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
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Quickly broke diagonal support leading up to the blue circle. Support line was tenuous at best, so this isn't a big surprise.
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.
HEY im back! hah, so what are your updated thoughts with all that just happened!? Thanks for keeping us updated, you are a real sir
MatthewRybicki
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@MatthewRybicki, still worried about that head and shoulders, Im expecting resistance there tbh...
MatthewRybicki
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@MatthewRybicki, `we might of even passed the right shoulder on the 7'th of January, which could account for this big downward trend, looks like it's up hill from the bottom of the right shoulder which was this morning?
tradeformula
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@MatthewRybicki, Thanks for following! I just built a new Idea and published it a moment ago, so keep your eye out for that. It should be public in about 10 minutes.
I'm bullish as heck. We're back on track with the strong support, and with the promise of new partners, I'm feeling very optimistic. The original prediction above is still correct- it might take as long as the green flat top triangle is to rally support around XRP, but ultimately I believe that the diagonal support will hold. Specifically, the downwards trend that is preventing us from skyrocketing right now will in a sense *prevent* a H&S from forming- at least that's what I speculate.
$5 by end of January
MatthewRybicki
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@tradeformula, Hey thanks again for the updates! Always amazes me how accurate these are haha, appreciate everything! Will check those new ones now
My god this is ecaxtly what im saying haha, i was talking about a pennant which formed in the 1 hour chart and caused a small short quick bump up in price so far! what you quoted "I see a short term pennant to get us out of the current slump" that did happen, so what are your thoughts now that this is all coming to fruition!?
@MatthewRybicki, I'm cautiously optimistic. We're seeing another pennant forming with the yellow & black line as well as the dark green downwards slope of the dip converge around this evening (CST) and if we can stay north of the upwards trend, I think it'll break bullish. If we can do this, we should be in good shape, at the very least I think we'll be moving sideways until the 3rd week of January.
MatthewRybicki
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We are below that Black&Yellow line again, should we be concerned? Volume seems low too. .