Hey guys,
There's been a lot of excitement around the cryptocurrency sector lately and now I am seeing people talking about a bubble so I figured Id take a deeper look at the technical side of ripple and crypto as a whole.
.
.
All the altcoins are pretty much correcting as Bitcoin has been seeing some steady gains. With new highs being made every day it's hard to tell where the near term top is. So one can only speculate. However keep an eye on the juicy numbers 1800,1900, 2000. There are lots of sell orders being placed at these levels which psychologically serve as nice areas to take profit for those that are long right now.
.
.
Of all the altcoins out there, I have no idea which one is the best. I only gambled/invested in ripple because I saw that is was backed by banks and they were offering investment incentives, so it seemed right. Other than that, the whole crypto world is still a little obscure to me, but my knowledge is growing more and more everyday.
.
.
However, being blind to the fundamentals of a specific asset has never crippled my ability to understand what a chart is doing. In the end, every asset is just a reflection of human psychology. As stated so eloquently in "The Basics of The Elliot Wave Principle" by Robert R. Prechter Jr.
"The Elliott Wave Principle proposes that the same law that shapes living creatures and galaxies is inherent in the spirit and attitudes of men en-masse. The Elliott Wave Principle shows up clearly in the market because the stock market is the finest reflector of mass psychology in the world. It is a nearly perfect recording of man’s social psychological states and trends, reflecting the fluctuating valuation of his own productive enterprise, and making manifest its very real patterns of progress and regress. Whether our readers accept or reject this proposition makes no great difference, as the empirical evidence is available for study and observation. Order in life? Yes. Order in the stock market? Apparently."
.
.
.
.
Besides all that mumbo jumbo, this is what the chart is telling me.
60Minute
.
.
If we don't see a positive move by the end of May, then I wouldn't look for another movement until the end of June 2017
There's been a lot of excitement around the cryptocurrency sector lately and now I am seeing people talking about a bubble so I figured Id take a deeper look at the technical side of ripple and crypto as a whole.
.
.
All the altcoins are pretty much correcting as Bitcoin has been seeing some steady gains. With new highs being made every day it's hard to tell where the near term top is. So one can only speculate. However keep an eye on the juicy numbers 1800,1900, 2000. There are lots of sell orders being placed at these levels which psychologically serve as nice areas to take profit for those that are long right now.
.
.
Of all the altcoins out there, I have no idea which one is the best. I only gambled/invested in ripple because I saw that is was backed by banks and they were offering investment incentives, so it seemed right. Other than that, the whole crypto world is still a little obscure to me, but my knowledge is growing more and more everyday.
.
.
However, being blind to the fundamentals of a specific asset has never crippled my ability to understand what a chart is doing. In the end, every asset is just a reflection of human psychology. As stated so eloquently in "The Basics of The Elliot Wave Principle" by Robert R. Prechter Jr.
"The Elliott Wave Principle proposes that the same law that shapes living creatures and galaxies is inherent in the spirit and attitudes of men en-masse. The Elliott Wave Principle shows up clearly in the market because the stock market is the finest reflector of mass psychology in the world. It is a nearly perfect recording of man’s social psychological states and trends, reflecting the fluctuating valuation of his own productive enterprise, and making manifest its very real patterns of progress and regress. Whether our readers accept or reject this proposition makes no great difference, as the empirical evidence is available for study and observation. Order in life? Yes. Order in the stock market? Apparently."
.
.
.
.
Besides all that mumbo jumbo, this is what the chart is telling me.
60Minute
.
If we don't see a positive move by the end of May, then I wouldn't look for another movement until the end of June 2017
Comment:
Don't you think about buying right now.
Comment:
Liquidity is really low guys. I was expecting a sharp pullback after reaching this level. It look's like we are getting sideways consolidation for another move up. I am not convinced that this move will last long or go far given the present market conditions. Ideally, I'd like to see a break of the CTL down to the .618 level so I can buy again. Still waiting on that.
.
Long term ripple will continue going up so if you don't want to miss the move you can leave a pending order above the high.
.
Long term ripple will continue going up so if you don't want to miss the move you can leave a pending order above the high.
Comment:
Still not signaling downside yet. Is this going to move like bitcoin? Just up and up and little correction?
Comment:
Insanity guys. Pure insanity. I know a lot of you are prob waiting for a proper correction to buy lower. I've noticed the Ripple team on twitter keeps posting positive news day after day which has been driving the price higher and higher. I got tagged in with an eo above the last high and have been buying the flags since. I only ever trade forex, so crypto is new to me and Ive never been in a market with such parabolic growth. It's exciting, but also very scary. However, if you plan on the long term investment, this is a good coin to hold for the forseeable future. Even if it does correct sharply, HODL. In the picture below, Ive marked a few fibonacci levels for the xrpusd chart (easier to read in terms of $) We are close to 100% and seeing some consolidation under there. If we break that level next stop is -1.618 and then -2. But seriously guys we need a correction eventually, just make sure you have some buy orders sitting lower because it could spike down quickly and you might miss it.
