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I have received many messages regarding what I think of ripple. So why did it take so long for me to post on ripple? Because I like to know what I am talking about before I speak.
Ripple began a spectacular pump that begin on 18th September and continued until hitting a major high at 0.7860. Since then, price had a violent upside wick, which then made price have a down move again. Price then tanked, losing almost 50% of it's up move within just several days. Since this, price is now supporting on the 50 moving average... Finally, a logical place to start looking for long positions. You cannot find longs in the down move, and you should NEVER chase the upside once it's ran away, so if I was to start looking for a trade opportunity, this would be the time to do so now, providing that certain conditions were met for this.
Ripple is now supporting on the 50 moving average, and supporting perfectly on the 0.5 fibonacci retracement. Now, what are the conditions for a buy? There's 2 scenarios...
1) Wait for Ripple to break the resistance zone/20 moving average as resistance at 0.5450, and wait for it to retest the side-wards resistance and the 20 moving averages as support. Once it confirms it's tested successfully on these 2 indicators, you can proceed with along with an upside potential of 0.7830, which would coincide with structure resistance from May highs.
2) Price corrects before breaking the side-wards resistance and the 20 moving average once again before coming to the downside to once again retest the 50 moving average. Once it hits the 50 moving average, if it shows compelling signs of reversal then you can long, with targets of the resistance line itself at 0.5450, or the upper target at 0.7830.
Bear in mind that The first scenario is significantly more bullish than scenario 2. also, scenario 2 is more risky as price shows the bulls aren't persistent in keeping price higher, and a move to the side-wards resistance line would be the only logical target, with the upside target probabilities being significantly diminished.
Where do YOU think price is heading? Leave a comment below with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.
Ripple began a spectacular pump that begin on 18th September and continued until hitting a major high at 0.7860. Since then, price had a violent upside wick, which then made price have a down move again. Price then tanked, losing almost 50% of it's up move within just several days. Since this, price is now supporting on the 50 moving average... Finally, a logical place to start looking for long positions. You cannot find longs in the down move, and you should NEVER chase the upside once it's ran away, so if I was to start looking for a trade opportunity, this would be the time to do so now, providing that certain conditions were met for this.
Ripple is now supporting on the 50 moving average, and supporting perfectly on the 0.5 fibonacci retracement. Now, what are the conditions for a buy? There's 2 scenarios...
1) Wait for Ripple to break the resistance zone/20 moving average as resistance at 0.5450, and wait for it to retest the side-wards resistance and the 20 moving averages as support. Once it confirms it's tested successfully on these 2 indicators, you can proceed with along with an upside potential of 0.7830, which would coincide with structure resistance from May highs.
2) Price corrects before breaking the side-wards resistance and the 20 moving average once again before coming to the downside to once again retest the 50 moving average. Once it hits the 50 moving average, if it shows compelling signs of reversal then you can long, with targets of the resistance line itself at 0.5450, or the upper target at 0.7830.
Bear in mind that The first scenario is significantly more bullish than scenario 2. also, scenario 2 is more risky as price shows the bulls aren't persistent in keeping price higher, and a move to the side-wards resistance line would be the only logical target, with the upside target probabilities being significantly diminished.
Where do YOU think price is heading? Leave a comment below with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.
Note
Trade is running EXACTLY AS PLANNED :-)Looks like it broke side-wards resistance fair and square. It retested on the side-wards resistance as a new support!
Now time to make money on this trade!
Please do leave a LIKE. I'd really appreciate it. :-)
Note
Price looks VERY weak now - we are nearing the bottom of the buy area now, and if it doesn't show then there's no way to benefit on the trade.Only those who took the initial breakout and correction on very small time frames have profited so far, and that happened very quickly.
Let's keep watching and see if the breakout can happen.
REMEMBER: I could break lower that the new side-wards support before a new buy. Do actually read my analysis before commenting! :-)
Please leave a LIKE. Would be much appreciated.
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