Since Tuesday, March 19th, has finally dropped to $4000 which was only a 3% drop. What this is telling me is that we could possibly bounce here as this ascending channel is being ready to be broken or we will retest $4200 before falling back down. Because the bounce at $4000 was weak, it seems very likely that we will have one more leg down, with another estimated 2.54% dip to $3937, right at the 38.2% Fibonacci line before bouncing up to retest $4100. If that breaks or the bounce is not strong, then what I am doing is waiting for the absolute bounce at $3625. If we are still in a Wyckoff re-accumulation phase then this could spell trouble for bears but MACD and RSI do not coincide with this belief even though volume profile does.
As I’ve written in my previous posts, I was waiting to re-long at $135 and today’s small dump hit $135 to the penny. It’s actually rare that price action lands on .00 but I’ll take it. The last pump led us to $170.00 too so that’s always interesting to see. I am currently long in at $135 and although I did not post this yesterday, I actually closed out at $142 and shorted from $142 to $135 so collected some profit there. My current position is at $135.50 but I am not expecting this to hold. The bounce at $135 was not the bounce I was hoping for so my stop loss is .0038% at $134.99. My price target is $150, but if support breaks I am looking to re-long somewhere between $117-$120 although the confluence is not as strong. What I am looking for is some bullish divergence and weaker volume with every impulse move down if there is one. A macro trend line rests around $120-$122 but the 61.8% Fibonacci level is at $116. I am going to be patient and wait for more price action before I have a clearer picture.
If you saw my previous post on 3/19/19 then you can see I was almost spot on with the bounce at $.3118. It actually dropped to $.30818 but the bounce was very weak. However, it did not close below that 65% Fibonacci line so I am not sure if it’s still going to continue to drop. It still might after some ranging but I am looking for XRP to bounce right back into its symmetrical triangle. RSI is showing that it is on the cusp of being oversold in a long-term time frame so even if there is a drop I think there should be at least a small bounce back up to $.32.
has been a little tricky to trade and since I’ve closed out my short at $60ish I haven’t reentered this trade. It’s currently around $59.410 at time of writing but I am still expecting a drop. It might bounce here but according to my rising wedge I think any bounce here is detrimental to its price. I originally had a short position set for $68 but am reluctant to believe it might even reach that level. I think the safest bet is to wait for LTC to drop to $38-$43. A semi-safe bet is to re-long at $48.50 but I will have to see how this price action reacts to my yellow EMA line. I am currently flat but if LTC does hit $68 I think I would have to seriously considering shorting again.
I have been wrong about . I believed there was going to be a bounce right off my yellow EMA line but there was a bounce right above the longer-term one. A bounce at my pink EMA line is actually more telling and it is very possible that we could see a bounce up to $4.00. For now, I will avoid because I was wrong about the bounce and while there are some characteristics for a re-accumulation setup, it is not similar enough for me to be long (or even short) here. The safest best now is to re-long at $3.00.
Published at Fri, 22 Mar 2019 07:04:53 +0000
