$XRP #Ripple - Failed to Break Bearish Trendline - Stupid $BTC!
In my last analysis I mentioned that for the bounce to really be confirmed it would need to get past the 2nd bearish trend-line. Instead of breaking it, $XRP touched it and retreated, further validating that trend-line. However, at the moment of touch, like a drowning person reaching up in a desperate plea for help, $XRP had simply ran out of air with indicators like RSI in overbought territory. While LOI is continuing to decline across all time-frames there is a glimmer of hope of another attempt to break the surface building up, one last frantic effort to find footing before succumbing to the depths below.
Stay tuned here, and @ExsiliumI for updates to this epic struggle as $BTC flounders about wrecking havoc to those near it.
Dont give up Ripple, you can do it...
On a more useful note: I wanted to point out some Elliot Wave analysis specifics. Wave 1 from 0.46 to 0.96 is still valid as long as the price doesnt go below the start of Wave 1. It is very normal for Wave 2 to retrace pretty deep into Wave 1, and as you can see from this chart, we just hit the 0.618 fib level at 0.65. Its possible that we could retrace to the 0.764, though I would be pretty surprised. If it did break past the 0.618 level we could go as low as 0.54-0.55, past the 0.764 fib.
I put a trendline in the RSI indicator window
Stay tuned here, and @ExsiliumI for updates to this epic struggle as $BTC flounders about wrecking havoc to those near it.
Dont give up Ripple, you can do it...
On a more useful note: I wanted to point out some Elliot Wave analysis specifics. Wave 1 from 0.46 to 0.96 is still valid as long as the price doesnt go below the start of Wave 1. It is very normal for Wave 2 to retrace pretty deep into Wave 1, and as you can see from this chart, we just hit the 0.618 fib level at 0.65. Its possible that we could retrace to the 0.764, though I would be pretty surprised. If it did break past the 0.618 level we could go as low as 0.54-0.55, past the 0.764 fib.
I put a trendline in the RSI indicator window
Comment:
Bearish trendline was just punctured. LOI is increasing on 15m chart. This looks to be the confirmation of bounce and end of Wave 2.
Comment:
Heads up - I forgot to mention that the Monthly Pivot point is at 0.75. It could prove to be significant resistance.
