Still Short on XRP to a range of $0.93 - $0.80

I am feeling a bit more confident on bearish price action. Yesterday BTC pumped to a key resistance level and struggled to push through and has started to roll over. Price action is very weak, so any advances upward are failing and fully retracing. It's a bit frustrating to see us still unable to break support at 1.05, so hopefully that happens soon.

• Price action is weak with frequent overlapping bars in the advances leading to an unsustainable rally which is fully retraced.
  
• We might be forming the wave 3 of a C correction, which should be the sharpest decline of all the waves.
  
• Price is continuing to adhere to the descending triangle which is bearish.
  
• My price targets still remain the same with areas of interest are $0.93, $0.86 and $0.80
  

In addition to above, the correction is panning out to be a straight forward ABC Zig Zag correction (5-3-5 / or in this case 5-triangle-5). So I am expecting 5 waves down to complete the C wave. I did apply the 'Trend Based Time Fib' to the chart suggesting the correction could be over by September 23rd. I have also included price predictions based on this scenario playing.

Let me know what you think.

评论:

Price has started to move downward with price now at to $1.01 which is where I have a support line on, so lets see how this area holds. Next support level after that is around $0.94.

评论:

Comment: XRP down to $1.00, BTC presently hitting a support area at around $46,000.00, lets see if BTC breaks its support area. Otherwise we are on track.

评论:

XRP Price went down to $0.96 before taking a bit of a breather around $0.99. I still think we are correcting in wave 3 of C correction. Once price has had a bit of time to breath I think we will make our next leg down.

评论:

$0.93 target hit, price presently has support at $0.92. RSI on the 4 hourly chart is very much in the Oversold region so a bounce here does make sense. $0.92 may look like the end of Wave 3. I will now be dollar cost averaging in now.

评论:

Skipped buying in at $0.93. Instead I used 75% funds allocation and bought in at $0.862. Which I think is a great buy in price. I purchased in here because Bitcoin was fairly close to hitting $40K and was anticipating a bounce. Which it actually did. I have left 25% funds allocation for a possible lower price as I did have a price target of $0.80 which is possible as bitcoin is targeting $38k. I do think the bottom is nearing close.

交易结束：到达目标