Rebound retrace inception, follow the 0.705 for XRP targets
Selloff rebounded perfectly to the 0.705 OTE zone, and while ripple at first formed a nice bullish pennant, it fell out the bottom as bitcoin was more bearish and pulled everyone down again. So if we're still going up in the mid-term, I'm looking for the reversal to happen at the 0.705 retrace of the rebound itself. Then we can continue on to the $2.10 sell target. Of course -- if bears don't have it in them to dig all the way down, we could end up reversing on the 50% fib (instead of just dead cat bounce), so be ready to move your bids up just in case the bulls get antsy...
تم فتح الصفقة:
think that's it for this small breather. BTC is forming a textbook bearflag before continuing down, and notice how we retraced 0.5-0.382 fibs just like on the way up. The descent, however, is much more slow and controlled, so the touches are more precise.
تم فتح الصفقة:
dumped as expected, just waiting on another leg to reach bottom
تم فتح الصفقة:
aaaaaaand touch
تم فتح الصفقة:
aaaaand rebound. expect a pause/pullback at when approaching the yellow downtrend line. Maybe 5-wave impulse like this to the target high
تم فتح الصفقة:
All the drama in bitcoin wrestling with 10K barely registered with ripple, and we held the 1.14 OTE zone just fine. Note that we're not digging as deep and rising faster than BTC, thus the uptick on the XRP/BTC ratio as well
تم فتح الصفقة:
as usual, XRP is waiting on BTC for every move. And we're stuck for a bit under the 200MA. I had expected us to push up against the yellow downline, but now I'm thinking any push up from BTC will cause XRP to pop above that downline and then flag on top of it
تم فتح الصفقة:
think I've got a new high target for this rally -- $2.25
would be a full retrace of to the tip of the stiff pump spike on Jan 11th, also the 1.618 extension fib of the rebound, AND a tidy measured move, where the rebound up from $0.87 rose 100%, this would be an identical 100% move from my 1.14 OTE buy zone.
would be a full retrace of to the tip of the stiff pump spike on Jan 11th, also the 1.618 extension fib of the rebound, AND a tidy measured move, where the rebound up from $0.87 rose 100%, this would be an identical 100% move from my 1.14 OTE buy zone.
تم فتح الصفقة:
probably one more day before impulse, and there's the touch of the bottom. watched 1.29 get carefully kissed live on the ticker ;)
تم فتح الصفقة:
We are at maximum ambivalence. Totally settled on the 50% fib. Perfect consolidation. Time for liftoff...
تعليق:
Yes, XRP is drifting down out of it's triangle. No, I'm not worried. It literally ran out of room inside the triangle while waiting for bitcoin to make an impulse. Had nowhere to go during this sideways (9 more hours until CME futures expire). It's still tracking BTC and it's willing to violate its own TA to do it :P
Wouldn't surprise me at all if we dropped a bit to fill out the larger triangle bottom from the recent low, before finally breaching. Shake the weak hands one more time.