- Moving sideways at .5 fib level of $2.62 - Briefly broke down .5 fib level of $2.62 though closed above it - Possible price action on end of day 8th or 9th Jan, targeting $4.00
Ripple broke downwards into the .5 fib zone but closed above it. Phew.
Looking a the 3 hour chart, the silence is deafening. Should it follow previous pattern it may move slightly downward kissing .5 fib again before trending upwards late evening on the 8th evening.
Alternatively, could snake it's way to the black trend line about a day later which is closely following the 8/1 fin (for those using fan patterns).
I'm still long on this beautiful blue baby, and setting my sights for $4.0. Should the trend begin: - I expect it to shoot up to around $4.30. On the way upward passing through $3.95, I'll set a buy limit order for around $3.25, or $3.10 if want to be ambitious. - It will spike back down hard, approaching $3.00. At this stage it should trigger my buy order and swing back up on it's way to find support, probably between $3.70-$3.90. Might take some profit then, and the remainder I hold for the next step up to $5.00 which would be a different roller coaster ride all together.
Setting buy orders on any swing low after a surge has worked for me in the past but not always. I did that successfully on the swing down after passing through $3.00 where I thought for a moment it would go all the way down to $2.00. The activation of that limit order resulted in immediate profit. Lucky me.
Looking over at Bitcoin for a moment, I see the coin establishing new support with a left shoulder, a head, and ....well I guess we'll find out what the next hump will be around the same time I expect price action on Ripple.
Go Ripple!
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Showed some strength followed by some weakness. Now going through .5. Waiting to see how this candle closes. Will check again in 12 hours.
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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.
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Looking for support at $2.5 where fib line intersects the old trend line.
If it finds support here, looking for possible ABCD setup the following day.
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all markets heading down.... Ripple gets a huge bounce from fib level 1 going back up to .786.
i think some of the investors waiting for a good buy op may wait for another red candle.
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HUGE hammer at he buttom of fib 1 level, and moving back up.
Crazy.
Hammer was the same size as the one that formed when it peaked at 3.4
Master Haejin says BTC is going down! so i think thats good for our little Ripple!
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@xastunts, Hi Buddy - hey thanks for leaving a comment.
Well, previous BTC trend downs have occurred with Ripple uptrending. I guess if they are relating, then yay Master Haejin!
By the way, who is master Haejin?
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@PNUTTY, if you dont know who master Haejin is then you are not a real crypto trader! ;) . haha just kidding. he is one of the gurus i always follow and he predicted in many of his TA that btc is going down! and down it is going. if you would like i could PM you his info to twitter and steemit. i dont want to send links here unless you want to ofcourse. just like to respect the OP
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@xastunts, I'm by no means a master, and by all means an enthusiast :) Let's see crypto's become a new way of doing things, and hopefully lead to greater wealth distribution.
Great analysis. I didn't pick up on this trendline, went with the previous prevailing one. makes sense, and I hope you're right.
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@tradeformula, Hi There! Thanks for your comment. Yeah it's easy to forget about the trend lines sometimes. It's actually busted below it in the current candle. Heading for next fib level down, overall a bad day for all major cryptos.
But hey .. . we've had a lot of good days on cryptos, only makes sense to have a collectively bad one.