Good evening family,
Today is February 14th, 2023. 777 days ago XRP put in an important bottom on December 29th, 2020, seven days after the SEC charged Ripple. I already mentioned the importance of number 777, the Angel number. Will it bring luck? I find it interesting that my count suggest we could put in an important bottom one of these days. Of course I have more believe in my count then in that number, but we'll see...
I was pretty active on Twitter over the weekend, market started to dump on Sunday evening as expected. The market retraced a perfect 61,8%, very common to see such a deep retracement after a diagonal. Been struggling with the count a bit though because of degree issues. To solve these issues I had to change the count a bit as follows :
I originally counted a double zigzag, but because the 2nd zigzag produced a c-wave that was longer then all of "W" I had to come with a solution, and the solution is that after the "X" we started going down in zigzags of a lower degree (green color). So the 2nd zigzag Y consist of 2 zigzags connected with a lower degree x, that is actual the boring price action we saw over the weekend.
Have we reached a bottom? Impossible to know this for sure at this point, there could be an additional zigzag in the downward direction, and that zigzag can be of the orange or green degree. Only strength can confirm a bottom. But in the late afternoon we put in a higher low and that gives me convenience that the Y of green degree has completed.
Today I have focused on XRP price action and the plan was to add some XRP to my bag, and that's what I did - lowest price I paid was €0.339. Bought for lower prices in June, but I found this a good opportunity to do (hopefully) a final purchase. As stated above, it is possible we go a lower in zigzag style, I still have power on the sidelines if that comes. I also added a small amount of LINK & XTZ, 2 coins that have been lagging a bit.
Big picture :
In case of further downside the lowest acceptable for me would be a retest of the diagonal trendline coming in at $0,33.
Thanks for your interest and Good Luck!
Lots of Love
