Hey Guys,
So I am feeling short on XRP to a range of $0.78.
Whilst weekends can go either way I do have a bias towards the short side before breaking out to the upside.
I do update my ideas as price evolves if you want to keep updated like and follow. If you have any questions please don't hesitate to ask.
Cheers
Hey Wippa
So I am feeling short on XRP to a range of $0.78.
- Price is adhering to the descending wedge pattern.
- Price is failing to break resistance at 0.94 and price action is weak, there is a reasonable probability that price will retrace backward.
- We are in the final leg of an ABCDE pattern.
- The weekly time frame supports further downside please see screenshot in comments below.
Whilst weekends can go either way I do have a bias towards the short side before breaking out to the upside.
I do update my ideas as price evolves if you want to keep updated like and follow. If you have any questions please don't hesitate to ask.
Cheers
Hey Wippa
Comment:
0.618 Fib Level proving to be strong support, could we bounce here?
0.618 Fib Level proving to be strong support, could we bounce here?
Comment:
Bear Flag Pennant, which is a continuation pattern should see further downside (67% success rate).
Bear Flag Pennant, which is a continuation pattern should see further downside (67% success rate).
Comment:
It is worth noting that whilst the charts are saying bearish, remain impartial and expect a break out to either side as the market is still very undecided and I am expecting the market to rebound into Wave 3 very soon.
Comment:
For a bit of confluence, Bitcoin Dominance is increasing if this continues than alts will continue to fall which is in line with our prediction. However if price retraces back to around 41.55% and breaks support than a head and shoulders pattern is in play and BTC Dominance price target will be 40% which should mean that alts will pump. Keep an eye on BTC Dominance. Also price has broken down out of the Bear Pennant Flag, still failing to break below to 0.618 Fib Level and price action is weak.
For a bit of confluence, Bitcoin Dominance is increasing if this continues than alts will continue to fall which is in line with our prediction. However if price retraces back to around 41.55% and breaks support than a head and shoulders pattern is in play and BTC Dominance price target will be 40% which should mean that alts will pump. Keep an eye on BTC Dominance. Also price has broken down out of the Bear Pennant Flag, still failing to break below to 0.618 Fib Level and price action is weak.
Comment:
Finally! What a boring day of price action. The 4 hour candle has fallen below the 0.618 Fib Level which confirms my bearish Bias. However with that being said BTC Dominance has reached its resistance at the top of Symmetrical Triangle, which if it rebounds off will mean a reversal, so in order for continued momentum downward I would like to see it break through to really confirm this thing is really going down.
Finally! What a boring day of price action. The 4 hour candle has fallen below the 0.618 Fib Level which confirms my bearish Bias. However with that being said BTC Dominance has reached its resistance at the top of Symmetrical Triangle, which if it rebounds off will mean a reversal, so in order for continued momentum downward I would like to see it break through to really confirm this thing is really going down.
Comment:
For full transparency I will be buying in at the following targets
1. 50% funds allocation @ $0.852
2. 25% funds allocation @ $0.812
3. 25% see where it goes.
1. 50% funds allocation @ $0.852
2. 25% funds allocation @ $0.812
3. 25% see where it goes.
Comment:
In addition to the above comments here is a screen shot of BTC dominance, in order for further downside we want it to break out above here which it is presently doing.
Comment:
Hey Guys, to provide a bit more clarity on price action I am now referencing BTC Dominance. As per above BTC Dominance rejected off resistance - resulting in BTC and ALTS pumping. BTC.D is presently trading inside an ascending wedge, it is nearly at support, so if it breaks through support expect ALTs to pump. This thing can still go either way really - my bullish bias is somewhat creeping in.
Hey Guys, to provide a bit more clarity on price action I am now referencing BTC Dominance. As per above BTC Dominance rejected off resistance - resulting in BTC and ALTS pumping. BTC.D is presently trading inside an ascending wedge, it is nearly at support, so if it breaks through support expect ALTs to pump. This thing can still go either way really - my bullish bias is somewhat creeping in.
Comment:
I will be bullish on XRP if BTC.D breaks support at 41.50% and I would potentially buy in on the retest.
Comment:
Whilst XRP did a little pump yesterday BTC dominance didn't really do much which made me cautious that this was a sustainable pump so I stayed on the sidelines. Still maintain that I will be bullish if BTC.D breaks below 41.5%. And bearish if it breaks resistance.
Whilst XRP did a little pump yesterday BTC dominance didn't really do much which made me cautious that this was a sustainable pump so I stayed on the sidelines. Still maintain that I will be bullish if BTC.D breaks below 41.5%. And bearish if it breaks resistance.
Comment:
My bias is bearish. XRP is trading in a symmetrical triangle which is a continuation pattern with a preference to the downside. BTC.D did bounce off resistance at 42.3%, but it appears that it might break through resistance resulting in further downside for ALTS. It will either begin to breakdown at point D, or retrace to point E before breaking down further.
This analysis will be invalidated if price breaks to the upside outside of the symmetrical triangle, however be careful of a fake out and correlate price action against BTC.D.
My bias is bearish. XRP is trading in a symmetrical triangle which is a continuation pattern with a preference to the downside. BTC.D did bounce off resistance at 42.3%, but it appears that it might break through resistance resulting in further downside for ALTS. It will either begin to breakdown at point D, or retrace to point E before breaking down further.
This analysis will be invalidated if price breaks to the upside outside of the symmetrical triangle, however be careful of a fake out and correlate price action against BTC.D.
Comment:
I update my posts as price develops follow and like if you want to kept updated.
Comment:
Hopefully no one fomo'd in to that little pump 7 hours ago. Price retraced back into the descending triangle and has now completed the ABCDE pattern. If price breaks downward it has a technical target of $0.76 cents. BTC.D is going back up to retest support, I think we could be in for a bit of a slip. If it decides to revers and break upward technical target is $1.05. Let's see how it goes.
Hopefully no one fomo'd in to that little pump 7 hours ago. Price retraced back into the descending triangle and has now completed the ABCDE pattern. If price breaks downward it has a technical target of $0.76 cents. BTC.D is going back up to retest support, I think we could be in for a bit of a slip. If it decides to revers and break upward technical target is $1.05. Let's see how it goes.
Comment:
So BTC dominance has broken its upper support. What I am looking for is Bitcoin Dominance to rise, and BTC to fall which will result in ALTs falling. Sorta playing out, not with a lot of conviction.
Trade closed: target reached:
Price reversed to the upside I ended up buying back in at $1.00 with a break even stop loss.
Weekly Time Frame