So this is the count I'm going with for now but there's certainly alternate counts, so if i do get a chance to short ill be keeping it small. The real trade here is to wait and see if we can get down to my buy zone. if we do then we have a great candidate for a larger degree 1/2.
XRPUSDT at a crucial level which denotes whether we are in an impulsive wave or a downtrend correction. In first case we have completed wave 1 and would have to approach 0.29 at least as a completion of wave 2, so as not go lower than the high of the first wave, and invalidate the whole impulse theory. We are grazing the top of a monthly descending wedge structure. The sticking point is a break of the monthly 21 EMA which coincides with strong historic resistance at 0.29. Sorry wish I could represent my ideas pictorially but heh rules is rules. Strong signs of massive incoming pump based on PVT, and RSI divergence on monthly.
BishUK
⋅
@MikeColfs71, first off thanks for bringing this to my attention, i've not looked at xrp in ages and from what i can see there's some good trades to be had here.
I like your attention to multiple factors such as the historic resistance at 0.29, ema and high time frame pattern. good stuff.
your right its hard to get a feel without your chart, how much rep do you need to post one?
i'll show you what i'm seeing:
BishUK
⋅
@BishUK, theres not much doubt in my mind that this is impulse. i can also see the 5th coming in at the 0.29 resistance you mentioned. that would make a lot of sense.
MikeColfs71
⋅
just noticed that Bitcoin seems somewhat range bound (on the Weekly) discounting market extremes, which could prove very lucrative for those trading the alt/bitcoin pairs. I would have wanted to publish the chart to gauge general opinion, only tradingview blocked the publication. Not a dig at tradingview but how do I improve my rating without publishing ideas?
BishUK
⋅
@MikeColfs71, yeah that's an interesting idea. i don't trade the btc pairs myself but its something i should think about.
i've followed you so that should give you some rep. if you do manage to post that idea ill give it a like too, let me know.
MikeColfs71
⋅
@BishUK, Cheers for that, I'll try and post it soon enough. Your level also corresponds with the 21 Week EMA too.
Isn't this pattern invalid as wave 3 the shortest?
BishUK
⋅
@MikeColfs71, sorry only just seen your message.
no wave 3 is longer than wave 1, its actually 200% the length of wave one. but i know what you mean, it don't look like it on the chart.