$XRP :: Tracking Price Leading Into SWELL (Oct 16-18, 2017)
Tracking $XRP as we near the SWELL conference.
This weekend is potentially the last chance for a worthwhile retracement, quite possibly our last opportunity for consolidation and accumulation before we spike leading up to one of the most highly anticipated crypto conferences ever organized.
Great TA + FA - all signs point to a no-brainer swing trading opportunity leading up to SWELL.
This weekend is potentially the last chance for a worthwhile retracement, quite possibly our last opportunity for consolidation and accumulation before we spike leading up to one of the most highly anticipated crypto conferences ever organized.
Great TA + FA - all signs point to a no-brainer swing trading opportunity leading up to SWELL.
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One scenario that could play out leading up to SWELL.
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We've bounced off of a pretty heavy resistance at $0.24 for the fourth time over the last couple weeks. Pair that with RSI trending upward and all of us heading into the weekend (which typically sees lower volume ), and this weekend could see a relatively nice dip - creating the last best chance to add to your $XRP stack leading into the SWELL event.
Our first target after we clear $0.24 is $0.267. Our second target will flirt with our recent high around $0.30.
Our first target after we clear $0.24 is $0.267. Our second target will flirt with our recent high around $0.30.
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Retracing as expected. Slowly but surely. Targeting buys around $0.220. Zooming in on the action...
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Initial thoughts, subject to change as we continue moving throughout the weekend...
Buys: $0.225 - $0.2175
Stop: $.211 (Manual stop, won't place an order initially.)
Target 1: $0.27
Target 2: $0.30
Buys: $0.225 - $0.2175
Stop: $.211 (Manual stop, won't place an order initially.)
Target 1: $0.27
Target 2: $0.30
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Target 1 reached.
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Crazy day in cryptoland. Looks like we settled in back around $0.24, turning our previous resistance into a support. Hopefully you were able to add to your stack by taking profits after reaching target 1 and reinvesting on the retrace.
1/2/3/4h RSIs have reset and are sitting on the bottom. 1D with a dip, ready to continue trend upward.
Targets 1 ($0.27 for a second time) and 2 ($0.30) are still in play.
Supposedly there will be a huge announcement released during SWELL which could either wow the cryptoworld and send the price soaring or disappoint and drive the price into the ground. Setting stops will be crucial to preserving your profit once we get closer to SWELL.
Let's see how the week progresses.
1/2/3/4h RSIs have reset and are sitting on the bottom. 1D with a dip, ready to continue trend upward.
Targets 1 ($0.27 for a second time) and 2 ($0.30) are still in play.
Supposedly there will be a huge announcement released during SWELL which could either wow the cryptoworld and send the price soaring or disappoint and drive the price into the ground. Setting stops will be crucial to preserving your profit once we get closer to SWELL.
Let's see how the week progresses.
Comment:
We had bounced off of our target once again ($0.27), giving you a chance to collect additional profits before seeing another slight correction.
We're now holding fairly steady in the $0.26s.
We are getting near the end of a pennant, which is generally bullish. Targets for the breakout can be measured by taking the length of the pole leading into the pennant and projecting that same length upward. (stockcharts.com...school/doku.php?id=chart_s...) See screenshot below.
Conveniently enough, the length of the pole projected for our target would land right at our 2nd target, near $0.30.
With that said, 1/2/3/4/D RSIs are a little wishy washy and it's generally the time of night in the US where we start to see low volume drawbacks, so I'm not confident we start the move up quite yet. Perhaps Thursday and Friday will trigger the push upward as we head into the weekend before SWELL.
Keep a close eye on it. Take profits on upswings, reinvest those on downswings and built that XRP stack.
We're now holding fairly steady in the $0.26s.
We are getting near the end of a pennant, which is generally bullish. Targets for the breakout can be measured by taking the length of the pole leading into the pennant and projecting that same length upward. (stockcharts.com...school/doku.php?id=chart_s...) See screenshot below.
Conveniently enough, the length of the pole projected for our target would land right at our 2nd target, near $0.30.
With that said, 1/2/3/4/D RSIs are a little wishy washy and it's generally the time of night in the US where we start to see low volume drawbacks, so I'm not confident we start the move up quite yet. Perhaps Thursday and Friday will trigger the push upward as we head into the weekend before SWELL.
Keep a close eye on it. Take profits on upswings, reinvest those on downswings and built that XRP stack.
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Pennant and target more clearly laid out in the 1h chart.
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Saw a slight pullback as BTC launched upward, which is to be expected. The pullback was very small which is encouraging, many other alts weren't so lucky.
Already seeing a push back into the $0.26s and RSIs looking a lot better than they were last night. We're priming up for another push before SWELL.
Already seeing a push back into the $0.26s and RSIs looking a lot better than they were last night. We're priming up for another push before SWELL.
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$BTC has really taken the air out of the sails for all other cryptos. $XRP has been one of the least affected, which is a nice sign and probably has something to do with SWELL + some other positive news releases of late.
We're now showing signs of recovery, bouncing hard off of the previous resistance turned support around $0.24s and are pushing up to $0.26s.
Ready for our breakout... should be an interesting weekend and start to the new week.
We're now showing signs of recovery, bouncing hard off of the previous resistance turned support around $0.24s and are pushing up to $0.26s.
Ready for our breakout... should be an interesting weekend and start to the new week.
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Trade closed manually:
Hit our first target ($0.27) for a 3rd time on Monday leading into swell, giving us a third opportunity to snag more profits. Fell just short of our second target ($0.30), reaching $0.295.
Lots of impatient, weak hands dumping after day 2 without an announcement, driving us below our primary support /upward trend ($0.245) which triggered us to close out of our position. Shortly after breaking support, we fell through a second major support ($0.24) and look to have bounced off the next major support for now ($0.215).
Still have a third and final day of SWELL tomorrow, keeping an eye on our current situation. With some sort of announcement looming and super low prices, this may prove a good entry point to reinvest those profits - if we hold steady in our latest bounce off of $0.215. The candle, yet to close, is looking promising; potentially forming a hammer candlestick - a bullish reversal pattern.
A disappointing response to SWELL for sure, though.
Lots of impatient, weak hands dumping after day 2 without an announcement, driving us below our primary support /upward trend ($0.245) which triggered us to close out of our position. Shortly after breaking support, we fell through a second major support ($0.24) and look to have bounced off the next major support for now ($0.215).
Still have a third and final day of SWELL tomorrow, keeping an eye on our current situation. With some sort of announcement looming and super low prices, this may prove a good entry point to reinvest those profits - if we hold steady in our latest bounce off of $0.215. The candle, yet to close, is looking promising; potentially forming a hammer candlestick - a bullish reversal pattern.
A disappointing response to SWELL for sure, though.
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Looks like we're stuck in a downward channel leading into the third and final day. Will be interesting to see if we continue to dump or if we can find some support and break out of this mini-bear.
Trade closed: stop reached:
Taking a final peek, had a fairly solid bounce at $0.1995 support but are now riding the resistance of the downward channel, trying to break free. I'm not too confident we'll see much recovery moving into the tail end of the week and weekend, generally times of low volume dips. We might be stuck in a bearish downtrend, slow bleed for a little while - even when we do end up breaking of this current channel. Overall sentiment feels disgruntled and most seem ready to move onto other opportunities.
Closing out this idea now that SWELL is officially over. BTC nearing resistance means it's time to diversify further into alts for another potential explosive run following the upcoming hard forks on at the end of Oct and mid-Nov. $XRP may use that time to bounce back as well.
Closing out this idea now that SWELL is officially over. BTC nearing resistance means it's time to diversify further into alts for another potential explosive run following the upcoming hard forks on at the end of Oct and mid-Nov. $XRP may use that time to bounce back as well.
