XRPUSD
Here is my Elliott Wave Count on XRP, I´m short term bearish, long term bullish. It seems like it still has way to go down, it is not bouncing from supports level, not even when Bitcoin is rallying, and it is still declining in terms of satochis, it seems like it could still decline to about 0.00002 satochis.
The 22 cents is calculated by multiplying 0.00002 x 10,800 = 0.216. As I believe it will reach that level when Bitcoin finish what it looks like it's current triangle pattern. Of course if Bitcoin takes a different path then the price target will be off. Either way, I expect XRP to go down in the short term.
I’m short here with a stop at $0.3530 USD. If it breaks this level then my wave count is wrong and I will be going long.
I’ll increase my shorts if we go below $0.29 USD on XRP.
Altcoins overall, seems very bearish, not only XRP, even with Bitcoin rising, so if I prefer to be long Bitcoin for the time being and short Altcoins.
Good Luck in your Decisions
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Here is the wave count in terms on BTC.
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Just in case you where wondering how I'm shorting XRP, I'll tell you.
I'm using Bybit, I prefer it to Bitmex because it lets you trade XRP, long and short in terms of USD, instead of Bitcoins, which is big plus these days if you trade Altcoins.
Here is my link: www.bybit.com/app/register?ref=WQXmQ
Good Luck to You
I'm using Bybit, I prefer it to Bitmex because it lets you trade XRP, long and short in terms of USD, instead of Bitcoins, which is big plus these days if you trade Altcoins.
Here is my link: www.bybit.com/app/register?ref=WQXmQ
Good Luck to You
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Here is the Triangle Pattern I mention on Bitcoin before:
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One thing that I miscalculate is that wave 3 can never be the shortest. Since it was about 9 cents, that means that wave 5 can’t be longer than 9 cents. That limits the price target to a maximum of 26 cents. So let’s say the updated price target of this decline is between 28 and 26 cents.
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Here is an updated count that will allow XRP to drop to a maximin level of $0.21 USD. Just move a bit the end of wave 3 and 4.
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I'm taking 50% off from my short position, just to be careful, leaving the rest for later.
Trade closed: target reached:
I'm closing all my short position now at $0.297 dollars, it looks like it could bounce overnight to $0.32 dollars, and I don't want that to happen to me while I'm sleep. I believe that it has still long to go to the downside, but I'll reopen my shorts after a bounce.
Good night
Good night
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Here is an updated wave count, apparently, we are still making a fourth wave up, which is an expanded flat. The target of that wave will be about $0.34 USD. After that a fifth wave should emerge that should take XRP below $0.28 USD.