Happy Independence Day America!
I was looking for a new entry point yesterday and ended up putting in a limit buy order at 0.48489 which was the 0.5 fib and it got filled. Price continued to go down into Wave 1 territory which was concerning.
Wave 4 is not supposed to go into Wave 1 territory but can "slightly", which it did by about 0.008. The underlying structures have since played out.
A pretty reliable stopping point will be the Monthly Pivot point which is at 0.53204, and just so happens to match Wave 1 distance perfectly. The problem I have with this currently is that having plotted two lesser degree wave structures I dont see it stopping there as it is currently printing. As more bars print Ill have a clearer idea. Right now we are on Wave 4 of the Subminuette degree, which is inside Wave 1 of the Minute degree. Because Wave 3 is not supposed to be less than Wave 1, its hard to see it any serious pause at Pivot. I know this gets confusing so Ill post the 1h and 15m charts below.
I will update here and Twitter when I have relevant updates.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
I was looking for a new entry point yesterday and ended up putting in a limit buy order at 0.48489 which was the 0.5 fib and it got filled. Price continued to go down into Wave 1 territory which was concerning.
Wave 4 is not supposed to go into Wave 1 territory but can "slightly", which it did by about 0.008. The underlying structures have since played out.
A pretty reliable stopping point will be the Monthly Pivot point which is at 0.53204, and just so happens to match Wave 1 distance perfectly. The problem I have with this currently is that having plotted two lesser degree wave structures I dont see it stopping there as it is currently printing. As more bars print Ill have a clearer idea. Right now we are on Wave 4 of the Subminuette degree, which is inside Wave 1 of the Minute degree. Because Wave 3 is not supposed to be less than Wave 1, its hard to see it any serious pause at Pivot. I know this gets confusing so Ill post the 1h and 15m charts below.
I will update here and Twitter when I have relevant updates.
===========
As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
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1H Chart showing Minute Degree
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15M chart showing Subminutte Degree
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Because Micro Wave 2 was a simple ABC, the alternate theory says that Wave 4 will be complex, most likely a double or triple. We could see 0.5 fib on micro.
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Chance to catch a 1-2 cent wave coming up...
