Welcome to everyone interested in the Ripple coin!
I'm expanding my analysis upon this instrument as well(see my BTC posts).
This idea is the root idea every other post on Ripple
will be related to.
I base my TA on the widely known Elliot's Wave Theory
(influences as well: Prechter, Voronin(ov?), Frost).
The base wave map will be carefully analyzed
and all the...
Just a good idea( with the help of Sampdm8, respect! ).
Will track it for a while for fun.
This is a Descending bullish Triangle.
In bullish markets,
while being formed as a correction(always)
relative to the global bullish trend,
signals about the PARENT trend continuation,
i.e. the previous movement continues...
not vice versa!
I don't like to speculate too much, thus I am very cautious when mentioning
anything further than a few days from now on into the future.
This idea was born as an answer to the question pitched
by fellow trader - nickrandy1. Respect!
Simply two charts. The #1 major reason why we are going sky up
is mapped above - the FINISHED correction model xyzwxyzwxyz
This is a continuation of the analysis on BTCUSD
(see older posts to get the full picture).
The market is evolving exactly as foretold.
Now the new "impulse 12345+xyzwxyz correction" combination has been
formed, that means that the higher trend(global 12345 bullish trend)
is about to continue.
Also there's some confirming this divergences, on 5m.
I guess 56 hours of non-stop analysis payed off
in a form of followed 56 hours of pleasant observation,
of how the forecast predicts
with 95% precision all the price movements)))
Now this is the time for the bulls to get into play.
Probably on Monday, or even in the following 4-5 hours
we will observe a huge price.
A lot of confirmations kicked in,
The view from the above.
See the very same pattern?
It is the expected hard trend breakage.
It is already happening!
That's why there's so many confusion around.
The same pattern, the same conditions, the rally is still on!
If we fail then a new WXYZ will form:
The failure can be confirmed with the price moving below...
Always prepare for the worst. This is the mmost bearish scenario I
This is the plan for the battle if a longer correction takes places...
And it seems that we are sliding down to 6800.
at least 1 group of xyzwxyz corr.waves is coming.
Finally we are observing some volume - that is good news!
A very strong triple reversed bearish divergence c.A has just kicked in.
This is a sign of a great bearish pressure.
But a small return fire finally came from the
(asian? already? hard to keep up with everything...)
markets and we have consumed a lot of the impulse related to this divergence
by another small divergence - but this time a reversed bullish...
I carefully pointed out all the important divergences a person can find on this 30m chart.
Please notice the chart displaying two correction forms, two twin brothers.
Everyone is looking at the differences between these two twin correction movements
in order to be able to identify the pattern breakage before it actually happens.
I used two RSI with 14 and 56...
I Feel if there is Santa Claus it will bounce this price right now...
Beutifull bullish pattern is closing and either we will finally see
the confirmation pump of the year or play one more dead cat 'till Jan 2020...
1. feel like a buyer around this correction dance.
2. And RSI on 30m is finally oversold and rocketing up. Bulls may give
at least one good fight...
A lot of news coming in, and we have seen some volume ,
but neither we were dropped nor rocketed.
Now the bulls are protecting 7400 pivot - just like on the 5th of Dec 2019.
While the market repeats itself(see the chart since 27 Nov 2019),
traders are making bets if it will drop again just like on Dec 9 2019.
I'm still bullish with the buy positions in, but...
Bulls have been met with powder-loaded bears at 7550 and been running to re-accumulate at 7325-7350.
I can see two possible outcomes. The current market situation looks painfully alike the previous few weeks.
Bear drop is possible, better keep an eye on the market. Suggested SL for the longs - 7250.
TP for shorts - 7150, 6900.
Remember what happened earlier...
1. We have been continuously defending 7200 pivot,
and all the shorters in the world couldn't bring us down to 7100!
2. All previous bearish moves, all consisted out of typical correction forms
which proves that bears finally lost their power.
Bitcoin is now considered cheap if it is sold at 7200.
3. We have been experiencing a...