Based on the data coming out of this chart and the BTCUSD pair we should see the end of consolidation soon here. We want to observe bullish divergence in the RSI on the 1HR and should not trade below 17 cents. Ideally, we want to enter a long position AFTER bouncing off the major trend line shown on the chart.
PLEASE NOTE: as always, the movement in this USD chart is based on price action in the BTCUSD chart. Pay close attention to that pair in order to enter a long trade in the XR{USD chart.
PLEASE NOTE: as always, the movement in this USD chart is based on price action in the BTCUSD chart. Pay close attention to that pair in order to enter a long trade in the XR{USD chart.
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My chart for this got deleted. MAJOR TREND LINE AHEAD!!!!!! BTCUSD is king here, pay attention to what is going on over there. Also, refer to my XRPBTC chart to see how things are holding up on that front as well.
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Game over?
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New confirmation lines
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Bearish divergence on the RSI in the 1HR. We barely made it across the key fibo level on this swing... not good.
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OK...so. Lets take another look at this chart. We have 4 trading range lines and a downtrend channel. The formation within the channel looks like a rising wedge (similarly to BTCUSD), and we bounced off one of the trading range supports, which is now resistance. Becuase the trading range is so big here, only time will tell what really is going on here. I am thinking that the big guys came in a mopped up all the supply when we dipped down to the 15 cent level. So, I will be watching this area closely again (that what I would have done ;) ). For now its too risky to buy this asset, because we cannot be sure that the guys who bought at 15 cents are NOT unloading at this very moment strategically, OR if they have plans to initiate another rally to the top of the trading range which is approx 30 cents. Best thing to do is wait for us to break out of the descending channel or watch for another test of the 14-15 cent area. AND, of course, watch the BTCUSD pair.
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We will run into the downtrend line within a few days, something will have to happen here.
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We broke the major uptrend line again. This is what happens when you puncture these trend lines. You tend to go back and retest them. For now the 0.382s are holding the line.
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Came back around for a little action, RSI is tired tho and looks bearish to the previous high.
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Ripple is out of the downtrend channel. Lots standing in its way tho, and the rally looks pretty weak.
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We are about at the 0.5 fibo. From here, and the higher we go, the odds of a downturn get higher (keep this in mind if you plan on joining the moment Ripple passes confirmation lines.)
And here is the XRPBTC chart:
We are in the shorting box in this one.
And here is the XRPBTC chart:
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Sorry, you want this one:
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Shorting box was too strong:
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We are above the local sub-fibo, which is bullish. But, overall, we are below the key fibo resistance, inside a local short box, AND below a major key fibo resistance. Hmmm.
So mind boggling resistance above:
We have a downside target available to us:
Notice the fibo extension... This could be a pretty epic short..
So mind boggling resistance above:
We have a downside target available to us:
Notice the fibo extension... This could be a pretty epic short..
