Here is an update on my plan and observations. The Fib is set at Ultimate Low and Ultimate High all data.
RIpple is still bearish but holding at the Golden Ratio. The present 1.16 ish range is now showing a strong support with either touching candles or closing candles.
The.5 Fib is resistance
The MACD is still downward and still weakening.
The Bolinger B% is downward and unlike last a J hook has not formed as of this early morning. However, the hook did not form until 1015 am on the 17th. The is the day the CBOE contracts expired. Also notice the Bolinger Band is showing a lateral from the lower band that has held for the last 8 days.
For Some reason, my Stop was not executed at 1.25 and now I am HODL. It will be interesting to see today's response to CME contract expiry. I am not distressed about that at all.
Ripple is below the 50day MA and the .786 FIB level is the 100 Day MA on the Daily.
My read on the PSAR yesterday needed time to ring true and we now have a spread of about .20 cents versus .08 last night.
For those looking for a pop, it might be good for a small position today at these levels. However, if there is no action, it may be some time before XRP will reverse. The volume of contracts held is about 72 as compared to next month at 290. There is not a breakout of longs vs shorts. CBOE settles on multiple platforms. Therefore it is really tough to gauge holdings.
Speaking of timing, I added Time bars from the last major low to high and major high to present to present a concept that we may be low for awhile.
Kommentar
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A deeper look at the CME contracts shows 769 for Jan 26 final.
Kommentar
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What a day....There was much to learn about trading today. 1) First take away-CBOE Futures are more influential than CME....Makes sense they expire first. 2) Ripple (XRP) has not responded to positive Corporate news in the last 48 hours. 3) Ripple is tied to the BTC phenomena-Hence BTC will drive the price more than anything else. 4) The counter pair USD is a good hedge for existing positions. 5) We are day 21 of a potential 29 day cycle. 6) The bump I was looking for is not happening yet. 7) Ripple is still hanging on the Golden Number! 8) It is possible that a .786 will occur again! 9) Ripple has tested with closed candles the 1.20 area three times so far. 10) All indicators (That I use) show a weakening bear market 11) Candle Stick dips are weaker 12) AN AB leg from Ultimate High may be forming. In my opinion, there is not enough data for a butterfly, Gartely or other similar patterns on the daily. 13) Wave Formations can be accomplished.
I am hodl-looking for a Ripple Valentine!!!!
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This drawing confirms a drop below the .786 and 200 day MA
Ripple is really testing my patience the hard way, I am always considering jumping out and go for others, then considering again, I did clearly made a loss on this investment till now, despite I catched a good entry point. Still not sure it will make it again to 1.5+ soon?
HorseyTim
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@pforestbird, The technology is solid. The company is ambitious. If you want to break even you are going to miss out the apple stock of crypto. The Korean government obviously had insider traders ready to snatch up cryptos cheaply after their "ban" scare. So tough out the bad times because this isn't some pump n' dump like BCash.
pforestbird
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@hosweetim89, thanks for sharing your thoughts! I was just about another posting which was talking about who should still sell coins after such a fall. I guess also here we are left with the hodlers and short term traders. Dont see why/who should let XRP drop any further. So still some hope left...
gusccbb
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Thanks, I hope news that changes the mood.
gusccbb
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Hello, good TA. I consult you if you see possibility of short-term recovery of XRP that has not stopped losing value and looks very weak and dependent more on increases in BTC that push the market than its own value. I invested in XRP in the long term but I have lost enthusiasm and I am waiting for the post expiration of future CME to hold or release. Tks
Thank you....I am long too. I have not lost enthusiasm nor patience. I understand your perspective. There are some other ways to play ripple and that is watch the counterparties they work with and learn if they are decreasing expenditures for operations. This will show up in the cash flows and further appear as retained earnings. Those also may be good long-term plays.