Crypto Contest April 17: Ripple
Ripple has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, Ripple began a wave one on March 1. The wave one advance finished on March 24, and the wave two correction ended on March 27. The wave three advance finished on April 2, and the wave four correction ended on April 3. If this wave count is correct, Ripple should be heading next towards the April 2 peak in the wave five.
(Chart courtesy of Tradingview.com)
Looking at the weekly chart, Ripple began a wave one advance in September 2014. The wave one advance finished in December 2014, and the wave two correction ended on March 1 this year.
(Chart courtesy of Tradingview.com)
If you think this analysis is correct, upvote this post and upvote the comment "Ripple will takeout the April 2 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Ripple will drop below the March 1 low".
If you think Ripple is in a range, upvote this post and upvote the comment "Ripple will stay in a trading range between the March 1 low and the April 2 peak until May 12".
You can upvote the comment until 3 PM EST April 18 and you can upvote only one comment. 200% of Steem from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first). Only participants with a Reputation of 35 or more will qualify in the contest.
Ripple will drop below the March 1 low (4 voters as of 3 PM EST April 18: bleujay, me-tarzan, cassidyandfranks, starline).
Ripple will takeout the April 2 peak (4 voters as of 3 PM EST April 18: anotherjoe, gregory-f, mprgrmmr, ragnaros).
There are no major feature upgrades for ripple and no new big banks in sight, therefore I do not see any driver to take out the April 2 peak. And these super peaks for ripple only only seem to happen every two years around. If it does happen soon I will be a happy camper :-).
(source: http://www.happycamperchicago.com/)
Sentiment, which is what EW measures, doesn't need feature upgrades. It doesn't need to be rational. It doesn't need logic. It only needs emotion and a mob. ;)
You won.
Ripple will stay in a trading range between the March 1 low and the April 2 peak until May 12 (6 voters as of 3 PM EST April 18: twinner, tfeldman, spinbunny, steempowerwhale, yefet, avarice).
Ripple will stay in a trading range between the March 1 low and the April 2 peak until May 12