Hello traders! Boy is XRP range bound trading. Is it an ABCDE or a long ABC. We nailed our targets as per my last analysis. I did not expect us however to hit $.66 so quick. We hit $.57, which was my first target and I expected a retrace hugging the channel and then a push up to the $.63-$.66 area. Now that we hit that top target, we now retraced and hug the channel. Sorry guys, I was close. What I see now is a possible completion of an A wave and us smack in the middle of a b wave. If my calculations are correct, there is a great chance that we hit the $.70 area , which will confirm the top and bottom of our flag. At the moment, I think we hold here , which would be a completion of a b wave with a C wave up , therefore completing a larger B wave. This is not trading advice and is just a bullish scenario only for the medium term. I see a lot of demand in the $.50 area and I believe this is a great accumulation price long term. Once we hit the $.70 area, we will see what the market wants to do at that time. I don't see us going to the moon anytime soon guys. I just don't. Actually, I don't see an altcoin season at all unless BTC is on it's way to 37k. As of now Bitcoin dominance has been superior and if BTC decides to correct to the $17,800, it will be an alt coin massacre. We need a break above $.58 for this idea to work out, however I see this as the most bullish scenario short to medium term. If we hit that area, I believe that is the time BTC will want a deep correction, therefore taking the whole alt coin market with it. Blood in the streets!!!
Trade closed manually:
Ok, so we didn't hold and fell straight into the toilet with the bad news on Ripple about the security lawsuit with the SEC. This idea is totally invalidated and is officially thrown in the garbage. I was fortunate enough to only purchase 1200 xrp at $.49 and got stopped out with very minimal losses. I bought a bunch of xrp on this ridiculous dip using dollar cost averaging from $.38 all the way down to $.219. By doing this I was able to get an average price of $.254 on 12,000 xrp. I sold half of my position yesterday at $.37 and made a decent profit. If we break $.30, I will be selling the rest of my position. I see a possibility of us going down to $.195 as our new bottom. Since I'm not a long term holder on xrp, I was very fortunate to capitalize on this dip.