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Charting the course of XRP

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Guest

Just got back... more to come later but just wanted to post a few quick thoughts.

First, we are 2 for 2 with symmetrical triangles.  If you recall we predicted a +/- $0.02 breakout that was supposed to hit this morning and we hit this perfectly, timing and all.  We broke from $0.26 to $0.28 and we now stand above $0.28.  We hopefully have reclaimed the $0.28 support and this is very good news; we have a floor again, at least for now.  We were treading in some treacherous waters there for a minute. 

I expect that if push above $0.30, we could be in for a nice rally, as I think this will start a short squeeze.  All of those shorts are probably sweating right now.  If you're going to short, do it after a parabolic run, not after a big price drop.

Here is the symmetrical triangle that we ascended out of right on schedule:

7zHJpzSN

Edited by Guest

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Guest

Short interest is fading but still way above "normal" for the past year.  We still have room to make a mini-rally if the price can push up and force the short squeeze. 

4djyn7KA

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Guest

Last one for now:  the BTC dominance chart that we have been following.  Still in the ascending wedge but it has turned back toward the lower trend line after this alt rally.  It could be that we fall out of the wedge but more likely we bounced off of it around 69%.  At this point, what I hope happens, is that BTC rallies hard and alts also stay in the green, just less so than BTC.  That would be ideal.  If the pattern holds, that reversal should happen around midnight EST tonight.

4ckI1u54

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2 hours ago, baobeiiiii said:

.30 incoming... just as i opened up a CFD long trade with x2 leverage :) 

My first ever leverage trade... normally I just buy and hodl but have a tiny portion of my stack on trade platform just for fun.

Careful Baobeiiii.. that could be a smart trade but we could also be setting up a bear trap and retest of $0.25.  Please consider following closely with stop-losses, especially if you are green right now.  Not financial advice, obviously, but..... this is why I don't have the stones for trading.  Much easier to just HODL B)

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2 minutes ago, Molten said:

Careful Baobeiiii.. that could be a smart trade but we could also be setting up a bear trap and retest of $0.25.  Please consider following closely with stop-losses, especially if you are green right now.  Not financial advice, obviously, but..... this is why I don't have the stones for trading.  Much easier to just HODL B)

Thanks for the warning, it's only 2% of my XRP holdings in play. There's also a trailing stop loss set at the most conservative allowed. Nothing more than a bit-of-fun trade. I agree though, it is scary! 

Edited by baobeiiiii

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Looking at the XRPUSD chart... there is an interesting pattern there.  It seems that we have had these quick dip and recoveries in the past and they are almost uniformly followed by big rallies, usually on the order of 30-50% from the starting price point.  I have to look at this much deeper (and can't right now), but if we can get back to the $0.29-$0.30 level, it seems like we could have a chance to have a rather quick run up to $0.39-$0.45 (ish).  On first glance, I would have already suspected something like that if we could induce a short squeeze and I guess now I can call this my tentative target in a mini bull run. 

I have to look at this much closer and correlate with short interest charts to see if there is any validity to this.  If anyone else wants to look into this with me, I am looking at similar setups in May 2019, December 2018, September 2018 and April 2018.  There's probably more going back further but, as I said, this is a preliminary look.  Looking at these U-shaped dips that seem to precede big runs.

0n70n9ww

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I keep saying "last chart for now" but this time I mean it :lol: 

Nice bull flag on the XRPUSD 15min after the run up with hopefully a new support at $0.284.  We tested above $0.29 and dropped back down, not unexpected, but bounced nicely off our new (hopefully) floor.  Interesting stuff.

kJVltmFF

Edited by Guest

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Guest

Interesting chart.  The old long term bottom support line (~1 year old) is now acting as a resistance.  Significant if we can break above it, I think.  Possibly down for another retest if we keep bouncing off and failing. 

First the long term view:

EqjMFiFH

And now the zoomed in 15 min view to the past few days action:

hPqRuTNG

 

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You know me and triangles... got another one on XRPUSD 15 min.  It's a descending triangle, generally bearish.  It's set to break tomorrow morning around 9 AM EST and could bring us back down to the $0.26ish level.  I guess this would jive with my expectation that BTC dominance will start to rise again tomorrow...

KH2qfYvW

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5 hours ago, Molten said:

You know me and triangles... got another one on XRPUSD 15 min.  It's a descending triangle, generally bearish.  It's set to break tomorrow morning around 9 AM EST and could bring us back down to the $0.26ish level.  I guess this would jive with my expectation that BTC dominance will start to rise again tomorrow...

KH2qfYvW

Morning all. Looks like we've broken out of that triangle, upwards.

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