Hey traders! In first place I would like to thank you for all your support and great feedback, I really appreciate your comments, opinions and chats, and I hope to learn more from you everyday, this has been an amazing experience :)
Today I bring you another Ripple´s analysis based on a longterm tendency line I indentified in the logarithmic Price Scale. If you don´t know what log price scale is, you can find the explanation at the end of this post. Since my last post (linked below) Ripple´s has had an amazing performance, almost reaching to the $2 dollars target, which is an important psychological level. This level is important because there might be a correction before another bullish movement (somewhere near 1.620 - Which is exactly the 0.382 point of Fibonacci scale), and therefore, we might have the opportunity to buy a bit cheaper.
I also want you to notice volume development (bullish) and MACD indicator. The first one (volume) is an important characteristic for support the idea of a bullish and strong market as Ripple. Most importantly, it tells us bullish tendency will continue in future. The second one, starts showing signals of an inflextion point, which is exactly the place where we can wait for a market correction before the a next bullish wave.
MY ORDERS
BUY STOP: 2.05 (If correction doesn´t occur)
BUY LIMIT: 1.620 (If correction occurs)
Take Profit 1: 2.9900
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
What is a Logarithmic Price Scale?
Well, in first place you have to know there are two different ways you can observe the charts: arithmitc scale and logarithmic scale. The main difference between both methods, is that in the arithmitc scale, the vertical price scale indicates there´s a same distance for each price variation unit. On the contrary, logarithmic price scale shows the prices based on porcentual increments -or decrements-, that means that the distance between 1 and 2, is exactly the same distance between 5 and 10. Link to image: www.chilebolsa.com/f...uploads/370_ela1.png
Are you interested in Technical Analysis?
I recommend you the John Murphy´s book: Technical Analysis of Financial Markets. It is a great introductory book.
If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
Today I bring you another Ripple´s analysis based on a longterm tendency line I indentified in the logarithmic Price Scale. If you don´t know what log price scale is, you can find the explanation at the end of this post. Since my last post (linked below) Ripple´s has had an amazing performance, almost reaching to the $2 dollars target, which is an important psychological level. This level is important because there might be a correction before another bullish movement (somewhere near 1.620 - Which is exactly the 0.382 point of Fibonacci scale), and therefore, we might have the opportunity to buy a bit cheaper.
I also want you to notice volume development (bullish) and MACD indicator. The first one (volume) is an important characteristic for support the idea of a bullish and strong market as Ripple. Most importantly, it tells us bullish tendency will continue in future. The second one, starts showing signals of an inflextion point, which is exactly the place where we can wait for a market correction before the a next bullish wave.
MY ORDERS
BUY STOP: 2.05 (If correction doesn´t occur)
BUY LIMIT: 1.620 (If correction occurs)
Take Profit 1: 2.9900
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
What is a Logarithmic Price Scale?
Well, in first place you have to know there are two different ways you can observe the charts: arithmitc scale and logarithmic scale. The main difference between both methods, is that in the arithmitc scale, the vertical price scale indicates there´s a same distance for each price variation unit. On the contrary, logarithmic price scale shows the prices based on porcentual increments -or decrements-, that means that the distance between 1 and 2, is exactly the same distance between 5 and 10. Link to image: www.chilebolsa.com/f...uploads/370_ela1.png
Are you interested in Technical Analysis?
I recommend you the John Murphy´s book: Technical Analysis of Financial Markets. It is a great introductory book.
If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
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Physcological price broke!
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Bitcoin is affecting alts capitalization. Look bitcoin!
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2 dollars target now has become in an important support level for Ripple´s price
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If you want to buy I recommend you to wait for MACD inflextion point
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Hey guys! If you are interested in Stellar´s market, here´s my new analysis if you want to visit it. Thanks for all your support :)
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Correction is done, price moving to our target :) It may reach $4 dlls target too.
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Target reached :)
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Hey traders! If you want to buy Ripple, wait for MACD change of direction (down to up). Correction might be about to finish :)
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Price testing tendency line
