XRP Following Elliott Wave Pattern. Upside Bullish Remains.
XRP has led the way as the first major sign of the resurgence of the Bitcoin bull market. As noted in my BTC analysis Bitcoin is in a consolidation period after definitively ending the bear market on June 24. XRP is showing us that the bear market is, indeed, over and that the bullish mindset of the market is returning.
We turn to the pre-Swell XRP pump. Looking at XRP on the smaller timeframes actually led me to make several trading mistakes as I got ahead of myself and didn't think objectively but got tied up in the excitement.
The pre-Swell pump is just the Wave 1 of a new Elliott Wave pattern for XRP and features the sub-waves that EW traders look for. The retracement from the local high that XRP hit should have been expected by myself, but I looked at too small a scale. If we look at the weekly chart for XRP we can see that XRP remains in oversold territory with bullish moves by the Stoch, RSI, and MACD. Also, looking at the retrace from the local high we see that $0.46 is the 38.2 Fib Retracement level. This is the likely point at which the XRP pullback will stop. From there we will target the 1.618 extension of Wave 1 presenting us with a target of $1.12 for Wave 3.
We turn to the pre-Swell XRP pump. Looking at XRP on the smaller timeframes actually led me to make several trading mistakes as I got ahead of myself and didn't think objectively but got tied up in the excitement.
The pre-Swell pump is just the Wave 1 of a new Elliott Wave pattern for XRP and features the sub-waves that EW traders look for. The retracement from the local high that XRP hit should have been expected by myself, but I looked at too small a scale. If we look at the weekly chart for XRP we can see that XRP remains in oversold territory with bullish moves by the Stoch, RSI, and MACD. Also, looking at the retrace from the local high we see that $0.46 is the 38.2 Fib Retracement level. This is the likely point at which the XRP pullback will stop. From there we will target the 1.618 extension of Wave 1 presenting us with a target of $1.12 for Wave 3.