Im Sure I've Seen This Before. OH YEH CAPITULATION! RIPPLE XRP.
Hello Traders,
Having a look at Ripple XRP you can see its formed a decending triangle formation which looks very similar to Bitcoins.
I have just posted another idea which explains why I think Bitcoin is approaching resistance and is due for a 30% correction. When this happens I think Ripple XRP will be taken down with it in EPIC capitulation style. The only bullish thing on the XRP chart is the 200MA in red which has only just became visable on the Poloniex weekly chart. Even so, the 200MA is 13% below the triangle support but I will be watching to see if there is an interaction as the triangle breaks. This could be a 50% short here. Wait for Bitcoin to finish its ending diagonal as Ripple may try one last attempt to reach the top of the triangle and pretend to be bullish. Breaking the triangle bottom with conviction would be a good short entry. Ripple XRP could also be a great buying oppertunity at the bottom but this needs to be analyised nearer the time.
Having a look at Ripple XRP you can see its formed a decending triangle formation which looks very similar to Bitcoins.
I have just posted another idea which explains why I think Bitcoin is approaching resistance and is due for a 30% correction. When this happens I think Ripple XRP will be taken down with it in EPIC capitulation style. The only bullish thing on the XRP chart is the 200MA in red which has only just became visable on the Poloniex weekly chart. Even so, the 200MA is 13% below the triangle support but I will be watching to see if there is an interaction as the triangle breaks. This could be a 50% short here. Wait for Bitcoin to finish its ending diagonal as Ripple may try one last attempt to reach the top of the triangle and pretend to be bullish. Breaking the triangle bottom with conviction would be a good short entry. Ripple XRP could also be a great buying oppertunity at the bottom but this needs to be analyised nearer the time.
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As suspected BTC had another wave up and XRP did a test of the top of the wedge. It looks like it has been rejected. I also think BTC will have a retrace here.
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Its trying for the top of the wedge.
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Respecting these fibs.
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It hit the 4.618 nicely. This could be a hard fall for XRP.
