- Briefly broke down .5 fib level of $2.62 though closed above it
- Possible price action on end of day 8th or 9th Jan, targeting $4.00
Ripple broke downwards into the .5 fib zone but closed above it. Phew.
Looking a the 3 hour chart, the silence is deafening. Should it follow previous pattern it may move slightly downward kissing .5 fib again before trending upwards late evening on the 8th evening.
Alternatively, could snake it's way to the black about a day later which is closely following the 8/1 fin (for those using fan patterns).
I'm still long on this beautiful blue baby, and setting my sights for $4.0. Should the trend begin:
- I expect it to shoot up to around $4.30. On the way upward passing through $3.95, I'll set a buy limit order for around $3.25, or $3.10 if want to be ambitious.
- It will spike back down hard, approaching $3.00. At this stage it should trigger my buy order and swing back up on it's way to find support, probably between $3.70-$3.90. Might take some profit then, and the remainder I hold for the next step up to $5.00 which would be a different roller coaster ride all together.
Setting buy orders on any swing low after a surge has worked for me in the past but not always. I did that successfully on the swing down after passing through $3.00 where I thought for a moment it would go all the way down to $2.00. The activation of that limit order resulted in immediate profit. Lucky me.
Looking over at Bitcoin for a moment, I see the coin establishing new support with a left shoulder, a head, and ....well I guess we'll find out what the next hump will be around the same time I expect price action on Ripple.
One trader claimed that $2.5 is the more reasonable support line for now due to the indications coming from the ADX as well as the previous all time high.
Another trader pointed out the end of the elliot wave formation upwards, and so now a further reprice can be expected.
If the price finds support at $2.5 / .628 fib then it may support further price rises in the short to medium term. A reprice down should it follow wave theory would mean us Ripplers will wait longer.
Was too aggressive on previous predictions and didn't include indicators for trend strength. This isn't 2017 where wedges followed surges, which were then followed by further wedges and surges and repeat. Next time I shall factor in the impact of previous surges into my price proction.
If you press the play button now, you will see it is now coming close the the old trend line intersecting the .618 fib. See how it plays out for another day.
If it finds support here, looking for possible ABCD setup the following day.
Ripple gets a huge bounce from fib level 1 going back up to .786.
i think some of the investors waiting for a good buy op may wait for another red candle.
Hammer was the same size as the one that formed when it peaked at 3.4
But hey .. . we've had a lot of good days on cryptos, only makes sense to have a collectively bad one.
Well, previous BTC trend downs have occurred with Ripple uptrending. I guess if they are relating, then yay Master Haejin!
By the way, who is master Haejin?
Please do - I would like to follow him as well.