XRPUSD
Once again. What usually follows a mountain's ascension? Why it's fall of course! But it's thanks to a great many ascensions and descents by which we are given the gift of nature's beautiful mountain ranges. It may be good to look at things short term, but it works even better to look at the long term and simply be aware of the true potential. Because damn. There's some potential yet to be uncovered.
Anyway thanks again for joining me today! This Idea won't be too long so if your looking for a real detailed idea of things read the linked related idea, thank you!
Let's jump in!
- In our previous Idea's this week we've noted that we have been expecting a reversal of the market following the relatively large impulse movement we've seen this week or so which itself erased most of this years losses for most of the market's major coins including altcoins. Previously I'd been calling that a big move to the upside was in play thanks to our Ascending Triangle which worked out very well with us seeing breakouts across most of the market and with XRP as well being among some of the best percentage gains. So following that it wasn't too much to expect whales to dump and market makers to try to make the most out of this situation and surge in the market. Basically most of what we've guessed so far has been pretty on point thankfully but being as we're in a crypto market, you can never be completely sure.
- I've been calling for one more move to the downside before we see a real move to the upside and this is likely what we are looking at right now. However, the opposite could always happen just as well. If you look at the Linked related Idea's I did on Bitcoin you will see the wedge pattern I noted that Bitcoin seems to be moving in and if you are looking for a good sign of how things are progressing using Bitcoin as a measurement of that would work well. If crypto can't keep support where it is currently and whales manage to push Bitcoin below that bottom lined I marked in the linked idea then we definitely could see crypto move down major. However, so far everything again has gone accordingly so as long as we keep within that 'corridor' then we will be fine. And I note this as XRP and most altcoins will follow Bitcoin's lead. I am aware that altcoins are more correlated to Ethereum however lately Bitcoin has been the main leader for the market so that's what I'm using to get Idea on how the markets moving.
- For XRP watch the Fib levels I have on my chart. Those are the levels you should watch to get an idea of how things are and whether or not we'll be looking at a rocket or a meteor strike. XRP got rejected at the 0.90 cent mark which is exactly the same level at which it got rejected in early February's pump. This marks a strong point of resistance for buyers. Usually when you see a coin get essentially 'slapped' down the second time it isn't so pretty, but it also manages to do better the second time usually and in a way 'brushes off' that slap.
- Watch out for the Fib level I marked at 0.77-0.80 cents. That level will be pretty important and one that most traders will be looking at this week for XRP to determine whether or not we can find support above that Fib level or if we fail to find any solid ground and instead fall through. If we don't hold and fall through that mark it'll be harder for XRP to get a good push back up the third time but that isn't impossible of course, especially if Bitcoin or the market moves back up. So watch that level closely this week and by tomorrow or the day after we should see whether or not we held or lost the point. But if we can manage to keep above that and establish a higher low then that would be absolutely great!
- Something important to keep in mind is that while things may look good soon, don't let that optimism be the header for your decisions. Use wise rationale and always look at the options and different paths. I'm fairly confident in crypto's ability following this however this is also a market largely controlled by whales and the those with the 'big bags' so don't be surprised if we continue to fall and until we see solid strength and support, as murphy's law states, "Anything that can go wrong will go wrong". Don't expect things to be A B C as some may hope. Instead we'll likely see strong selling this week before we see that true strength kick it. So expect us to go down until we see solid moves up. Till then, keep on your toes and expect a lot of volatility this week with market makers trying to push us down as much as they can to squeeze the most profits out of this market before we see a real run!
Anyway, I hope this helped you get an idea of things and please be sure to check out the related Idea's if you want some more detail and to see the BTC chart. Thank you very much for taking the time to read this and please be sure to leave a like and follow or share. All is appreciated and have an absolutely great day and keep tuned for more! This is gonna be a wild week!
~ Rock
