We have an interesting situation developing in the XRPUSD chart :) I will be updating this thread as we go, but for now, please have a look at the data. Which way do you think it will go?
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We have a bit of a rally going here:To see what is really going on we need to look at this chart too:
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The major key fibo resistance put a stop to things:On the other chart we are now trading below the sub-fibo:
Either way, I have not seen a good position to enter since posting this thread. Currently, there is too much downside potential...
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Here are some important places to watch: Downtrend line and the edge of the short box. Don't rush if we go there, as you'll want to see a retest.XRPBTC:
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RSI is tired now in both charts. Also we reached the 0.618, so I don't think we will be back for a while.Note
I was wrong! Broke out of the downtrend and short box area :) Major fibo resistance next.We are in the shorting area in the other chart:
Trade active
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Danger!Note
MAN the volatility here is crippling....Normal rebound in the other chart?
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:(Trade closed manually
I've closed this as it costs me waiting for the drop...Trade active
You can never go wrong shorting Ripple :PTrade closed: stop reached
:(Trade active
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Trade closed: target reached
:)Trade closed: target reached
Wahooooooooo! Broke all the recent trendlines and we are back below the major downtrend line. Broke the key fibo level, the sub key fibo is next support at around 0.20 USD. The long box would be between 0.20 USD and 0.18 USD if you want to re-enter for a rally. ;) 4HR RSI is oversold, so....
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Bounce? I'm not a fan of countercyclical, but there is double digit potential here.Note
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Better picture :)Note
Still fishing for the bottom. We should see a really nice countercyclical bounce here soon (i'll post a dedicated thread when I see something). For now, here are some lines. Note
Hit the hourly fibo extensionResting on a daily fibo here:
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Let's see if we form the right shoulder.... if not, we will hit the fibo extension and watch for a higher high.Note
We could still form a fifth wave down in this chart by bouncing off the top downtrend line....hmmmNote
Are we forming the right shoulder ??? ;)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.