CanaTrader
Singkat

Short XRP - Elliott wave complete

POLONIEX:XRPBTC   Ripple / Bitcoin
Very distinct Elliott wave completed. Time to short. Too far, too fast.
I'd expect it to consolidate below 5000 sat.
If first and third waves are roughly same size, you might have to wait to identify a fifth wave extension. And even though I say this in hindsight, it's a valuable lesson to be learned.
+1 Balas
@ChrisOh, Yea, I blew my initial entry. But here's what was in my mind as it was running.

- Ripple pumped to 1/5th of the entire crypto market cap at the peak.
- It blew by Ethereum like it was standing still.
- Their coin structure (100,000,000,000 fully diluted) is designed to fool casual investors into believing "the coin is cheap"

I averaged my position up, and am still short. I'm confident in a significant pullback, especially now.
Balas
toast ChrisOh
@ChrisOh, is the additional gain the extension, and now the 5th wave is complete?
Balas
@toast, Following ripple's correctional patterns, I think the 5th wave may be complete, and may even already be corrected.
Balas
@toast, That's what I believe, yes. Any attempt to retest the high has been weak, on lower volume.
Balas
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