Once again I am looking at the bigger picture in Ripple. Elliot waves are clear cut, even the ABC seems to have formed quite nicely on this larger timeframe. I am using log scale for this trendline analysis as well as to better count this super cycle. Ripple is currently trading sideways if this continues then it will test the red trendline within 2 weeks. If this trendline is broken we risk this C wave becoming drawn out and we will likely have to consider longer term bearish scenarios.
A break of the trendline will likely lead to a drop to 71 cents. If this fails then a fast drop to 56 cents is likely as there is no support between these levels. My worst case scenario is a drop to 26 cents (back where we started), this a low probability scenario but I think it is on the table if BTC does go to 6k or lower.
In the shorter term we need to see ripple rallying soon to consider the total correction over. As it stands this count looks quite probable to me and I doubt we will get a truncated C wave as I have drawn in the chart e as we are still in a bear market. So i caution traders going long to be careful as this correction does not look finished quite yet.
Comments and feedback are appreciated and like and follow for updates. Will do a shorter term analysis after some sleep :)
A break of the trendline will likely lead to a drop to 71 cents. If this fails then a fast drop to 56 cents is likely as there is no support between these levels. My worst case scenario is a drop to 26 cents (back where we started), this a low probability scenario but I think it is on the table if BTC does go to 6k or lower.
In the shorter term we need to see ripple rallying soon to consider the total correction over. As it stands this count looks quite probable to me and I doubt we will get a truncated C wave as I have drawn in the chart e as we are still in a bear market. So i caution traders going long to be careful as this correction does not look finished quite yet.
Comments and feedback are appreciated and like and follow for updates. Will do a shorter term analysis after some sleep :)
Trade active:
Trendline broken if BTC goes down more double bottom is very much in play.
Trade active:
Approaching buy zone, should occur when BTC goes to 7.2k.
Trade active:
This is easy, enjoy your profits. Additional targets:
0.71
0.81
1.00
0.71
0.81
1.00
Trade active:
Hey guys with the market looking weak I am considering the 0.26-0.30 as a decent probability. Let's see if we can make some more bounce profits.
