BITFINEX:XRPUSD   Ripple / U.S. Dollar

XRP Cryptocurrency token, 12 hour bars, 040918, 5:45 am, EST.
Michael Mansfield CIO, CryptoPlayhouse.

Hola friends, Ripple has likely found strong price
support for at least a 3-7 day bounce and perhaps a strong
Elliott Wave trend move up (blue 5 wave sequencing).

Alternative count (red ABC corrective waves) would still call for a rally here, but it would be relatively short lived pop or or a drawn out ugly bounce followed by new lows back down to the 0.25-0.20 area. Either way, a new bounce is likely now.

1. Both the short-term and medium-term cycles turned up over the past 24 hours
capturing the low timing thus far.

2. StochasticRSI had two higher swing lows, which is bullish , even if in the upper zone now.

3. Volume was consistently declining with the price decline, which
bodes well for a nice bounce or more.

4. Up move in December was impulsive (trending), while selloff was corrective,
at least the first leg down from the December high until the Feb 6th low.
A positive sign as well.

5. Perhaps the two most important items is that XRPUSD stopped
right on the lower Andrew’s Pitchfork (thick black line where price bottomed),
and exactly when these the cycles said it should have bottomed, which, is not always the case.

Best case scenario is a 5 wave advance up to 10.60 area,
July 7-12, with the 11th as the center date.

The combination of cycles, market geometry and Elliott Waves
is the most rational manual way to forecast markets in my decades of

Cheers and best wishes,

Michael Mansfield

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