We have picked the Ripple as our favorite cryptocurrency for an analysis, as it seems to be behaving in ordinary patterns and structures.
As it stands of now, in fact,
XRPUSD
seems to be in a wave 4 correction of a 5 wave impulsive movement. As wave 2 correction has been very slow and extended, wave 4 should the opposite, such as the impulsive and strong movement to the downside it is having now. Please note that wave 4 has already spiked down all the way to the 0.382 Fib, and it won't necessarily consolidate further to the downside, before resuming it's upward impulse. For buy and hold strategy, investors can go long now. For short and medium term buy opportunities, wait for an ending diagonal to the downside on the 4hr or 60min timeframe, and buy the break of said or similar structure to the upside, with a stop loss below it.
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
As it stands of now, in fact,
XRPUSD
seems to be in a wave 4 correction of a 5 wave impulsive movement. As wave 2 correction has been very slow and extended, wave 4 should the opposite, such as the impulsive and strong movement to the downside it is having now. Please note that wave 4 has already spiked down all the way to the 0.382 Fib, and it won't necessarily consolidate further to the downside, before resuming it's upward impulse. For buy and hold strategy, investors can go long now. For short and medium term buy opportunities, wait for an ending diagonal to the downside on the 4hr or 60min timeframe, and buy the break of said or similar structure to the upside, with a stop loss below it. Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Comment:
As forecasted above, wave 4 was completed and the Ripple made a very nice consequent impulse to the upside. Congratulations to all traders who took the trade! We believe that a consolidation to the downside will be coming soon (please refer to our following detailed analysis on this).