We got our 0.990 level test, which failed & we got our return to the bottom boundary of the correction channel (which also just failed to hold), just as I mentioned before, this can be a strong indication of the second wave of the down move. However, price can attempt another test of the downtrend line in attempt to reach the 0.990 level again. This has a low probability of occurring, to me, but it is still possible. For now, the behavior at this 0.990 level + break of bullish correction channel may have well sucked in many bulls/longs expecting quick push up to 1.066 and 1.128 levels. Also the 0.800 level will be very important to watch for another bearish confirmation (I didn't label this level on the chart). This coming week will be very interesting to see how all the emotion will play out. Some longs after the Friday cover spike may get out from volatility & fear, to add more downward pressure; some shorts will pounce on the price struggling to hold after rising. Let's see if XRP can recover, or if the second wave of shorts will surely come to finish the job. Everything has unfolded very nicely so far; let's see what happens next!
Trade attivo
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We are currently hovering around the 0.800 level. Let's see how that plays out. 0.750 support level or bust?
Trade chiuso: obiettivo raggiunto
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We finally got our 0.750 support level. General market session today and very likely throughout this week, should bring more participants to move the price. We are in the confirmation stage of a momentum downtrend. If longs get shaken out, the 0.666 level is the next level I see for a test in my opinion. There's a free fall space below 0.750 so that should be interesting if there aren't many people to hold up the price. It can get nasty or can have a very impressive bounce from this current 0.750 level. Good stuff; emotion is the name of the game.
Trade chiuso: obiettivo raggiunto
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We have finally arrived at the evil 0.666 level. I will do another XRP analysis soon enough. Stay safe everyone; I love bearish moves because they pay faster than bullish moves. Amazing price action these last few days over all asset classes.
@WizardOfRealms, Hello there, I'm more on the bearish side based on what the price action tells me so, lol the alternative you are asking me to consider is what exactly? If you're bearish as well, what alternative are you talking about? Thanks.
WizardOfRealms
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@themdtrader, You had said this and I quote: "
4 hours ago
Trade active: We are currently hovering around the 0.800 level. Let's see how that plays out. 0.750 support level or bust? "
Its a bust by Feb 12th at the very latest. .226 cents is where it is headed based on ichimoku cloud and 3 day chart.
@WizardOfRealms, Are you just trying to say the idea of reaching 0.750 is wrong but rather it will go to 0.226 by Feb 12th?
WizardOfRealms
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@themdtrader, No sir.. .what I am saying is people are not seeing the whole picture. And just seeing if it will go to .75 cents... well, if we see how it plays out... it will go there for sure and even lower. And, I am just hoping you are aware of the NON OBSTRUCTION of Ichimoku Clouds as XRP falls down to the .226 level (just in case you were not aware.) Not knocking your chart at all... just saying "if you don't already know" it is headed that far down... and you might consider that and share it with others...
themdtrader
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@WizardOfRealms, lol I don't know where EXACTLY the price is going, nobody knows that. Unless you can manipulate/influence the market strongly, you can't correctly and accurately know where the price is going all the time. That's why every trader gets a wrong trade from time to time. You make it sound like you are controlling the price here because of the confidence in your prediction lol Also, I do not use ichimoku clouds because personally, they don't give me more info about price action. If it works for you, then that's great! I just deal with the behavior of price according to what it is doing NOW, and not based on predictions; I lost interest in predictions a long time ago. You see, your 0.226 prediction may happen, but just because of its nature it is a low probability event, even despite the strong downtrend we have. I hope you understand that. I also can't share something I don't see on the chart myself. But surely, IF the 0.750 price level breaks, we will definitely see what happens from there. I hope what I'm saying makes sense to you. All the same, I appreciate your comments though & yes, I am in agreement with you on the current downtrend in XRP! (although we can't say exactly where it will go)