Following a short pullback from 0.52 resistance look for upside target at 0.65 in June.
This chart is noisy, and even so there are many things hidden in it. It is difficult to remove the information on the chart and still reference it to whoever may find this useful. Normally I would include Fisher and RSI but have removed it to be able to show the end of this impulse series.
I believe we are in Wave 3 of what I am calling the Intermediate series. Inside this wave you can see where I have plotted the Minor and Minute wave structures supporting it. I actually plotted a Minuette structure but have hidden it to reduce the noise of the chart.
The focus of this chart is to show a potential wave structure ending in June which in theory could hit 0.65.
There is a channel forming now. If we assume this wave structure remains inside the channel, and following the 0.382 fib retracement and 1.0 fib extension guidelines we are looking at 0.65 about June 19th.
If we dig deeper into the current price we can see that we are in Wave 3 of the Minor wave and Wave 5 of the Minute wave, both of which would end around 0.48-49. That said. the phsycological level of 0.50 sometimes acts as a attractor so we could go as high as that. The 0.52 level is a resistance level going back to November, and farther back to April and June/July of last year. I fully expect a pullback from this level, which could also be the end of the Intermediate Wave 3.
Disclaimer: I am sitting on chunks from 0.28, 0.31 (several here) and 0.36. I do not plan on adding more to my position at this time as anything I could add would only increase my position size by 5% at this price.
This chart is noisy, and even so there are many things hidden in it. It is difficult to remove the information on the chart and still reference it to whoever may find this useful. Normally I would include Fisher and RSI but have removed it to be able to show the end of this impulse series.
I believe we are in Wave 3 of what I am calling the Intermediate series. Inside this wave you can see where I have plotted the Minor and Minute wave structures supporting it. I actually plotted a Minuette structure but have hidden it to reduce the noise of the chart.
The focus of this chart is to show a potential wave structure ending in June which in theory could hit 0.65.
There is a channel forming now. If we assume this wave structure remains inside the channel, and following the 0.382 fib retracement and 1.0 fib extension guidelines we are looking at 0.65 about June 19th.
If we dig deeper into the current price we can see that we are in Wave 3 of the Minor wave and Wave 5 of the Minute wave, both of which would end around 0.48-49. That said. the phsycological level of 0.50 sometimes acts as a attractor so we could go as high as that. The 0.52 level is a resistance level going back to November, and farther back to April and June/July of last year. I fully expect a pullback from this level, which could also be the end of the Intermediate Wave 3.
Disclaimer: I am sitting on chunks from 0.28, 0.31 (several here) and 0.36. I do not plan on adding more to my position at this time as anything I could add would only increase my position size by 5% at this price.
Comment:
Bitcoin just hit 9000 and immediate triggered a sell-off which is dragging down XRP. Someone does not like the 9000 level being breached.
Comment:
With a breach of that smaller channel were looking at a fall to 0.42, possibly 0.41
With a breach of that smaller channel were looking at a fall to 0.42, possibly 0.41
Comment:
So we ended up hitting 0.41 as expected after the breach of that smaller channel. A break of this larger channel could indicate another failed start and we could go down into the 30's again.
