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Molten

Charting the course of XRP

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12 hours ago, Molten said:

I don't know.... things still look good to me.  This next week should be informative.  I adjusted the cup pattern to take into account the recent swing low, which I have now charted as an ABC retrace coinciding with a 2.  Wave 3 upward, if valid, up to about $0.36 this week.  @djdhrubs and other EW gurus, would appreciate your input.  Still very much a novice with EW and feeling my way a bit. 

This is what I've got:

cmuuvEoc

I’m not an EW guru at all. That said, I think your count is logical at first glance. I don’t really use EW other than to look for 3 obvious drives (and interspersed retracements) going in either direction to give me a vague idea about when a move may be coming to an end.

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17 minutes ago, djdhrubs said:

I’m not an EW guru at all. That said, I think your count is logical at first glance. I don’t really use EW other than to look for 3 obvious drives (and interspersed retracements) going in either direction to give me a vague idea about when a move may be coming to an end.

Apologies, I thought that was one of your methods.  Thanks for taking a glance anyway :)

 

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59 minutes ago, Molten said:

Apologies, I thought that was one of your methods.  Thanks for taking a glance anyway :)

 

No worries. It was the first method I stumbled across when learning trading as I was following Philakone. I’ve found it’s extremely difficult to do though, particularly when making sense of an ABC retracement. Even Philakone tends to focus more on the impulse waves going up or down. When it works it’s awesome. I love trading rising or falling wedges for example. Then occasionally it won’t work at all and you’ll get a 2 drive structure suddenly reversing on you. So I don’t think it’s predictive. So the entire sequence you’ve drawn with price moving up in the future is massively speculative in my view, much more so than your other analyses. 

For example now, I think bitcoin has made 2 major drives down from 9600 and I’m eyeing up one more. That’s how I’m using Elliott wave. But someone else may look at it and think there’s been 3 already. Then don’t get me started on subwaves of waves! Very difficult stuff.

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@Molten I haven’t come across many better EW exponents on twitter than Philakone. There was that time about a year ago when bitcoin cash was about to fork into ABC and SV and the price was going up a lot. He tried shorting it and got stopped out. After that he went back to the drawing board and spent the entire weekend trading it using pure EW theory. It was incredible to watch because it was so accurate. He won a slew of trades. This is short time frame EW analysis. It’ll all still be on twitter if you can search by date. Philakone is a bit of a crazy child in many ways and pretty nuts in his personal life which he also shares on twitter but there’s a lot to be learned there is you focus purely on his trading.

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Hark! 

1785938802_ScreenShot2019-11-10at10_52_28AM.thumb.png.b5d59df3a0e952f004020f18a329f25f.png

I think the SWELL dump might be over. I am seeing lots of little signs that there might be some more upside for XRP over the next few days...mostly the kind of nebulous illogical stuff I won't repeat, but I think the dangerous time for a much deeper correction is less now , and I'm going much longer XRP, at least for a few days.

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This is a pretty chart for VETUSD.  I know, its not XRP, but there are more than a few members of this forum who are also invested in VET, myself included.  Falling wedge broke to the upside, nice big green candle on the weekly and looking to climb higher.  Oversold on the RSI and the MACD just crossed bullish.  Everything is positive.  This could be a very explosive growth opportunity at its current price.

r6D23ukO

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2 hours ago, Molten said:

This is a pretty chart for VETUSD.  I know, its not XRP, but there are more than a few members of this forum who are also invested in VET, myself included.  Falling wedge broke to the upside, nice big green candle on the weekly and looking to climb higher.  Oversold on the RSI and the MACD just crossed bullish.  Everything is positive.  This could be a very explosive growth opportunity at its current price.

 

Thanks for the chart... sitting at a half cent. Have 75% of my accumulation target amount. Now if only it could pull a 2017 xrp from .005 to 3.50+!!

Edited by ManBearPig

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7 minutes ago, ManBearPig said:

Thanks for the chart... sitting at a half cent. Have 75% of my accumulation target amount. Now if only it could pull a 2017 xrp from .005 to 3.50+!!

If VET goes up to $3.50, you won't be hearing from me anymore :)

(cue the troll saying "You promise?")

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The weekly XRPBTC chart is just screaming for a big green candle.  Cup and handle pattern still intact, but will need to have a biggish price advance, preferably this week, to keep the pattern in play.  The near term target is around 4500 sats. 

MACD bullish but starting to wane.  Still oversold on the RSI.  If XRP shoots up to the $0.40's like some are expecting, that would get us there.

IPqk7t3Q

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14 hours ago, Raekwon said:

Xrp is really lagging behind other coins, curious to see what will happen in the coming week(s).

I expect a slow, crawling decline to $0.19 that sucks all positive life energy from every HODLer, so anyone who's been around for over 2 years wishes they sold every single XRP on January 04, 2018.

So I cannot be disappointed B)

 

#mindgames :wink:

 

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14 minutes ago, Dario_o said:

crawl, walk, run.

We are done with the crawling. Let's walk on the moon instead. :clapping:

I like your optimism!

But now it's time for depressing real talk!
A "To the moon" with numbers like end 2017/beginning 2018 will not happen so fast.

Why? Because then there was a mania, a hysteria built up over the year 2017, which ended in popping the bubble.


"I own Bitcoin" was the new "I am Vegan", the mass media was full of hype, every week a new all-time high, even my mother knew what Bitcoin is, in the circle of friends everybody played with a few Euros and "invested" in doge-coin and other shit. Christmas 2017, there was no other topic.


None of that comes back, as the Dot com Bubble burst only once and not 3 years later again all celebrated a party.

The only thing that causes the prices to go crazy again is REAL adoption of the technology (and that takes, we're talking about the next 5-10 years) or a new Bitcoin run that brings everything back with it. Both are far away.


Sorry for that, but there are often some charts posted that assume some fabulous 20$+ in the next 7 months. Please don't believe in this - Brad Garlinghouse and Ripple have to become the new Greta Thunberg or the new Hong Kong and haunt the mass media of the big industrial countries every fkng day to trigger a crazy xrp bullrun

 

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I am really energised by Swell this year.  The development of the XRP ecosystem screams BUY to any thoughtful investor looking at the progress of XRP/Ripple relative to other crypto, yet XRP remains the weakest currency in the pack.  Why?

This is my explanation. If you look at the history of XRP price you will see:

Mar 17 .01

May17 .36

Dec 17 .23

Jan 18 3.3

Now .28

What is striking to me is the lack of a proper correction between May17 and Dec 17.  The price went up x36 and then only lost a third of this huge gain before the second giant huge leap to 3.3.  My theory is that the weak hands who bought between Mar 17 and May 17 were never properly shaken out, and they have endless supply to sell into the market at .28.

The lack of a proper correction before Dec 17 has forced XRP into a very long accumulation phase which we are still in.  I can easily imagine that there are still sellers who will drop the poorly performing XRP for .25 or less in order to buy the near useless coins without a long term future (that perform well on the charts, think LTC).

I will sit it out and just go on accumulating, even if XRP continues to drop.  As I said in the opening to this comment I am energised by Swell and the XRP ecosystem screams BUY (Long).  (not financial advice!).

 

Screenshot_2019-11-11 XRP (XRP) price, charts, market cap, and other metrics CoinMarketCap.png

Edited by Julian_Williams

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