XRP monthly bottom might be in/but beware countertrading whales!charts.cointrader.pro
As you can see in the monthly Chart of XRPUSD, there are strong arguments to be made we bottomed longterm.
Monthly double bottom @ $0.1740 and $0.1750.
When we draw a parallel channel on the log chart since 2013, we see that we always rejected or bounced from the borders.
Smart mathematicians will say: "You can't draw such a channel on a log chart, it has to be a flattening curve!".
Alright, but thus far, this channel works and I also don't think its probable that we will touch the top of this channel, but rather top out @ 0.236 of this fibonacci channel.
So basically, while price action on daily and weekly suggest further downside for XRP, traders forget to look at all the chart data you can find of an asset. For example: don't simply chart NEO on any exchange chart but look for the whole data including Antshares times, which you can find on charts.cointrader.pro @ the NEOUSD ticker.
While those log channels worked pretty well in 2017, the crypto market changed overall and it might be we can't use those channels anymore.
An Argument that those channels don't work:
charts.cointrader.pro
Argument that those channels might still work:
charts.cointrader.pro
While the probability for a monthly bottom on XRP seems quite high with the provided charts, beware of countertrading whales due to maybe me posting this charts right now. Be careful trading this and don't take to much leverage or none. The overall crypto market is on a brink of a big move due to low volatility in past 2 months. My best guess based on anything I know is, that BTC first quickly pumps to arround $9.700(stop hunting leverage shorts), in the next moment it dumps to $8.400(stop hunting leverage longs) and then we take off to the next parabolic phase for the whole crypto market. In this scenario XRP could breakdown from the channel for a short period of time, just to enter it again and take off as planned without the overleveraged moonboys!
Please comment down below what you think of this analysis. Thx!
I'm not a financial advisor, this is for entertainment purposes only :)
Xrpshort
Looking really good with XRPwe have a beautiful trendline ascending also confluencing with the 78.6 fibonacci. i expect price to hold at the trendline and wick down to the 78.6 as XRP loves to do and continue higher... as always 1-3% risk. we have a great potential low risk high reward set up if this unfolds as i expect it will...
XRPUSD going back to the MANIPULATION WICK!XRPUSD
Don’t really like picking tops but this looks text book.
It’s already taken a few stabs at the current supply block and rejected off. I’m hoping for one more attempt before a big sell off simply because we have moved up over 75% since the last low. We are also overbought on the RSI so everything is looking primed for a short soon.
If we reject off the supply block, it’s worth a small scalp to the 200EMA and resistance area for an 8.4% profit. At this area I will then be looking for a cross below the 200EMA as well as break in trend line to stay in my short with multiple take profit areas along the way.
It is unlikely I will take a long if we break above the supply zone simply due to the fact we’ve had a 75% run up.
RippleStock Symbol: XRPBTC
As much as I dislike this coin, a big opportunity for it might be coming around the corner. Tight price compression and and a lot of doji prints from my tools. We are funneling into a wedge pattern. But remember, patterns don't always represent bullish or bearish momentum. Money inflow and outflow is what your going to want to see when it compresses at the end of a wedge. Once I see confirmation on my candle crossover I'd look for entry. Adding some to a position here and slowly accumulating is not a bad idea at this price range.
Diversify and use 5% stoploss
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The patterns do repeat themselves -- and with good reason. The crypto market is governed by a set of two principles: supply and demand ; and fear and greed. Both are based on human nature, and human nature doesn't change. In a bear market, all cryptos are taken down. Greed gives way to fear, and investors can't sell fast enough.
But the smart money sees value in the best cryptos and will begin accumulating shares, bidding these cryptos up. So, when the market hits bottom, some of these cryptocurrencies will have already built bases and are back near highs. They get ready to break out and rush to new highs, leading the way once a new bull market begins.
And these bases have certain characteristics that show up repeatedly in market cycle after market cycle!
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