Bitcoin is expected to be going through a final correction to about 8k$, which if it does, you should expect ripple to fall to the support line indicated. This line is roughly around where the price was tested and found support before. This idea is only valid if BTC goes through another correction.. If not, then discard this analysis.
Again, this idea is only in case you see the price of bitcoin falling below 9k$, only then you can use this post as a reference.
~DCFreak
Here is my previous ripple analysis:
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Here is my most recent BTC analysis:
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I missed up the support area.
Thanks to josephtse for mentioning the mistake
Here is the corrected support area
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almost at the updated target above^. Just mentioned when I first did the analysis I shifted the support line down by mistake and updated the idea again on the same day. You can find the update above this comment.
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Spot on:
Trade geschlossen: Ziel wurde erreicht
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Remember that I updated the support line on the same day I posted this idea: Here is the corrected one:
What? Um, no. There's strong support at 70 cents. From Dec 15-20, created a solid flat base. That's where it will base if BTC falls to 8000 range. Strong support at 70 cents range. Where's your fibbos? 45 cents is not even a support area. That's in the middle of an impulse.
DCFreak
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@josephtse, You are correct, thats my bad. I will make a mini update to fix this issue.
I meant to mark the 0.68 area.
BudBronson
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@josephtse, A drop till 0.50-0.40 is definitely possible. From a traditional TA point of view price might complete an AB=CD pattern at exact this price level and from the elliott wave count, 0.48 is the minimum target for the current leg (wave c) - as in a zigzag the length of wave c has to be at least the same as wave a, most often even longer.
BudBronson
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@josephtse plus it's a demand zone and the trough of former wave 2. Defo a high confluence area!
josephtse
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@BudBronson, On this graph, after 70 cents, there's no support until 25 cents. So if it falls thru 70 cents, the crash will be REALLY obvious it will go straight to 25 cents. And I'm pretty sure Korea is gonna be the reason it crashes.
BudBronson
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@josephtse, yep even 0.25 is possible. Well, let's see. For now, I'm eyeing 0.65 and 0.45 as potential buy areas
DCFreak
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@josephtse, 0.4 was actually a previous resistance, and it was tested once again before reaching the peak (3.2$)
0.4 was a resistance on May 17 2017
Was tested again on Dec 13th.
That aside, I meant to place the support line around 0.68.
So its not true that after 70 cents it will fall straight down to 25 cents.
Kraken doesn't show much history, you can check BITStamp.