themdtrader

XRPUSD - This is R.I.P. to me...Unless It's Not

BITFINEX:XRPUSD   Ripple / U.S. Dollar
Again, and again the shorts seem to still be holding down Ripple, funny enough the action of the volume spike earlier this morning seems to be the shorts covering after hitting the 0.750 level.
Crazy right? Again, I see a retest of that same 0.750 support level or recovery from optimistic longs for a 0.990 resistance level retest.
Watch the 1.066 and 1.128 levels too especially because of how broke through them.
If Ripple can be string to overcome the resistance around the 0.990 level, the levels I mentioned above it will be very interesting to watch.
But again, let's wait and see; big moves happen when emotions are high.
Trade closed: target reached: We are getting our 0.990 level test; so far after the volume cover spike yesterday, there was a bear trap pullback that couldn't retest the 0.750 level.
That is bullish to me, but looking closely, there is a correction channel forming and this 0.990 level could make or break it.
Basically, if it breaks the 0.990 in a certain manner, it is a bullish indication in combination to the recovery from yesterday's support and we will have to watch the behavior at the 1.066 level BUT if it fails the 0.990 level and returns to the bottom boundary of the channel, it can be an indication of another strong down move coming up.
Again this is all out of expectations, and the only thing that will matter will be the current action of the price at the corresponding levels
For now, the behavior at this 0.990 level will tell a lot.
It should be great to see what unfolds; buckle up everyone!
Hi, thank you for sharing knowledge. You think we can try again .75 support before starting the upward trend, or with the rebound of that support today is considered outdated.
+1 Reply
@gusccbb, IMO it will test the .75 first -

1. on the hour charts there are a series of doji's which implies a top
2. this was not real capitulation - last times capitulation was .87 to 1.39. 124 m volume during 12 hours
3. this time only .63 to .95 on 63m volume
3. symmetrical triangle played out over the past few weeks suggests a price target of .4 to .5 -
4. if it takes the low of .63 - .4 to .5 is not that far and .4 is the high when XRP first exploded
Reply
gusccbb ryanmellor03
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@gusccbb, Thank you for your question, and for your comment. I have a long answer for you. When I put up the idea, the price was around 0.84 and so comparing to the 0.75 and 0.99 levels, there is a higher probability of the price drifiting to the 0.75 level without even looking at price action or developing patterns (0.84 is closer to 0.75 than 0.99), but right now at the price it is at it seems to be 50/50.
If you look at the price action, the support today that you mentioned is not outdated in my opinion. The associated spike at the support, to me, does not look like new buyers, but rather short sellers covering their shorts (remember that it is Friday, and it is possible that shorts started during the week will like to be out before the weekend; that is what I think that support came from).
So in my opinion, the players in Ripple haven't done anything to show whether the price will go up or down. This whole week they were showing the price to go down, but just from what happened today, people have taken profits and now people who enter are probably going to be gambling/predicting the future lol. I don't know which level the price will test first, but if you check what the price does WHEN it reached those levels, it will give you an idea of what XRP wants to do. See the way the price acted when it broke down from the 1.128 level on Tuesday; that was bearish. RIght now, I think the best thing is to wait for big players to act and then hop on quickly. No greed, no emotion. You can PM me if you want to talk more about this stuff.
Sorry for the long message, I just want to say what's on my mind haha.
Reply
gusccbb themdtrader
@themdtrader, Hi, very clear, thanks for taking the time to answer. I recently entered this market and these weeks gave me a lesson, a bit expensive for my taste. I opened a position in XRP and BTC in early January and managed to barely save capital. So I take everything calmly and until it is confirmed bullish break I do not enter. It seems to me that now we have to wait for the closing of this day, seeing the last day of Asia, to see how it is positioned towards next week. The weekend comes with a drop in volume and possibly back to start Monday with a clearer picture. I'm looking for new updates and ideas to see if I can start to recover losses. Tks again.
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@gusccbb, I am not trying to act like a trading master who knows everything but I see what the price is doing NOW and then decide whether to enter or not. No way to know the future no matter what, but I realized everyone is interested in that for some reason. Also when the cryptos were going up, everyone was saying "buy buy buy", which was excellent because they were following momentum (whether they knew or not) BUT now that many cryptos have taken a big hit, people are STILL saying "buy buy buy" lol. Meanwhile the thing is falling and they should be saying "sell sell sell" since they are following price. My best advice as a fellow trader, is to follow what the price is doing (rather than predicting or listening to people's predictions). That will get you can potentially get you somewhere far man. But yes, I am sorry for your loss but sometimes we need to get hurt in order to learn new things so keep it up! It's a long road and we are all trying to get there. Stay in touch, let me know how things work for you. I will try to also keep up with what I think XRP is doing.
+1 Reply
gusccbb themdtrader
@themdtrader, Tks for your comment
+1 Reply
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