Ethereum is really strong right now and ETC looks very solid. Im watching these key supports and resistances to determine whether I'm going to enter long. If it breaks through that upper orange box and holds support on a large volume breakout, I will most likely be using some BTC to long this. Not jumping in right now though because ETC is a pretty stagnant and I...
I hate shorting XRP, especially with bearish / sideways BTC, but the R:R is there, especially since I have an obvious stop loss above the fib. Gonna watch it for a bit and see how it plays out.
- Huge volume and accumulation during this dip
- Giant bearflag on the 4hr
- Bitfinex listing, Ethfinex release
- Team delivered huge on December development updates (Check their Medium)
- Relayer volumes rapidly increasing (1m on RR)
- Angel investing from Olaf from Polychain Capital and a superstar team of advisors
- Coinbase rumors
- One of the strongest...
Although it could drop lower, the (4) line is normally where the ABC correction comes down to, while XRP could continue to do a 12345 downtrending, with volume coming back I believe at least in the short term it'll bounce next time it touches the (4). Stop losses set below the (4) on my long.
Apart from $1200 being insane for an asset that was only $10.55 exactly a year ago, it looks to me as if Ethereum has finished a 12345 sequence, and should be heading for an ABC correction. Other than the wave theory, the ever decreasing bull volume, a looming BTC reversal, and 1d tweezer tops at the $1200 fib is more than enough for me to justify the stance....
Not 100% if XRP is in ABC Correction because they have enough money to artificially keep the price up if they really wanted too , but due to decreasing volume and obvious signs of bull exhaustion, I think this correction is justified. My target is a 30% correction from the 19k fib but it could only drop to (4) before reversing the trend.
Not trading advice,...
