mikehill85

Rip About to Take a Dip?

Short
BITFINEX:XRPUSD   XRP / U.S. Dollar
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1
It looks to me like Ripple is about to head back down under ~$0.74 pretty soon. It is getting squeezed by both overhead resistance and support beneath. Based on the fact we are in a bear market it is more likely to head down than up. If it does break the support it will likely retest the previous low of ~$0.54. I really hope I'm wrong.

Comment: It looks like I was correct about XRP breaking through the ascending channel. It appears to have bounced at $0.64 for now but there isn't a ton of volume behind. At present (March 14 7:30 pm) XRP appears to be stalled trying to get back over the $0.70 mark. It hesitated a bit at this psychological barrier on the way down as well. Personally, I'm going to wait and see how this develops. I think it's a terrible idea to try to catch the falling knife.

Comments

many alts showed same signs before rocketing vertically upward in last few hours. BTC looks like it may be close to done ranging so that works against it but if BTC stays rangebound for a cpl more days we will see xrp over $1 as it will join the alt party going on right now
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mikehill85 BullWick
@BullWick, Well we can only hope. I don't want to see XRP take a dive but based on how things have been going one would assume it is more likely for it to head into the abyss than into the stratosphere. Also, a few hours of upward movement doesn't mean much in the grand scheme of things. I mean it definitely isn't a bad sign but we should wait and see what happens.
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BullWick mikehill85
@mikehill85,
Yes I am leaning your way now too looking at my plays for this bounce...
Several alts have shot up putting in their 1of3 and will retrace on BTCs upcoming fall. This fall will allow for other alts to complete their correction... xrp may be one of them along with iota, zrx, bts, xvg and maybe tron. I was sitting in those looking for movement while btc rangebound but only got action on icx and nem out of this round of short term plays. there is still a chance some pop if btc stays in range for a few more days but if it falls stops will get hit and I will reenter when btc is in 7500-7900 range depending on when signals show up.
GL
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mikehill85 BullWick
@BullWick, Yeah, that is the problem for alt-coins. You can be having a great time and then BTC bursts into the room, tells everyone to turn the music down and sends you out the door.
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