Crypto Contest January 11: Ripple
Ripple has broken out of the channel in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe Ripple is currently in the wave five in the two-hour chart. The five wave advance began on January 5. After this wave five is finished, Ripple should pull back in three waves and stay above the January 5 low before heading higher again.
(Chart courtesy of Tradingview.com)
Looking at the weekly chart, I believe Ripple is in the early stages of a wave three advance. The wave one began in September 2014, and finished in December 2014. The wave two correction could have ended on January 5. If this wave count is correct, Ripple should be heading higher next towards the December 2014 peak.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Ripple.
If you think this analysis is correct, upvote this post and upvote the comment "Ripple will takeout the October 21, 2016 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Ripple will drop below the January 5 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 January 5 low and the October 21, 2016 peak until February 8".
You can upvote the comment until 3 PM EST January 12 and you can upvote only one comment. 200% of Steem (2 X 0.162 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 stay in a trading range between the January 5 low and the October 21, 2016 peak until February 8 (18 voters as of 3 PM EST January 12: bleujay, fiveboringgames, daveks, yefet, majes, nextgen622, digit, idnit, grildrig, jdbry, bradenford, idnit1, idnit9, mrfoot, steemradio, tamersameeh, legends, angels).
You won.
Ripple will drop below the January 5 low (2 voters as of 3 PM EST January 12: gregory-f, twinner).
Ripple will takeout the October 21, 2016 peak (2 voters as of 3 PM EST January 12: steemalf, soundmoney).
Ripple will takeout the October 21, 2016 peak.
Please vote the first comment.
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Ripple will drop below the January 5 low