After studying the Bitstamp data, the following pattern can be deduced. I have now shorted this market. I will review the data once again if we break resistance or reach correction wave-E.
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I'm getting a lot of question regarding my move: I mentioned in a previous post that Ripple is very good at returning to the 0.618. To me, this means large players are leaving the market :)
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I could be wrong tho!
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Careful, rising wedge.
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??
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トレード稼働中
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トレード終了: 利益確定目標に到達
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Well that was a nice short :) I'm still not convinced that I should be opening long positions.
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maybe another short?
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I am 90% convinced Ripple is in a complex correction... I'll buy it at 19 cents
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For all you bulls: that hammer candle is Ripple telling you "i'm going this way."
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We are still within a large rising wedge, and the candle stopped at the ema. More up after going down is technically possible.
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OK, Wave C? You have a chance to sell your position at 25 cents before decending to the buy zone at Wave point E.
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Market conditions have changed, and investors are very risk averse. Caution at the support at 19 cents as we may test the trend line (16 - 17 cents). If we don't bounce off the trend line, we may not see the 19 cent area for a while :(
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Wave C was deep and not really a good sign. We are likely to visit D at a lower range and return to the support line.
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Moving back to the support line. I have this marked as the end of correction wave E. Unfortunately, this does not seem in sync with BTC and some of the other assets and their correction stages. So, if you plan to buy at the support, please be cautious. The trend line is now closer to the support area on the chart. If we break the trend line it will be very bad news for Ripple in this pair.
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We should consolidate below the min fibo based on the data. The BTCUSD correction is about half way through, so I cannot see the XRPUSD price punching the long term bull line. I expect a bit of a sell off when we cross the purple line.
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I am still waiting for BTCUSD to finish wave 4 before buying XRP. But here is what I see at the moment. Once I am long I will post another thread.
Seeing we've broken the 0.2300 zone the next major resistance is around 0.2800 region. I'll say it's too early to short and if we take out the 0.2800 resistance then we'll head for 0.3200 to 0.3400. I'll remain long
Trader6127
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@ImmortalTrader, I know this goes against a lot of analysis avail. Trail your position carefully and GLWT.
WizardOfRealms
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@ImmortalTrader, I am seeing on the 3 day bars that this is going up as well!
TradingStatistics
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Beautiful setup
mariodanielalejandro
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Some nice volume pilling up at bitfinex at 0.198 area nearly 800K buyers vs 300K sellers at 0.21
Trader6127
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@mariodanielalejandro, this is likely a bounce back from the falling wedge. I do not see any buy signals as a swing trader yet.
mariodanielalejandro
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Ripple has always let me down. When I conclude it will keep going up it crashes! !! And when I think theres no way it comes back to life. It does! !
Trader6127
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@mariodanielalejandro, I lost money on Ripple too. I never cashed the loss, but It ran away from me. I learned my lesson, studied the data hard, found out who the market makers are, and now I know the strategy: only buy Ripple at support levels when its humming not jumping.