So we've still got a longer term uptrend and Fibonacci channels seem to be holding fast and true. We still have a pretty strong forecast for a golden cross (50 EMA up over 200 EMA).
With the recent pump we've got two possible fork situations with the nearest term fork taking us lower but the the broader trend would indicate more room for higher levels.
I like the idea of a stop entry buy if this breaks into the upper 1.618 Fib channel and then topping around 0.70 . . let's see what happens.
We're double toppy at the moment but again, let's look at broader momentum.
Remember, XRP has a tendency to dump hard after pumps so always DCA / split your stash and be super careful with leverage.
XRP is like dynamite so handle with CARRRRRE :O
* * * not investment advice * * *
With the recent pump we've got two possible fork situations with the nearest term fork taking us lower but the the broader trend would indicate more room for higher levels.
I like the idea of a stop entry buy if this breaks into the upper 1.618 Fib channel and then topping around 0.70 . . let's see what happens.
We're double toppy at the moment but again, let's look at broader momentum.
Remember, XRP has a tendency to dump hard after pumps so always DCA / split your stash and be super careful with leverage.
XRP is like dynamite so handle with CARRRRRE :O
* * * not investment advice * * *
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Sick Wick! So look at that rebound . . here's the thing about daddy long legs is that those wicks pretty much always engulf. We're light right now on our trade stash and just took a small short. Check it out . .
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so far the wick engulfment theory and the fork down seem to be in play. Our goal is to refill bags all the way down :)
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just added a small bag with 3 more buy points if we wick . .
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top 2 DCA points filled flat which is good but that last bottom wick would suggest more down, might shave off that top entry and sideline it for lower buys
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Heads up : There's a partial eclipse on the 25th (flash wick potential) and they're running Max Payne on HBO again. Stay FROSTY my dudes/dudettes . .
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Check out that spinning white top wedged in between the fork mid-line and that uptrend support . . If we do get a bump then maybe TP as indicated (not investment advice tho)
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took very light profs on that spinning top yesterday and will re-enter according to the implied trajectories here. See how we do . . (not investment advice btw)
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FARRRK!!! "Buy the rumor sell the news"? Plus Bloomberg clowns say rally? Shiznat . . I'm bearish on that golden cross now, dunno. Took another very small scalp today as we hug the midline as resistance of this current downfork. News from u.today here :
"XRP forms its first "golden cross" in months: details On Oct. 23, market watchers could see XRP's daily moving average (MA) 50 crossing above the MA 200 for the first time in 15 months. This chart pattern is known as "golden cross," which is regarded as a long-term bullish indicator. The last time XRP’s "golden cross" was spotted was on July 17, 2021, and was followed up by a 176% price rally later. Analysts and traders usually interpret the golden cross as a sign of a defined uptrend. Since trend-following traders may be more inclined to buy after the most recent cross, this could lead to further price gains."
Read more on U.Today u.today/xrp-forms-fi...ten-cardano-bitstamp
"XRP forms its first "golden cross" in months: details On Oct. 23, market watchers could see XRP's daily moving average (MA) 50 crossing above the MA 200 for the first time in 15 months. This chart pattern is known as "golden cross," which is regarded as a long-term bullish indicator. The last time XRP’s "golden cross" was spotted was on July 17, 2021, and was followed up by a 176% price rally later. Analysts and traders usually interpret the golden cross as a sign of a defined uptrend. Since trend-following traders may be more inclined to buy after the most recent cross, this could lead to further price gains."
Read more on U.Today u.today/xrp-forms-fi...ten-cardano-bitstamp
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Just an idea here as we paint a Bulkowski 3-line-strike on the right side of a W / Gartley. Seems to fit with my previous trajectories and timing of PR drops. Let's see how we do eh?
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so far the trajectory has been accurate, magnitude is often the weak point in my predictions but if you trade like I do, you would split your wads into 2,3 or even 4 to make a decent grid and better insure against losses but make steady gains. Some key points to note here :
1. 0.50 - 0.55 is a key area for XRP and you'll find plenty of crossings in that region if you're a longer term bag holder but 0.50 in this case will be met with very heavy resistance / shorting and such.
2. XRP has a pretty solid history of forming these quasi island tops / consolidation regions after a major pump BUT they always seem to dump hard later
3. We could very well get above 0.50 BUT as indicated in the very first chart for this idea, I personally would not trade into it unless it broke into the upper Fib extension channel to the 1.618
Stay Frosty!
1. 0.50 - 0.55 is a key area for XRP and you'll find plenty of crossings in that region if you're a longer term bag holder but 0.50 in this case will be met with very heavy resistance / shorting and such.
2. XRP has a pretty solid history of forming these quasi island tops / consolidation regions after a major pump BUT they always seem to dump hard later
3. We could very well get above 0.50 BUT as indicated in the very first chart for this idea, I personally would not trade into it unless it broke into the upper Fib extension channel to the 1.618
Stay Frosty!
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one of my DCA entry points hit, opened small long at the midline of my "theoretical" fork. I like the lower buy points illustrated by the hash marks but also like the upper hash mark for a critical resistance / short entry. Lot of info to unpack in my charts but one of these days I'll do some kind of tutorial on composite overlays that I use to maximize statistical probabilities. Good luck!
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it's messy but there is a method to the madness and some might accuse me of using chart tools improperly BUT, if they yield gains then who cares if I'm using an avocado some tinfoil and a snorkel to forecast eh? I'm on the fence about the golden cross and would not be surprised if it doesn't happen. Also, Gartleys don't play well with XRP but I tossed it in there . . guess what? fits pretty snug! Lastly, I added a VPFR so we could get a better feel for the overhead selling pressure. It looks more like distribution after a pump but we'll know in time. Enjoy!
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TP'd a scalp at the heavy resistance, might look for pipe top reversal here and then possible continuation of the Gartley . . Might re-enter long at the midline of the Schiff downfork . . exciting times!
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wild ride!
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post pump showing some ideas here after taking a small short scalp from the top of yesterday . . Enjoy!
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Nailed it! Looks like we got a DCA fill at the 200EMA. We may get another fill at the 50EMA. Let's see how that goes.
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got our 2nd DCA filled during the night here and closed the first flat on the hammer. The harmonic may win over the upfork and we may go lower to bottom of the inside channel on the large downfork. Good luck!
Comment:
SuhhWEET DOUCHE!!! s I've been saying all along, XRP ALWAYS retraces hard. Check my recent "Dead Cat Bounce" idea for XRP weekly. Now this is why we DCA and just aim for better averages vs. getting rekt with the 90% crew.
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Nailed eeet! Check it out . .
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the wick filled on it's own, took a DCA entry here
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stopped out 0.42+ . . looks like the SEC vs. LBRY is breaking some necks here, XRP is spooked . . stay tuned
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Holleeeee Shibbaaalllzzzz. . Looks like XRP got checked out from the Library . . "Hey, F'K YOU S3C!! Ya Khuntz!!!" . . but hey, we make money anyway right?
Trade closed: target reached:
OK crew, moving to new idea now
Follow the updates there.
Thanks for watching :)
Follow the updates there.
Thanks for watching :)