XRP / TetherUSLong
Long on XRP $3.22! Is Alt Season Here?
Updated
Based on my previous TA I had a target of going down to $0.78, however as price developed it reversed to the upside of the symmetrical triangle. Despite the TA being in favour of a decline, the day leading up to the reversal I had a feeling that it might reverse to the upside because there seemed to be an overwhelming consensus that price was going down and if you know crypto it loves to do the opposite. I ended up buying back in at $1.00, picking up quite a few extra XRP.
We have broken through an important resistance area between $1.05 - $1.07, I am looking for price to make a clean break above this resistance zone on the 4 hourly chart so it flips into support giving me confidence that price isn't going to dump to $0.78. Another positive note is that bitcoin dominance is presently at 41.96% and on the decline which if it continues to decline Alt Season is around the corner.
My price target before a major pull back is either at $1.20 (61.80% Fib Level) or at the top of the Symmetrical Triangle at $1.31, before pulling back. My only concern is that the RSI is quite high at 70.
Whilst I do feel we are in Wave 3 it is too early to tell for sure however at present I am mapping out my charts as though Sub-Wave 1 is playing out. Price projections for Wave 3 is $3.22.
We have broken through an important resistance area between $1.05 - $1.07, I am looking for price to make a clean break above this resistance zone on the 4 hourly chart so it flips into support giving me confidence that price isn't going to dump to $0.78. Another positive note is that bitcoin dominance is presently at 41.96% and on the decline which if it continues to decline Alt Season is around the corner.
My price target before a major pull back is either at $1.20 (61.80% Fib Level) or at the top of the Symmetrical Triangle at $1.31, before pulling back. My only concern is that the RSI is quite high at 70.
Whilst I do feel we are in Wave 3 it is too early to tell for sure however at present I am mapping out my charts as though Sub-Wave 1 is playing out. Price projections for Wave 3 is $3.22.
Note
Price broke out of the ascending triangle but has since retraced backward. What I would like to see is for price to find support at $1.07 which would be bullish and the next price target would be $1.14.
Note
Hey guy's quick update, my last post I thought price was consolidating in an ascending triangle which is bullish but was actually consolidating in a raising wedge which is a bearish pattern and price did fall to the downside just a touch but is now retesting resistance at $1.07. We are looking for resistance to flip in to support. I am long from $1.00 and I do feel we are in sub-wave 1 of wave 3.
Note
Big ugly candle. Don't panic. Whilst it would have been nice to find support at $1.07, I am actually a little bit happy to see this, because the RSI was really quite high and its coming down. Still bullish will review if price falls below $0.95.
Note
Above is my chart for BTC.D vs. Bitcoin, BTC.D and BTC both have RSI's so my prediction is that both BTC.D and BTC will retrace and Alts price will stabilise for the time being.
I don't think Alts can pump until the RSI is lower on BTC.
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