I sketched this idea based on historic levels of resistance and support using fib levels. I find for alt coins the "wallstreet cheat sheet" (see link below or google it) seems to be an excellent way to judge market sentiment and investor psychology if you can match up similar shapes as the market follows a cycle. On this chart... I have included 3 notes regarding a friend I have that has been hoarding XRP since 2013 (never sold 1 he boasts). Since he does not trade (only buys) I feel he is an excellent indicator and also seems to have followed the WSCS. At this point, we have come all the way through the market cycle and are entering the new accumulation phase which I predict will be in the 0.00006000 - 0.00003800 range with maybe a few spikes to as low as 0.00002400 (the level before the bubble began).
Notes: 1. At this level he was beginning to be very confident and continued to tell me to buy more. He believed the price of XRP could easily reach $1.00 by mid summer (I think this was around 0.00050000 btc at the time).
2. At this point I was pretty sure we were at or near the top because his predictions changed from $1 to $5 to $10 dollars seemingly overnight; Euphoria on the WSCS. I sold almost all I had (just in case he was right) and have since been watching the patterns form almost perfectly along the bubble pattern presented in the WSCS.
3. His sentiment has now changed to "I dont really care about the price, I'm a long term holder". Which was his sentiment before the cycle started and he seems to be paying a lot less attention to the market. Somewhere between anger and depression on the WSCS.
Hit the Like button if you like it or tell me why I am wrong in the comments below. Thanks for taking the time to look and good luck on your trades!
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If Bitcoin continues to rally, I would expect there to be buying opportunities in the range shown above. DYOR, but this looks to me like an excellent zone for long term buy/hodl.
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Playing out beautifully for accumulation... look for some potential moves/test pumps as we approach October 16th Swell Conference
I think XRP is approaching it's bottom. One thing about it is, when it does reverse and people notice it going, there is going to be much FOMO. A lot of people say they hate it, but at the end of the day it's a sleeping giant.
Brodie_MT
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@ArtsTrade, I agree its close to the bottom. I think hoping for immediate fomo is a little optimistic though, especially considering Ripple the company is still distributing around 1B XRP/month. It may be a sleeping giant, but its just going to sleep... patience.
ArtsTrading
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@Brodie_MT, Just good idea to always keep an eye on it :)
Brodie_MT
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@ArtsTrade, if the banks actually start using XRP (not just Ripple as a service) there is huge upward potential.
ArtsTrading
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@Brodie_MT, For sure, they just recently announced some products ripple.com/solutions/. Hoping they have XRP integration in them.
davedesigns
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It feels like we are in the DEPRESSION stage about now - I want to be in DISBELIEF when it starts to moon! lol
Brodie_MT
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@davedesigns, I think were getting close to depression, but I would expect sideways movement for a while before we go back up.
AnkyAnky
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Bro i bought xrp on 7k should i sell now or wait ..
Brodie_MT
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@AnkyAnky, its up to you what you do... I'm not here to give investment advice DYOR. This is just my idea based on what I've seen and I wouldn't expect to see another bubble like this without a drawn out accumulation phase in the range I presented/guessed above. I think over time, XRP will continue to rise with the trend line in my sketch so it probably depends on how long you plan to stay invested.