There really is no way to tell when this remarkable repeat of market structure is going to end, but we’ve been following it as an edge for more than 2 years now and will continue until it is invalid.
Unfortunately for the XRParmy the structure does suggest 1 more round of new lows.
The ratio has not been perfect so it is important to follow proper trading strategies. Is the price action like the last blue bar print and thus rolling over in the coming weeks…or is it going to be a longer cycle and thus this last rise is the first of 3 smaller rallies off the previous support level? Who Knows!
If the structure does invalidate to the upside it would be off of the last support printed. Therefore worth it is watching the volume to see if it is worth buying dips. Market structure didn’t even demand alarms being set for a long time, but that strategy should be revisited.
The pattern of price movement on the XRPBTC chart has been on auto-pilot repeat mode for 22months now. Therefore we currently have a VERY simple market view :
Bear: wait for the support to break and short it. Likely to be a short sell for a few months. Bullish tilt would emerge after sideways to play a relief rally.
Bull: long a breakout of resistance. This would also lend itself to the price pattern finally stopping its repetition after almost 2years of easy trades. Bearish tilt would be reactivated under the breakout of resistance.
Today we are going to look at Vertcoin (VTC) again. Back in the summer I noticed the similarities it had to Ripple (XRP) and have continued to follow it ever since. I also noticed that XRP tends to lead VTC. This relationship has yet to be broken and neither has VTC’s accumulation channel. You could enter this trade by buying the breakout and following the XRP pattern or by buying the dips in the accumulation zone. Happy Trading.
The bullish technicals for Ripple (XRP) have yet to subside. During the mid-Summer we first started writing articles and doing videos on this market because it was showing so many similarities to the BTCUSD bear market and subsequent accumulation zone. There was ample time to accumulate between 950-1050 satoshi’s and the trade is paying off nicely.
The upper pane is the XRPBTC weekly chart. There is a green candle printing this week and a bullish ema crossover that has not occurred in 15 months. This chart has nothing to do with the Wyckoff examples below it, however it does show how much potential there currently is in the marketplace. The weekly chart shows the ultimate potential of a market. Therefore when the StochRSI is oversold, the candles are printing green, and the EMA’s are bullishly crossing over it means now is the time to take the chart seriously.The next thing of importance to me is the factor of time. It has been 15 months since a bullish EMA cross and just shy of 2 years since there was a sustained uptrend with multiple green candles. Now let’s look at the Wyckoff structure.
The lower pane on the first chart is the XRPBTC daily chart. Here you can see that it looks much like the BTCUSD chart directly below it. They both look like textbook Wyckoff market structures to me, thus I will continue trading Ripple until there is confirmation of a bear trend emerging. The Wyckoff patterns on the lower pane of the second chart make me think that XRPBTC should be entering a re-accumulation zone before hopefully continuing upwards again. With all of the potential mentioned in the paragraph above a savvy trader is looking to trade these bull waves as an extended trade and not a quick in&out trade.
A CSN follower suggested we look at VertCoin and am I ever glad he did. As soon as I opened the chart it was as if I was looking at Ripple (XRP). We have been following it for the last couple of weeks so the chart was fresh in my mind, and once the charts were set up back-to-back it was just as similar as suspected. The video above gives a more in-depth view of all the chart similarities of what VTC needs to breakout.
Wow, that’s a beautiful replica of the previous consolidations and breakout. Even if this does not pan out, which I do believe it should, then it is at least a lesson in how markets are controlled by bots. Thus finding the patterns that occur in a market is extremely helpful when trying to guess the final destination of a trend. Currently the daily candles are green, there is a bullish EMA cross, and momentum indicators are overbought and ready to fly. Tight stops at the base of the breakout and add on the dips seems like the correct bullish thing to say right now. Happy trading!