$XRP #Ripple - Pennant Broke Down - I WAS WRONG - BUY! BUY! BUY!
The following analysis isn't going to be particularly helpful. Basically, from my point of view, 2+2 is no longer 4. What I can tell you is this; buy. Why? Because I truly believe in XRP and Ripple as a whole. There is some major traction in users of Ripple products and that will inherently increase the value of XRP. Let me put it another way, this next paycheck.. Im going to add another $4000-$5000 to my XRP holdings. I see no reliable support levels to target for entry below here, and I still think $10 is plausible by end of year. So, that $5000 for instance, at the current 0.42639, would be worth $117,263 at $10. So Im not upset that the price went down from a real-money point of view, Im upset because all the analysis in the world can be wrong and Im not fond of being wrong.
Ive been watching other guys who post XRP analysis and some have been yellowing for down down down.. but with no reason why, other than following the current trend. I am not trying to call the current trend, thats not rocket science; a 5 year old could tell you what the trend is. I am trying to identify waves, tops and bottoms, so I (and you) can get in and out sooner and maximize XRP holdings.
We have been wanting XRP to diverge from BTC for a long time... and it did last night. While XRP is currently down 3.87%, BTC is up 0.28%. Go figure. Yesterday I did a whole write-up about Pennants and Triangles. Over the last night the Pennant I plotted broke down, as well as the Sell Signal I plotted. Normally a Pennant exit will follow the length of the flagpole. In this case, that would target 0.43.
I was watching LOI climb steadily last night, but it appears as soon as I went to bed it reversed with about 3 million flowing out XRP on Bitfinex. The part about this data that doesnt quite make sense to me is that there is about 10 million more in XRP now than there was back in April when we were at 0.45. I am trying to correlate this to price action but have yet to solve that puzzle.
Below here we have the Monthly (P1+P2)/2 Pivot Point at 0.388055. Next months estimated Pivot Points have changed with the new low. Relevant to the current level we have PP at 0.52, (P+S1)/2 at 0.43, and S1 at 0.34. HA relevant PP is at 0.58, HA(P+S1)/2 at 0.48 and HAS1 at 0.39.
Potential, but very weak trend-lines from December are around 0.32-0.33. I see a lot of guys trying to use this, but the data is old and irrelevant to the current price action than it was then.
The top of the run up in Q2 of 2017 was at 0.39887. I point this out as previous resistance can become support. There is a couple more tops at 0.32 and 0.33. Again, this is super old data, but we are in no-mans land now and trying to find support here is tricky.
This break lower has violated various Elliot Wave rules as currently plotted. I am going to find a way where this fits into EW theory.
Daily Fisher is now at the same level that preceded the rise from 0.45 to 0.96, as well as the rise from 0.54 to 0.70. So, if your still HODLing, continue to do so. Selling here would just be stupid.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
Ive been watching other guys who post XRP analysis and some have been yellowing for down down down.. but with no reason why, other than following the current trend. I am not trying to call the current trend, thats not rocket science; a 5 year old could tell you what the trend is. I am trying to identify waves, tops and bottoms, so I (and you) can get in and out sooner and maximize XRP holdings.
We have been wanting XRP to diverge from BTC for a long time... and it did last night. While XRP is currently down 3.87%, BTC is up 0.28%. Go figure. Yesterday I did a whole write-up about Pennants and Triangles. Over the last night the Pennant I plotted broke down, as well as the Sell Signal I plotted. Normally a Pennant exit will follow the length of the flagpole. In this case, that would target 0.43.
I was watching LOI climb steadily last night, but it appears as soon as I went to bed it reversed with about 3 million flowing out XRP on Bitfinex. The part about this data that doesnt quite make sense to me is that there is about 10 million more in XRP now than there was back in April when we were at 0.45. I am trying to correlate this to price action but have yet to solve that puzzle.
Below here we have the Monthly (P1+P2)/2 Pivot Point at 0.388055. Next months estimated Pivot Points have changed with the new low. Relevant to the current level we have PP at 0.52, (P+S1)/2 at 0.43, and S1 at 0.34. HA relevant PP is at 0.58, HA(P+S1)/2 at 0.48 and HAS1 at 0.39.
Potential, but very weak trend-lines from December are around 0.32-0.33. I see a lot of guys trying to use this, but the data is old and irrelevant to the current price action than it was then.
The top of the run up in Q2 of 2017 was at 0.39887. I point this out as previous resistance can become support. There is a couple more tops at 0.32 and 0.33. Again, this is super old data, but we are in no-mans land now and trying to find support here is tricky.
This break lower has violated various Elliot Wave rules as currently plotted. I am going to find a way where this fits into EW theory.
Daily Fisher is now at the same level that preceded the rise from 0.45 to 0.96, as well as the rise from 0.54 to 0.70. So, if your still HODLing, continue to do so. Selling here would just be stupid.
===========
As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
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