XRP/BTC - Why, How, and When I Think XRP Will Pump to 0.00005000
Updated
What can I say... I had fun with this one. I didn't start off taking this seriously at all, but then like I usually do, I got really into it and that I started to recognize some interesting trend patterns - so I went for it. I started by inverting the chart completely. I wanted to be unbiased about this as much as possible. I have no trades open in XRP and I am not sure I am going to either, so this analysis really is just me putting out what I see. Enough chit chat, let's get into it and I will start trying to make sense of my method for you guys.
As you can see I started from the all-time high and pulling trends to the most recent low. Each time one became invalidated or wasn't strong enough I worked my way to the next reasonable peak and drawing the trends to the lows (pretty standard stuff). While doing this, I started to notice that the price action in the waves started to follow along with these "non-standard" trendlines (is that even a thing?). I pulled four trendlines in the order marked on the chart 1,2,3,4. Trendlines 1 and 2 were a good starting point, but we can all see that they are not validating anything other than air (for now). Trendline 3 was broken and no longer viable --but! Trendline 4 really started showing some promise as the market seems to follow this as its resistance guide down on a journey together to validate the upward trendline at the very bottom - conveniently shoving it into a really tight cone at the bottom. When we break out of the first cone, the price is not going to go insane and for two reasons: one, it's XRP; two, Trendlines 1 and 2 make there way back to the show. You can't ignore previous resistance and support lines. The fib resistance and supports that are and have developed will play the price action back into another tight cone on the trend line not once, but twice and very close together (it's like running into two people--one after the other--that just want to beat you down. Someone's going to lash out and I think in this case it will be XRP.
From this point, I needed to start predicting the future and to do that I used my faithful green time cycles to measure the time from the start point of the previous wave low to its peak. With the rough estimate of the wave cycles done, I went back to the beginning of the wave again, but this time armed with the trendline angle tool. Since I cannot really predict the future, I looked left and I gathered previous patterns and data to build what I think is the most likely scenario to play out. I measured the angle of the climb of the wave, the descent angle of the wave, and roughly matched those angles to the time frame of the previous wave and created my fictitious wave's pump and dumps.
Based on my analysis up until this point, it looks like XRP will meet and likely break the downward trendline around the 7th - 9th of February. Once that excitement has calmed down, XRP will find it's way back into another trend-cone and look to test the next downward trendline around 24-26 June. Finally, XRP will meet its third trend-cone squeeze and likely meet and break it on 27 June - marking the beginning of breakout action and really great possibilities for a 2-month long with sights set on (or close to) the 0.00005000 on or around 27th September.
Ladies and gentlemen, this may very well be what the XRPBTC chart looks like in the second half of the year. I hope you enjoyed this analysis. Please leave me your like comments, and criticisms so I can keep learning and keep getting better. Thanks! :D
As you can see I started from the all-time high and pulling trends to the most recent low. Each time one became invalidated or wasn't strong enough I worked my way to the next reasonable peak and drawing the trends to the lows (pretty standard stuff). While doing this, I started to notice that the price action in the waves started to follow along with these "non-standard" trendlines (is that even a thing?). I pulled four trendlines in the order marked on the chart 1,2,3,4. Trendlines 1 and 2 were a good starting point, but we can all see that they are not validating anything other than air (for now). Trendline 3 was broken and no longer viable --but! Trendline 4 really started showing some promise as the market seems to follow this as its resistance guide down on a journey together to validate the upward trendline at the very bottom - conveniently shoving it into a really tight cone at the bottom. When we break out of the first cone, the price is not going to go insane and for two reasons: one, it's XRP; two, Trendlines 1 and 2 make there way back to the show. You can't ignore previous resistance and support lines. The fib resistance and supports that are and have developed will play the price action back into another tight cone on the trend line not once, but twice and very close together (it's like running into two people--one after the other--that just want to beat you down. Someone's going to lash out and I think in this case it will be XRP.
From this point, I needed to start predicting the future and to do that I used my faithful green time cycles to measure the time from the start point of the previous wave low to its peak. With the rough estimate of the wave cycles done, I went back to the beginning of the wave again, but this time armed with the trendline angle tool. Since I cannot really predict the future, I looked left and I gathered previous patterns and data to build what I think is the most likely scenario to play out. I measured the angle of the climb of the wave, the descent angle of the wave, and roughly matched those angles to the time frame of the previous wave and created my fictitious wave's pump and dumps.
Based on my analysis up until this point, it looks like XRP will meet and likely break the downward trendline around the 7th - 9th of February. Once that excitement has calmed down, XRP will find it's way back into another trend-cone and look to test the next downward trendline around 24-26 June. Finally, XRP will meet its third trend-cone squeeze and likely meet and break it on 27 June - marking the beginning of breakout action and really great possibilities for a 2-month long with sights set on (or close to) the 0.00005000 on or around 27th September.
Ladies and gentlemen, this may very well be what the XRPBTC chart looks like in the second half of the year. I hope you enjoyed this analysis. Please leave me your like comments, and criticisms so I can keep learning and keep getting better. Thanks! :D
Note
I realized that I overlooked the possibility to draw another trendline between trendlines 3 and 4. I did it now and thankfully it appears to have already been broken sideways and doesn't change my conclusion on this analysis :D
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