I am feeling a bit short on XRP
To keep an open mind, there is very strong support between $1.06 - $1.00 and there is a possibility that price could bounce here as it appears to be a difficult price range to break. This would mean we are looking at a failed ABC correction. So I am watching price around this level to see what happens. However for the moment we are still in a ABC correction, so we will see how it plays out.
Let me know what you think.
- We are in the C leg of an ABC correction, theoretically price should at-least move down below $0.95.
- Price is still adhering to a descending triangle which is bearish.
- BTC broke out of its descending triangle on September 14th but looks to be rolling over.
- Based on previous price action, areas of interest are $0.93, $0.86 and $0.80
- If you view the 5 waves up as wave 1 of a larger trend than, we are in a wave 2 correction, which validates the price targets above.
To keep an open mind, there is very strong support between $1.06 - $1.00 and there is a possibility that price could bounce here as it appears to be a difficult price range to break. This would mean we are looking at a failed ABC correction. So I am watching price around this level to see what happens. However for the moment we are still in a ABC correction, so we will see how it plays out.
Let me know what you think.
Comment:
Price has started to move downward with price now at to $1.01 which is where I have a support line on, so lets see how this area holds. Next support level after that is around $0.94.
Trade closed: target reached:
Skipped buying in at $0.93. Instead I used 75% funds allocation and bought in at $0.862. Which I think is a great buy in price. I purchased in here because Bitcoin was fairly close to hitting $40K and was anticipating a bounce. Which it actually did. I have left 25% funds allocation for a possible lower price as I did have a price target of $0.80 which is possible as bitcoin is targeting $38k. I do think the bottom is nearing close.
