Ripple XRP - Think we might be near the top
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Holy mother of god XRP has been on a tear. I'm in disbelief that it's already moved up another decimal point, I didn't see that coming for a long time. And for some reason even though it's gotten very high very fast, for some reason it feels really strong, where as in the past it usually feels like it's about to do a 100% retrace dump at any second.
But it's got to retrace at some point right?
I'm not going to short - I'm not that crazy - but I've taken some profit here as it seems like a logical top for now.
The weekly & daily RSI is pretty maxed out...actually RSI is high pretty much across all timeframes.
Also - not sure if this QUITE qualifies as a Cup & Handle because they are usually continuation patterns and there wasn't much history beforehand to say that this is the continuation of an uptrend...but it sure looks like a Cup & Handle shape-wise. So I drew it out anyway and found that the target would be right about where we are now.
So I'm hoping for a retrace, because I'll be buying the hell out of it if it drops significantly - the question is how far it'll fall.
Definitely at least setting buy orders around 0.00007 in case it tests the previous high - if that becomes support things will look pretty good for the future.
Good luck & be careful! It may keep going for a while, who knows...no harm in placing some low buy orders though.
But it's got to retrace at some point right?
I'm not going to short - I'm not that crazy - but I've taken some profit here as it seems like a logical top for now.
The weekly & daily RSI is pretty maxed out...actually RSI is high pretty much across all timeframes.
Also - not sure if this QUITE qualifies as a Cup & Handle because they are usually continuation patterns and there wasn't much history beforehand to say that this is the continuation of an uptrend...but it sure looks like a Cup & Handle shape-wise. So I drew it out anyway and found that the target would be right about where we are now.
So I'm hoping for a retrace, because I'll be buying the hell out of it if it drops significantly - the question is how far it'll fall.
Definitely at least setting buy orders around 0.00007 in case it tests the previous high - if that becomes support things will look pretty good for the future.
Good luck & be careful! It may keep going for a while, who knows...no harm in placing some low buy orders though.
Ghi chú
Update - obviously, that turned out to be just about the top.Now that it's had some time to consolidate it looks like we might have either a cup & handle or ascending triangle forming.
Posted a new idea with the details.
Ghi chú
And we're off again! This new rally happened so fast it all looks like the same rally on this chart lol
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