What a interested week for CryptoTwitter. After 9 months of bear market, today Binance got 50k BTC trading volume from only XRPBTC alone. Everyone in CryptoTwitter predicting the alts bull cycle will began with $XRP rally or maybe the profits will be poured into other alts. So will it happen? We will checkout in upcoming weeks.
Basically the chart shows there are 7 moves in each XRPBTC market cycle from the pass. Each cycle come with two heavy correction before the real rally started. Today will be the third cycle and we still under 1st move in my opinion. RSI and stochastic basically overbought but both indicators are not reliable in super fomo bull run. So my sell target will be around 19k to avoid the round up resistance. Chart to be update and happy profit for early entry.
Basically the chart shows there are 7 moves in each XRPBTC market cycle from the pass. Each cycle come with two heavy correction before the real rally started. Today will be the third cycle and we still under 1st move in my opinion. RSI and stochastic basically overbought but both indicators are not reliable in super fomo bull run. So my sell target will be around 19k to avoid the round up resistance. Chart to be update and happy profit for early entry.
Comment:
Expected movement. We are entering phase 1 for XRP. It currently dip around 40% which is quite similar to0last cycle phase 1(35%). Let's see if BTC will ruin the party or market maker decide to exit.
Trade closed manually:
Closed my position at 8300 with 45% profit due to Swell event end.