- 12345 wave structure up, followed by abc structure down - currently extending along the c of the abc structure - possible entry point, though waiting to see how much longer the market takes to cool off.
Hindsight is wonderful isn't it? I completely missed the forming 12345 wave pattern. Having seen so many multiple back to back "surge + range" patterns in 2017, I thought Ripple would repeat last year's glory but instead during last night's crypto plunge shot down below $2.00 before spiking back up. The doji that formed was about the same size as the one that formed at the $3.40 spike.
There were a lot of Bitcoiners cheering on the Ripple price drop which started with a brief Bitcoin rally, only to see all the major coins drop very steeply at the same time. Traders would have seen Ripple drop %30, though some reports claimed the price drop had more to do with coinmarketcap no longer including South Korean prices (which would affect you depending on where your broker sources prices from). With South Korea trading so much Ripple, their prices are higher.
This is of course all except Ethereum which fell with Bitcoin but then shot right back up:
I'm still long my Ripple. Some will consider the end of the c leg of the abc downward pattern as an entry point.
Just as Ripple was the champion post the 17th Dec 2017 market drop, Ethereum is following a nicely upward sloping trend line. At it's current velocity Ether will reach 1500 on the 16th though I doubt reaching that new high will come so easily. If Ether and Ripple has had their chance to be the champion, which one will be next?
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and .5 fib level tested, and rejected. . . now with a green candle. Let's see if Ripple can avoid falling down another fib level.
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ADX spiked up as I thought it would. It's not setting it's eyes on the $1.7 levels.
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and as expected. .. bounces off .618 fib stopping at the previous low.
Trying to find support above 1.7 now, though next day or so will show whether another drop will occur to confirm the bottom. Will need to bounce off from 1.7 to confirm.
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The end of the ABC downward appears to be completed. Ripple now looking for support at $1.99 after last night's spike upward. Unfortunately bounced off the top resistance line.
I am waiting to see if it bounces off $1.5 again before making a move. It's clearly still going down the final leg of the ABC pattern and needs to bounce off at least twice to get confirmation of support. If it breaks through $1.5 we would then have to track the next stop down.
You mean that It will drop to .786 fib level if confirms the bounce from .618 fib. Otherwise will continue to drop or starts bullish ?
PNUTTY
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@tjwolkan, Hi There! Thanks for leaving a comment. I am waiting for it to bounce up off .618 again to see if it is forming support there. If it breaks through, it's a sign it might go to next level down
Probably $1.3-$1.4 range, but if BTC falls below 12.k now, which is likely, then even sub $1 ranges are not far.
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@doctorkesh, Yes you could be right ! It's definitely a lot lower than most expected and the rest of the bear market aint' helping !
kkverm19
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possible head and sholders?
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@kkverm19, Hi there - thanks for leaving the comment. Nah I'm looking for the end of an ABC pattern down. What I'm now looking for is a confirmed bottom and for that I want to see it bounce off $1.6/$1.7 levels again.