XRPUSD
From the December 2019 lows of about $0.1747 dollars, in Elliott Wave Terms, we have a nice 5-wave move to the $0.3468 dollar mark reach in mid-February of this year. A move that I will call Minor Wave 1.
After that, we have a clear 3-way move to the downside, a move that has retrace about 85% of the previous up-move. A move that I will call Minor Wave 2.
We can’t really be certain that Minor Wave 2 is finish, so far it has reached the lows of about $0.20 dollars, so it is possible for it to go lower.
Critical support level is at $0.1747 dollars, the December 2019 lows.
The $0.20 dollar level has hold since yesterday, even though Bitcoin reach a new low below $8,000 today, to about $7,685 USD. Meaning that in the last 2 days XRP has been outperforming Bitcoin which is bullish.
The RSI indictor is at the bottom, in the 4-hr chart, meaning that XRP is oversold in the short term, which is bullish.
I mention a possible Inverse Head and Shoulders Pattern before, this scenario is still possible and viable:
It seems to me that a low could have been reach yesterday at about $0.20 USD in XRP. I will be expecting Minor Wave 3 to follow to the upside above $0.35 USD.
I’m going long here at about $0.2080 USD with a stop at $0.1730 USD, just below the previous lows of $0.1747. It is not a recommendation, just what I’m doing.
Good Luck to You
Trade closed: stop reached:
$0.1746 USD was mega extra critical support on XRP. All bets are off.
Bitcoin also broke the critical $6,400 USD level. I didn't expect that. I'm sorry it all went bad.
No idea how low it can go. But possible a lot lower.
Cheers
Bitcoin also broke the critical $6,400 USD level. I didn't expect that. I'm sorry it all went bad.
No idea how low it can go. But possible a lot lower.
Cheers