Hello Traders,
After 3 days of bull run, it is time for some consolidation.
As you can see from the chart, 70 cents has been a major resistance at the moment, and Ripple failed to surpass this point twice in last month.
Both Stoch RSI and RSI are both in overbought region, so I expect sosme retracement from here.
My initial target is 65.7 cents (23.8 retracement), followed by 62.3 cents (38.2 retracement). I don't expect Ripple to go anything lower than 38.2% retracement level, as it will most likely find support at EMA200.
If we consider this first rally as first wave of elliot wave, then I expect 3rd wave to be an explosive one, and my target for wave 3 will be 97 cents or $1.08 depends on where wave 2 completes.
Happy Trading!
After 3 days of bull run, it is time for some consolidation.
As you can see from the chart, 70 cents has been a major resistance at the moment, and Ripple failed to surpass this point twice in last month.
Both Stoch RSI and RSI are both in overbought region, so I expect sosme retracement from here.
My initial target is 65.7 cents (23.8 retracement), followed by 62.3 cents (38.2 retracement). I don't expect Ripple to go anything lower than 38.2% retracement level, as it will most likely find support at EMA200.
If we consider this first rally as first wave of elliot wave, then I expect 3rd wave to be an explosive one, and my target for wave 3 will be 97 cents or $1.08 depends on where wave 2 completes.
Happy Trading!
Trade closed: target reached:
Can it go 59 cents!??