There is currently a void on the weekly chart and I have marked out the level with the purple line. This also lines up with the ICT OTE fib level and an area of previous consolidation on the lower time frames. $XRP has had a great run up and is due for this correction which I see as healthy for the coin/token. I expect some news to drive out the weak hands below $2.
I would expect a quick run down to the $1.10-1.25 level before this altcoin continues higher an ultimately to new ATH .
My first level of buying in will be at the 50% fib around 1.75. From there I will scale in more if it keeps declining. My other buying levels will be 1.60, 1.40 and 1.25 but I will also be looking for strength around these levels as there is no guarantee this will hit the lower targets.
Once the low of the retracement is found, I will update this chart or post a new chart with some targets for taking some profits. Overall though, this is a buy and hold for me - just adding to my current stack.
With the H4 candle bodies holding below the yearly open at 1.97 I am now looking for the drop to continue in the Asian session. There is also a confluence of a H4 ICT breaker at this level with the 50% around 1.99 (see chart below).
Also, if the latest wick high at 2.07 holds, then by using a fib extension (pink fibs) from the low at 1.61 to this high, you will see the 200% extension lines up at 1.15 with the old weekly high (1.25) and OTE (1.11) - see second chart.
I will probably buy in with half of my funds at 1.30 then see what I can get from 1.25 down as it depends on whether I am at the screen or not.
I've entered with the rest of my position (unleveraged) at 2.00 inside the H4 breaker.
M15 chart -
H1 chart -
H4 in progress -
Daily in progress -
As per the chart below, I think we will see a bottom between 0.50 - 0.64; and I would expect it to happen either this weekend or early next week. You will also notice the old ATH at 0.399 as an extended target.
As a point of confluence, you will notice the two blue boxes. The first was created from the 2018 open to the January high. This box was then copied and used to measure an identical move down using the 2018 open as the median. As you can see it lines up with a stop run at the 0.64 level.
I have entered 100% at 1.75. And I think I'm having seconds thoughts (although it's holding for now) :P
I know it's too early to say, but how do you see it coming? I was thinking of maybe selling half and re enter progressively at lower levels as you suggested...
It's hard to fight the FOMO! I am fighting it right now. Good luck :)
I followed your advice and put some extra money in the lower levels you mentioned.
It would be awesome if you could update the post with some profit taking levels (after the bears are gone).
Thanks and good luck for you too!
I'll update this post and also share a new chart with some potential take-profit levels once this correction is over. Overall though, I am looking to hold the majority of my bag for around 1-3 years. There are so many unknowns when crypto launches like this as there is nothing to reference off, so I will mainly be using fib extensions for targets.