born2rock4life

Hit $1.274~ target Fib ext. Support or breakdown? 4-10-2021

BITFINEX:XRPUSD   XRP / U.S. Dollar
It looks like the technicals and support/resistance channels from the chart last night stayed in play. Here is an updated version for 4-10-2021.

I am looking to see confirmation of support in this zone. A breakout above $1.275 should send us toward the next Fibonacci extension at $1.56 on this run, however an A-B-C breakdown could play out if this is the end of the sub-cycle for this run-up.

Trade closed: target reached: Took profits at $1.27 and am waiting for confirmation of support before adding back to the position.

Comments

Welp, resistance is beaten. Time to buy back in if you sold out I guess :D
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@OlavAR, I missed the buy back and am sitting patiently for this sub-cycle to complete before we complete an A-B-C correction for the overall super-cycle. Until we finish the bull run and see which fib ext we top out at, I have to wait to determine where retracements will occur. Stay posted :)
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Maybe if your chart wasn't so messy, it would be easier for you to see what is happening in the price action?
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born2rock4life Slippery09
@Slippery09, Pardon if it looks messy to others. I'm viewing this on a 48" 4k display, so the chart is much more clear on my end I'm assuming given the pixel real estate and screen size. I do however still show my chart to be valid despite you showing the 5th wave topping out around $1.60 - 1.625. If you would like a cleaner version, I'll strip out the support and resistance channels and publish strictly an EWT chart for you. Let me know!
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Slippery09 born2rock4life
@born2rock4life, Cheers bro, it's no problem, I just get offended by bright lines and indicators ;-), I don't mean nothing by it.
In this game it's very much about personal style, both trading and charting. I like my charts to be totally clean, just price action.
In my Telegram group we kinda have a no indicators and no messy charts policy, I should just keep my opinions to myself lol.

On another note I am expecting a top out here, short with a very small lot, but only because I'm in front of the PC.

Gl with your trade bro
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born2rock4life Slippery09
@Slippery09, Haha, I understand. Between stocktwits and other meme like investment sites that abuse the ability to draw trend lines, sometimes it makes vintage MS PAINT drawings seem more appealing :D

I definitely am with you on the cleanliness factor. With TD's ThinkOrSwim I have tons of charts kept separate, but unfortunately I'm a free user for TradingView at this time, so I get to use one chart for all my drawings lol. I will eventually upgrade as I have thought about the appeal of using the TV front-end for trading or if I can build a subscriber base here and justify the cost. I have published some fundamental and some technical analysis articles on SeekingAlpha for stock equities, but this is my first dip into publishing TA of my crypto analysis.

If the EWT chart holds up for this wave of the super-cycle in play that, I show 3.618 extension ($1.85357,) and the 4.236 extension ($2.03247) to be the only two left to touch for what I have as Wave 1 of the super-cycle breakout.

Cheers to you as well, man, and hope fortune shines your way :)
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