If it breaks upwards today, I can see it go up to 0.00032-35
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We now have a falling wedge formation which is usually a bullish pattern
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Watching carefully for a breakup around the marked target
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Needs to break 0.00016 for a confirmed reversal
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Not making any calls yet. Safe re-entry is ONLY above purple line and if it closes above it on the daily.
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Another strong scenario to consider, a few more days of consolidation (a week or more) before uptrend resumes.
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compare this to DCR which had a similar dramatic rise and price correction. DCR is consolidating for weeks now and looks like it could break up very soon. I don’t think that XRP will consolidate for that long though. DCR is another coin which has very strong fundamentals, development team and community support.
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So Bitcoin is ruining the party... again.
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Bitcoin is truly racking havoc with Alts today and XRP's bull run might be suspended for longer then I've anticipated. I mentioned in my comments below that imho the symbiotic relationship between alts and Bitcoin is probably diminishing. After the initial shockwave, let's see how it plays out in the coming weeks.
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Another birds-eye view, possibility of fractal repeating
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Wow, what a day! We tested 0.00008921 again but didn't go much below it. following this possible scenario which takes us back on course:
@SaidHeddadi, still inside of a bullish wedge so too early to call
fineregex
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@doremoo1, hi, you made this look almost cute but why would the lower trend line be so flat but not steep and scary.
what about calling it crash-wedge?
@fineregex, because I love my charts cute especially when they reinforced my subconscious desire for a bullish outcome only!
but sarcasm aside, I love your challenging perspective and have no issue with it's fundamentals. Regardless of how one may choose to chart, it would be foolish to make a trade decision before identifying a strong reversal signal. Is that too cute of an approach?
Again, love your charts and will definitely be following you! cheers
bafik88
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Forecasts will be?
doremoo1
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@bafik88, waiting a few more hours before I will chart this again. Overall the trend is still bullish.
deadpoolfan2011
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@doremoo1, do you have a new chart? Looks like continued downtrend and not bull at all
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@deadpoolfan2011, I hope for bull, I'm seriously buried in a nasty long that I probably won't get out of for weeks it looks like :(