---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------
XRP/USDT: Bouncing off buying area
Context - The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend - XRP versus ETH remains flat (no specific under/out performance) - We are watching at 0,48 as resistance to re-integrate to provide a clear recovery signal in parallel of 2170 ETH - Watch 0,2990 as key Tactical support
Market configuration
- Graphical Elements : Graphical Resistance = 0,48 Graphical Support = 0,2990 & 0,1730
- Mathematical Indicators: EMA ( Exp Moving averages) are Flat = Neutral RSI indicator (below) is at 50% = Neutral
- Elliot & Harmonic Wave (Fibonacci): Fibonacci Target (C) B has been already reached = 0,29 Fibonacci resistance of the wave in progress = 0,48 Fibonacci support of the wave (2) = 0,2990 Fibonacci Bullish Target = 0,80
Conclusion
Preferred case => As long as 0,2990 remains support we are looking to buy the dip in the buying area in order to test and then surpass 0,48, before opening a further rise towards 0,80
NOTE: XRP for the time being is trading range with ETH on a mid-term basis - However shows a probability for an upside swing = XRP outperf versus ETH, which can offering a better performance as ETH a head of the Merge.
@s_hers, i'm not right or wrong i just highlight where is the Pivot level of the market Tactical support to keep the bullish element valid.... but if the market decide to reverse down by penetrating 0,2990 then i can highlight which will be the consequence in the bearish case.
Take care, jean
s_hers
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@JeanJean1983, so with this dump where we go now? Could you make an update please?
JeanJean1983
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@s_hers, No need update, 0,2990 is not penetrated for now so the view is still on going. Only a daily clsoe below would activate the bearish scenario