RIPPLE A - E CORRECTION

After studying the Bitstamp data, the following pattern can be deduced. I have now shorted this market. I will review the data once again if we break resistance or reach correction wave-E.

Note

I'm getting a lot of question regarding my move:
I mentioned in a previous post that Ripple is very good at returning to the 0.618. To me, this means large players are leaving the market :)

Note

I could be wrong tho!

Note

Careful, rising wedge.

Note

Trade active

Trade closed: target reached

Note

Well that was a nice short :)
I'm still not convinced that I should be opening long positions.

Note

maybe another short?

Note

I am 90% convinced Ripple is in a complex correction... I'll buy it at 19 cents

Note

For all you bulls: that hammer candle is Ripple telling you "i'm going this way."

Note

We are still within a large rising wedge, and the candle stopped at the ema. More up after going down is technically possible.

Note

OK, Wave C? You have a chance to sell your position at 25 cents before decending to the buy zone at Wave point E.

Note

Market conditions have changed, and investors are very risk averse. Caution at the support at 19 cents as we may test the trend line (16 - 17 cents). If we don't bounce off the trend line, we may not see the 19 cent area for a while :(

Note

Wave C was deep and not really a good sign. We are likely to visit D at a lower range and return to the support line.

Note

Moving back to the support line. I have this marked as the end of correction wave E. Unfortunately, this does not seem in sync with BTC and some of the other assets and their correction stages. So, if you plan to buy at the support, please be cautious. The trend line is now closer to the support area on the chart. If we break the trend line it will be very bad news for Ripple in this pair.

Note

We should consolidate below the min fibo based on the data. The BTCUSD correction is about half way through, so I cannot see the XRPUSD price punching the long term bull line. I expect a bit of a sell off when we cross the purple line.

Note

I am still waiting for BTCUSD to finish wave 4 before buying XRP. But here is what I see at the moment. Once I am long I will post another thread.

Note

NEW THREAD looking at the XRPBTC pair.

Trader6127

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Trader6127