I am incapable of plotting a bottom for XRP. It could fall to the abyss.
I hope this drop is it's 'Bitcoin equivalent' at this time last year, when Bitcoin went from $6K to $3K, then recovered.
Note 50/200 MA on 1 Day - Golden Cross, now Death Cross, and let's hope for a Golden Cross. Until then - note the tag -----
I love TA.
Already one Red Candle Soldier has entered my green kill zone (perfectly, full length) and now, another. This rectangle was built, about a week ago, with simple Fibs for 2019, and a line from price action the past 2 weeks.
Watching to see what else happens...
----then... commit to action?
No need to trip the ambush too soon, and,...
Resistance (sloppy top line on Pennant) - is now (tenuous) support. Let's see if this new development holds.
Geo-economic chaos continues and this (now) support holds - I'm buying MOR - with expecatation macro Fib levels will be tested ( to BTCUSD ATHs)
What I'm seeing:
1. low volume
2. Horribly constructed, early boundaries of possible triangle or pendant formation(s) - bullish patterns (I have white lines showing a triangle and pendant - both are awfully drawn)
My action: Holding (as usual). Not buying anymore.
Long term Bullish, currently Neutral, as in no action except monitoring.
The (20/20 hindsight?) Bull run case:
Green comment boxes:
1. .618 was never really established (impossible to see in real time and top, but more visible now) but price action floated above what is was to be. (think in Terminator terms - yes, I know, weird, which is why this is also categorized as "beyond technical analysis".)
2. .318 was marked, early on. At...
2 of 2:
The macro view: Once again .382 is critical, and note the orange line (what I'm calling a macro trans-sectional TA line...a median trend line).
Also note the diabolical price action of past 24 hours lined us up more with the Facebook Libra presser, which I feel was very much timed due to input from dozens of top TA experts - i.e. setting up that point as...
Tuesday is ending (mountain time zone).
Notice we are still in line with the same scene when Zuck made his announcement....I'm discounting ALL market movement from the past 5 weeks.
Bullish! (always) - will be making more decisions ~Aug4th
Status as I currently analyze it - focused at this exact BTC/USD price point:
--we are right back to the point when Mark Zuck'ed up my dear crypto markets - I've noted multiple times nothing made sense - in my TA sense - after the FB announcement.
--Doji as I type.
--Note Orange line - solid TA a line holding very, very tenuously (remember - the further we go...