Technically, my call has been validated.
We wicked to $0.628. So that means the bottom’s in right? Right??
Sorry.. But even if XRP closes above $0.67, the daily RSI is going to be back below 70. I wouldn’t even be surprised if we see a green hourly wick go back as high as $0.68 (unlikely but possible). However with the daily RSI back below 70, another leg down is all but assured. More over, because this move occured after completing a wyckoff distribution pattern, which this first pull back marks the final phase of, the voracity of this first pull back makes me even more confident it’s going to be more painful than not. Suggesting that instead of price bottoming somewhere around $0.58-$0.59 (which was what I was hoping we’d see) it’s looking more like our bottom is more likely to be around $0.54-$0.55.
I’d be remissed if I didn’t state, TA isn’t a science. Nothing is ever certain when trading, and this is especially true of crypto markets. It doesn’t matter how strong your pattern recognition is, how accurately and perfectly you utilize and understand the TA tools you utilize in pricing markets. The markets will get the better of you. This is why no matter what you should never expose yourself to more risk than you’re able to stomach. This is important not just for the sake of peace of mind, but also to help keep your emotions in check/out of the equation in regards to your analysis.
Warren Buffet famously stated; “The stock market is a device for transferring money from the impatient to the patient.” But I feel amore accurate assessment is that markets move in such a way that they transfer money from emotional reactivist to proactive stoics.
As always, I do not recommend anyone trade based off of my calls. I’m 2/0 in the last week, it’s only a matter of time until I get humbled.
submitted by /u/LeftJayed to r/XRP
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