My thoughts on Ripple XRP's next move for the next week or so. While many analyst are saying this is the ABC correction with a potential C wave coming down for BTC all the way to 6k / 6.5k. I'm seeing this as a 4th wave coming down and a final 5th wave in as I type this. This correlates with bitcoin getting to 9k-10k resistances and THEN beginning a big ABC which might be primed for a short. But the bullish momentum it's still pretty strong. I am being very careful in adding to my long at this stages but if we do get a correction down to the trendline in white, I will be adding more with super tight stop losses. If we BREAK that trendline down, I will be pulling out and looking for a better entrance.
Please keep in mind we might even get an extended 5th wave above 0.52 as well according to fibonacci. Not sure I'll play that as we will be oversold af by then. Also, I'll be careful shorting as XRP can get extreme levels like we saw one morning in 2018 to 0.77 in a few minutes.
My main concern is the negative divergence on BTC, and thus keeping my position sizes not big at this point. if we get to 9.5 - 10k BTC, I will be looking for a good size short. Althought everyone will be doing that so I will reevaluate because of course the market won't follow what everyone is doing.
This is not financial advise, I'm mainly writing this for my own thoughts as to how I will conduct my trades for the next week. It is important to stick to one's rationale and have a gameplan before going into a trade and this really helps.
Please keep in mind we might even get an extended 5th wave above 0.52 as well according to fibonacci. Not sure I'll play that as we will be oversold af by then. Also, I'll be careful shorting as XRP can get extreme levels like we saw one morning in 2018 to 0.77 in a few minutes.
My main concern is the negative divergence on BTC, and thus keeping my position sizes not big at this point. if we get to 9.5 - 10k BTC, I will be looking for a good size short. Althought everyone will be doing that so I will reevaluate because of course the market won't follow what everyone is doing.
This is not financial advise, I'm mainly writing this for my own thoughts as to how I will conduct my trades for the next week. It is important to stick to one's rationale and have a gameplan before going into a trade and this really helps.
Comment:
XRP is on a VERY NICE inverse head and shoulders! This is the time to put a big order upon breaking .40 and even now right below with tight stop losses. This could be a really nice play. Target to 0.52 for end of May STILL in play.