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kyriediculous

Analysis: What can be the potential correction target

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Hi 


I've made a little analysis on what might be the ripple bottom. Merely my own opinion and not investment advice. 
I also occasionally post an idea on tradingview under kyriediculous.

https://steemit.com/trading/@tradingbuddy/ripple-what-will-be-the-bottom-for-xrp

Happy to answer questions or discuss price technicals & fundamentals.

Let it ripple ! 

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I am interested in why you are using BTC as base for comparison. I see that quite often, but I don't understand it. I think USD or any other "stable" fiat would be way better for your graph pattern analysis. You are trying to measure the depth of the sea where the sea ground is not a flat area, but a rocky cliff. Your measurement is more or less useless because you get a different result every other measure point. The patterns are malformed as soon as your base surges or drops. Maybe I am ignorant, then please educate me. 

I have also no idea how many Satoshis are now one EUR. When I buy XRP I do it with EUR, not with BTC. That may be my personal thing though again. 

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XRP/USD is affected by an external factor, the BTC/USD price.

At least as long as fiat volume does not overtake bitcoin volume by a considerable amount you will not have an intrinsic fiat value for XRP but a derivative.

On top of that i like acquiring bitcoin over fiat for the time being, so it's both psychological as well as market structural.
 

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Can someone pls explain how it is possible to make a techinal anaylse on 1 day when news is coming way faster atm?

 

btw if i see that analyse i should think that it goes up, because it on the support with zero RSI

Edited by Fanust

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News doesn't drive price, and even if it does it is buy the rumour sell the news.

Just look at how the lockup announcement came in on the 15th or 16th and that's when we started selling off.

And the RSI has a better prediction value on higher timeframes, like the daily. 

I'll add that the RSI does not mean overbought or oversold, the rsi is a trend strength indicator.

Edited by kyriediculous

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17 minutes ago, Fanust said:

Can someone pls explain how it is possible to make a techinal anaylse on 1 day when news is coming way faster atm?

 

btw if i see that analyse if should think that it goes up, because it on the support with zero RSI

I don't really understand your question. But in general, when you do technical analysis you assume that all events happening are already priced in and based on the longterm growth you might see an uptrend and a downtrend. The fact that a coin might explode and not follow the analysis you make is not taken into account into an analysis if you ask me and is more the speculation/hype part of investing.

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10 minutes ago, winston said:

I don't really understand your question. But in general, when you do technical analysis you assume that all events happening are already priced in and based on the longterm growth you might see an uptrend and a downtrend. The fact that a coin might explode and not follow the analysis you make is not taken into account into an analysis if you ask me and is more the speculation/hype part of investing.

Well my setup can actually spot potential breakouts before they happen; they are however not 100% guaranteed breakouts. So the idea is that when the signal appears you enter the trade with a close stop because if the candle close and start of the next candle doesn't confirm the signal you get out again. 

Here's an example, you can see the rsi breaks 1 bar before the actualy price breakout : https://www.tradingview.com/x/EnPGDBKj/

The same is true for downward breakouts, as you can see on the chart in the analysis, where the purple trendlines on the price and RSI represent eachother.

Edited by kyriediculous

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1 hour ago, kyriediculous said:

XRP/USD is affected by an external factor, the BTC/USD price.

At least as long as fiat volume does not overtake bitcoin volume by a considerable amount you will not have an intrinsic fiat value for XRP but a derivative.

On top of that i like acquiring bitcoin over fiat for the time being, so it's both psychological as well as market structural.
 

That does not explain my question for me and it does not make sense at all. I read that you do it because you like it. You liking something does not mean that it works out. I think I made an argument why this practice is wrong IMO. I might be wrong. Fair. I would like to know why. It is fine when you want to value XRP in BTC, it is only that your graph analysis does not work out, since it is like reading tea leaves, because you have no stable basis of comparison in your visual representation. 

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1 hour ago, xh3b4sd said:

That does not explain my question for me and it does not make sense at all. I read that you do it because you like it. You liking something does not mean that it works out. I think I made an argument why this practice is wrong IMO. I might be wrong. Fair. I would like to know why. It is fine when you want to value XRP in BTC, it is only that your graph analysis does not work out, since it is like reading tea leaves, because you have no stable basis of comparison in your visual representation. 

XRP is a digital coin and BTC is the leader so it makes sense to look at it relative to its class.  This is the same with currency quotes e.g. $EUR/$USD - you wouldn't use Gold or silver to get a currency rate (unless you were looking for some pattern or had a reason to.) 

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6 minutes ago, sonic said:

XRP is a digital coin and BTC is the leader so it makes sense to look at it relative to its class.  This is the same with currency quotes e.g. $EUR/$USD - you wouldn't use Gold or silver to get a currency rate (unless you were looking for some pattern or had a reason to.) 

BTC is the leader in what? Being slow? Yes, that is right. Fiats like USD and EUR are quite stable, so it makes sense to compare them against each other. Again, you can compare whatever you want, but it will make your pictures not more right. Lets say XRP is moving sideways and BTC falls to the floor. When you look at your graph it looks like XRP is skyrocketing. In fact it is not, because BTC lost in value. So your reflection is wrong. Like you looking into a curved mirror. The picture you see does not reflect what is there. I think I made my point several times. Do what you think is right. I disagree meanwhile. Good luck. 

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6 hours ago, kyriediculous said:

Hi 


I've made a little analysis on what might be the ripple bottom. Merely my own opinion and not investment advice. 
I also occasionally post an idea on tradingview under kyriediculous.

https://steemit.com/trading/@tradingbuddy/ripple-what-will-be-the-bottom-for-xrp

Happy to answer questions or discuss price technicals & fundamentals.

Let it ripple ! 

If Ripple is talk of Drops then I see no reason to doubt the future of XRP. Sounds like a BTC/Satoshi scenario 

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3 hours ago, xh3b4sd said:

That does not explain my question for me and it does not make sense at all. I read that you do it because you like it. You liking something does not mean that it works out.

You're reading the last sentence only it appears. Market structure is factual it's not my opinion it's based on the volume of the respective pairs.

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Hi 

I've made a little analysis on what might be the ripple bottom. Merely my own opinion and not investment advice. 
I also occasionally post an idea on tradingview under kyriediculous.

https://steemit.com/trading/@tradingbuddy/ripple-what-will-be-the-bottom-for-xrp

Happy to answer questions or discuss price technicals & fundamentals.

Let it ripple ! 

Hi guys, although a little bit premature, I think we are close to the bottom as per the inverted head and shoulders pattern on the attached chart. We will go to $0.23/$0.24 and then rebound from there to ultimately go through the declining resistance line at $0.32 on our way to $0.5.
Please note that this is not trading advice, just my opinion.
666e04c98538e71b68a17ea209c29d5d.jpg

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