Hello, thank you for taking the time out of your day to view this post. My intentions is to provide you with VALUE. Your input is greatly encouraged and appreciated.
As a quick disclaimer, everything displayed is for analytical purposes as we track the movements of various currencies. My goal is to assist in understanding the movements and the anticipated patterns that the market may be attempting to complete. This should not be taken as financial/investment advice. Thank you for your understanding @itsdanmark
Back in November I was searching for the bottom of Ripple. My assumption was that we were near and that it would be discovered at the break of this bearish trendline (meaning Im looking for strong price action that is bullish to break this downtrend):
After further observations, I thought we had discovered what I believed to be the bottom after the price action following presented itself:
On a higher timeframe we can see the area in which I was referencing:
This bullish momentum was anticipated, no shocker there. The technicals regarding this exchange of money was clearly displayed leading to this rise. However let us not focus on the XrpUsd (ripple vs the US Dollar), but rather on what I find to be more relevant now which is the XrpBtc (Ripple vs bitcoin).
We have broken OUT of the downtrend, and begun a new segment of information. Will this be the start of the impulse to the upside? One can only speculate at this time, however you must be AWARE of the possibilities. I elaborated on this in detail in the LITECOIN analysis ( Forex Analysis 003) regarding the possiblitiy of this being a bigger CORRECTION rather than an IMPULSE, but bot are currently considered. For now, im holding RIpple for the longterm, as I see this coin having much use to future bank transfer problems which poise bitcoin.
Personally Ripple is a longterm game. Right now it is incredibly cheap, and ill be buying the pullbacks. If this IS INDEED A CORRECTION and NOT an impulse to the upside, ill be filled with smiles as I purchase MORE ripple at an even cheaper price.
However, this MIGHT be the start of what could be an impressive bullish run. Let us observe the movements from week-to-week to determine if this is the case:
~I WILL DO MY BEST IN STAYING CONSISTENT WITH UPDATES AND NEW OBSERVATIONS~
Your input and interactions are highly encouraged and appreciated! My crystal ball broke, therefore my analysis may not always come to fruition. However we observe the new information presented and re-analyze what we receive, to make another attempt at catching the markets movements.
Stay focused, keep learning new things every day....
Be open to all possibilities and stay humbled by what is presented
Take it slow! Trading is not a money printing ATM from your phone. This is a BUSINESS!
Have a wonderful weekend
I do not see any pattern of your drawing but I'm sure ripple is best longterm because mcap position has overtaken bitcoincash again
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On a technical standpoint, this price action is in accordance with the Elliott principles :D
However I am not detailing that in this post, im keeping it simple with the observations of price action based on current time. Thanks for the reply
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