and see the green triangles following that to be ideal buy-in zones. When price bangs up against the black & yellow (or in that region) I expect to see strong buying activity as those that wisely exited in the $3 range will be looking to get back in. Good news will reinforce these positions further.
In previous waves, there's been a slight build up to confirmation of buy-in, and we'll see that happen again before we begin the next wave. I'm not 100% certain how long it might take for the next wave to begin or where the target will be (my guess is between $4 - $6 depending on the nature of news that emerges) but I do expect another move upwards.
If you're still holding, I'd stay in the market at this point. I don't see another strong move downwards happening.
If you're not holding and looking to buy, I'd look for a dip within the darker (or failing that, lighter) triangle.
The one danger I see here is that this could become a massive head & shoulders pattern, with us being in the bottom of the right hand shoulder now. God help us if this is the case
Comment:
MEAT'S BACK ON THE MENU, BOYS
Price action has seemed to snap back around the yellow & black support, which is very positive. Still wary of the H&S which could peak at 2.50.