XRP following 2 year accumulation cycle exactly
I have posted this idea before but I wanted to give an update on this trading idea.
Untill now, we have seen XRP pretty much exactly following the wyckoff accumulation schematic #1 (see link: school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method )
We have succesfully reclaimed the range low, retested the Spring in phase B line and have broken our local high EXACTLY like the standard wyckoff model.
We should now see a retrace toward the range low before we will see major upside.
The are around 0.25-0.255c will provide alot of support as there is alot of confluence to be found there
The daily 200MA retest in this area will give perfect confluence with the trading idea aswell as the weekly 21 EMA
XRP/USDT is also showing and XYZ correction with perfect ABC subwaves, this could support the idea that this correction is over.
BTC dominance still has alot of room for altcoins to grow after making 5 waves up, an ABC correction seems like a logical next step
XRP has underperformed compared to most majors, but we can also see that XRP had a different cycle timing compared to the likes of ETH and LTC
If we compare the ETH/BTC and XRP/BTC chart we can see that XRP and ETH have been making similar price movements but XRP has been seriously lagging behind. This chart supports the idea that XRP will follow ETH's fractal
Please note that ETH has nearly always made the first move and XRP has been following these
This XRP vs ETH comparison visualises the underperformance of XRP. XRP is trading at a strong support level, touching the 0.786 fib and a weekly block indicating that ETH money might flow into XRP soon.
Higher timeframce closes below the range low will invalidate this idea. If this happens we will most likely see alot lower prices
Untill now, we have seen XRP pretty much exactly following the wyckoff accumulation schematic #1 (see link: school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method )
We have succesfully reclaimed the range low, retested the Spring in phase B line and have broken our local high EXACTLY like the standard wyckoff model.
We should now see a retrace toward the range low before we will see major upside.
The are around 0.25-0.255c will provide alot of support as there is alot of confluence to be found there
The daily 200MA retest in this area will give perfect confluence with the trading idea aswell as the weekly 21 EMA
XRP/USDT is also showing and XYZ correction with perfect ABC subwaves, this could support the idea that this correction is over.
BTC dominance still has alot of room for altcoins to grow after making 5 waves up, an ABC correction seems like a logical next step
XRP has underperformed compared to most majors, but we can also see that XRP had a different cycle timing compared to the likes of ETH and LTC
If we compare the ETH/BTC and XRP/BTC chart we can see that XRP and ETH have been making similar price movements but XRP has been seriously lagging behind. This chart supports the idea that XRP will follow ETH's fractal
Please note that ETH has nearly always made the first move and XRP has been following these
This XRP vs ETH comparison visualises the underperformance of XRP. XRP is trading at a strong support level, touching the 0.786 fib and a weekly block indicating that ETH money might flow into XRP soon.
Higher timeframce closes below the range low will invalidate this idea. If this happens we will most likely see alot lower prices
My ideas are not meant for trading advice, always do your own research. Always be prepared for bull and bear scenarios
If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ
If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.