A deeper look into Ripple using TA (part 2 - zoomed out)
There's a lot going on in this chart, so it may be annoying to the eyes, but if you can take a good look at it you will notice some things...
"Fibonacci retracements can be found in everything" they say.
I drew two independent Fibs for each gigantic pump and dump, because let's face it, that's exactly what they are, P&D's.
This thing can't even find support / resistance or follow a moving average properly it's so out of whack. But there are some things I've found that Ripple can't hide from, one being its own history, one being the Fibs, and another is the trends (see the thin white trend lines I drew) and still yet another thing is simply the patterns/fractals/curves it has formed in over time.
If you look at all the time frames for it you will see that what I call "The Scythe Pattern" pop up often ( I don't know if this term has been used or thought of) and the Scythe Pattern usually leads to a dump. You see these Scythe Patterns everywhere starting with I believe it was the 2hr and going downwards from there. I put an image of this "Scythe Pattern" formation on my twitter page.
Take a good look at what's going on. You basically see the same things happening in each obvious dump. Really the only difference is the second dump is taking longer to complete, a little more extended if you will. You can see this by looking at the blue boxes for sections I drew in where the second one is longer than the the first. Imagine that second section section was just cut out of time.
Notice where one P&D's 23.6 FIB line is at compared to other, the price is now right up to the 23.6... just like it had done before
Pay attention to the RSI and MACD, the oscillators don't stay above the 50 median point and -0- line for near as much time as they do below them.
All these things and more lead me to believe this second dump is going back to the FIB bottom, which is just above -0- , just like it did in the first (see green circles)
If you want to see a zoomed in version of this analysis just look for the other idea I posted earlier.
I could be wrong and it goes up from where it's at now and the new pump phase begins. I haven't been paying attention to the hype campaign for this token. I just do TA. I just look for truth
"Fibonacci retracements can be found in everything" they say.
I drew two independent Fibs for each gigantic pump and dump, because let's face it, that's exactly what they are, P&D's.
This thing can't even find support / resistance or follow a moving average properly it's so out of whack. But there are some things I've found that Ripple can't hide from, one being its own history, one being the Fibs, and another is the trends (see the thin white trend lines I drew) and still yet another thing is simply the patterns/fractals/curves it has formed in over time.
If you look at all the time frames for it you will see that what I call "The Scythe Pattern" pop up often ( I don't know if this term has been used or thought of) and the Scythe Pattern usually leads to a dump. You see these Scythe Patterns everywhere starting with I believe it was the 2hr and going downwards from there. I put an image of this "Scythe Pattern" formation on my twitter page.
Take a good look at what's going on. You basically see the same things happening in each obvious dump. Really the only difference is the second dump is taking longer to complete, a little more extended if you will. You can see this by looking at the blue boxes for sections I drew in where the second one is longer than the the first. Imagine that second section section was just cut out of time.
Notice where one P&D's 23.6 FIB line is at compared to other, the price is now right up to the 23.6... just like it had done before
Pay attention to the RSI and MACD, the oscillators don't stay above the 50 median point and -0- line for near as much time as they do below them.
All these things and more lead me to believe this second dump is going back to the FIB bottom, which is just above -0- , just like it did in the first (see green circles)
If you want to see a zoomed in version of this analysis just look for the other idea I posted earlier.
I could be wrong and it goes up from where it's at now and the new pump phase begins. I haven't been paying attention to the hype campaign for this token. I just do TA. I just look for truth
Comment:
I drew the thick light blue line in to give some kind of resistance/support mechanism for the thing which at this point the price is wedged in between that line and the white trend line. At this point of this update the price has bounced off the bottom of the 23.6 Fib line just as I thought it would. We will see if that light blue line even hesitates the price. Where the thinner darker blue line crosses over the right hand green circle is about where I think the price is headed, as I said before, just above the -0- Fib line