- Ripple seeking support above .618 to stay on the better side of the $2.00-$3.00 range. - Looking at another couple of days before the market decides on price.
Having seen my dreams of my 100 dollars turn into 400 dollars dwindle, I find myself back into my Evil Planning Chair (yes I actually have one). How will Ripple recover or will it reprice back down to previous levels? When will it let me take the $4.00 profit that will fund my lust for overpriced avocado and sundried tomatoes on toast? Without this funding I fear I shall be on morning oatmeal for some time.
So in the name of chartism I plot my fib lines and see where the market is showing support. A drop to the .786 region followed by decent recovery is not unheard of in crypto world, but that top line of the wedge is steep. I’m unsure if I can trust it given that it’s quite early forming but a third confirmation on the top line may see my next avocado on toast without the tomatoes. If the BB will start to should start to compress this may show a sign of ranging, though which side of the.5 fib level it ranges between is one for the market to choose.
I’m not removing my rectangles just yet as they are providing me with a time-based point of reference.
Currently trading at $2.70, I’m still holding on for a day or two. Bitcoin is showing signs of higher support but I dont see this as a bad thing for Ripple as when Bitcoin rises, generally the crypto market is stronger.
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Coooome on . . . .breach a little bit higher .. . .
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annnnnd of course it touches it. . . . ..
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3H candle broken past the top resistance wedge line. Needs another one for confirmation.
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Pleasing play .. . .and it moves above .382 fib and is boucing off .5. Looks like finding support at $2.6 and looking to range about $2.85. Not bad
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I saw a couple of good postings by other traders explaining why the price is declining to $2.50.
One trader claimed that $2.5 is the more reasonable support line for now due to the indications coming from the ADX as well as the previous all time high.
Another trader pointed out the end of the elliot wave formation upwards, and so now a further reprice can be expected.
If the price finds support at $2.5 / .628 fib then it may support further price rises in the short to medium term. A reprice down (should it follow wave theory) would mean us Ripplers will wait longer.
Was too aggressive on previous predictions and didn't include indicators for trend strength. This isn't 2017 where wedges followed surges, which were then followed by further wedges and surges and repeat. Next time I shall factor in the impact of previous surges into my price proction.
If you press the play button now, you will see it is now coming close the the old trend line intersecting the .618 fib. See how it plays out for another day.
@PNUTTY Thanks alot for the insights.
How far up should it push to know it has broken up for sure?
PNUTTY
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@alfamir, Hello!
Big question fellow trader!
You can see that it is now resting between .5 and .382 which is $2.61 and $2.78. It did the same thing when it crossed $2.00 where it ranged stayed below $2.00 so from that perspective, not surprises so far. I'd like to see how it ranges tomorrow before feeling safer about it's current price.
So you know how the story goes right? "If history repeats itself, Ripple will . . . "
tradeshero
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@PNUTTY, That totally makes sense, and I do agree that it's a pretty loaded question.
I think I would wait for afew more 3h candles to see if it would decide on its direction.
As you mentioned it could fall below 0.5 fib.
Thanks again,
Cheers
bilo2000
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@PNUTTY i dont understand how to interpret what u r saying. Lls advise in VALUE where u think buy in is at? Insold at $2.5 yesterday at a loss from $3.20 precious buy. Let me know it wud b appreciated. Thanks.
PNUTTY
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@bilo2000, Hello! Thanks for leaving that comment fellow coin trader.
When a price surges upwards, it's not unusual that the price then falls, and in the crypto would it falls quite far. It sometimes then starts to move back up and then down and then etc etc. For Ripple, after the surge you can see a forming wedge pattern. The top wedge line is a resistance line which touched it twice, and it's quite a steep line. A third touch would be a stronger confirmation of that and I was looking for Ripple to NOT just touch it, but go above it. If you press the play button, you can see it has continued through the top wedge line and is now moving sideways which is positive in my view.
As for the price to buy in at and whether you should hold etc, there is another posting of mine called "XRP: RIPPLE 4.0, “Are you ready?”" where someone bought at $3 and now is asking whether they should sell. Have a read of that and maybe that will give you an idea of what next steps you might like to take.
Good hunting ! and I hope that helps :)
bilo2000
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@PNUTTY, Thanks! when you say it has to touch the resistance line, is that what i see that happened at noon today?
PNUTTY
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@bilo2000, well i'm not sure which time zone you live in, but if you press the play button now you will see that the price is about $2.68. It broke the resistance line at $2.74.
So for fellow RIpple lovers, you would be looking for Ripple to range above $2.61 (which it is showing early signs of so far) and slowly snake it's way up to to $3.00 at which point some further price action is possible. The next pit stop for Ripple however will be $2.77. If it reaches there and settles above $2.77 firmly, then we set our eyes onto the next surge upwards.
bilo2000
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@PNUTTY, ok thanks. do then price above 2.77 is a buy?