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I used Elliott waves to try to predict the XRPUSD trend over the next few weeks. The crypto market has experienced a fairly bearish period last month, though within a positive trend that began in March 2020.
XRPUSD has moved quite well within the Fibonacci levels creating a series of supports and resistances useful in identifying the vertices of the Elliott waves.
After the correction waves A B C in blue, new 5 impulse waves can be expected to retest the supports and resistances created on the Fibonacci retracements around the target values.
Only a clear drop below 0.2170 could write a different story, with the top reached on August 17th which would become the starting point for 5 descending waves opening a new downward phase.
My personal strategy is a long entry at 0.2257 with SL at 0.2140.
I used Elliott waves to try to predict the XRPUSD trend over the next few weeks. The crypto market has experienced a fairly bearish period last month, though within a positive trend that began in March 2020.
XRPUSD has moved quite well within the Fibonacci levels creating a series of supports and resistances useful in identifying the vertices of the Elliott waves.
After the correction waves A B C in blue, new 5 impulse waves can be expected to retest the supports and resistances created on the Fibonacci retracements around the target values.
Only a clear drop below 0.2170 could write a different story, with the top reached on August 17th which would become the starting point for 5 descending waves opening a new downward phase.
My personal strategy is a long entry at 0.2257 with SL at 0.2140.
Trade closed: target reached