Falling wedge has completed and has likely confirmed. I’ve associated both a WXY correction pattern and a Wyckoff Distribution phase to the wedge. The WXY comprises three ABC patterns. The Distribution starts at W and ends at Y.
The dotted vertical lines act as WXY and ABC markers. The horizontal dotted lines correspond to key points in a Distribution phase...
Looks like an accumulation is underway. Price could jump to $.20. No set rebuy price target on the retrace but it could dip below $.18 or only insignificantly. XRPUSD has been under a lot of perceived sell pressure. That pressure could in fact be heavy whale accumulation. If you think so, then don’t expect much retrace.
Since XRP’s rally in Dec 2017, white vertical line indicates that rally’s start, XRP has undergone a massive Wyckoff distribution, red lines used to indicate the typical distribution pattern, and it has undergone Wyckoff accumulation, as similarly indicated by green lines.
No price target. Historically, alt coin rallies are short lived and intense rallies. A...
Completed ascending triangle pattern. Price could be in parallel channel. If so, price can drop to and bounce at the intersections of the yellow lines.
Sept 2020: possibly $2012 or $1735
Sept 2021: possibly $2012 unless price breaks below channel.
If so, price would reach at least 2082 by end of April. Price would then drop between May and June. Price would eventually quickly rebound at about 1177 sometime around August. It could reach 960-995 if it breaks below 1177.
Technically, price can throwback to $1.99 USD, the ultimate target price, but $.58 to $.78 is more probable. Bulkowski states Falling Wedges often result in throwbacks of only 62% target price.
Note: Falling Wedges typically breakout at about 60% of the Wedge’s length from start to end. That is not the case here.
Yellow lines indicate possible completed ABC correction.
Descending channel indicates possible completed Wyckoff distribution.
Blue lines indicate possible completed Wyckoff accumulation.
The Wyckoff patterns imply XRP could rally to at least ~$.48. The ABC pattern implies XRP could rally much higher.
All in the chart.
W1 - W2: Great Depression and World War II
W3 - W4: Great Depression revisited and World Biological Warfare (COVID-19?)
W5: Not calculated. Randomly placed.
W3 price fib ext of W1 depends on how you calculate it but is between 2.618 (3 - .382) and 4.
All in the charts.
Consider contributing BTC to the trading wallet provided in my profile.
If you gain: to support me continuing to create similar charts.
If you lose: to support me creating better charts.
More than one way to skin a cat but not BTC. Daily, weekly, bi-weekly, and monthly all targeting about 7200-7300. I consider this a wave 2 down. Therefore, expect alt-usd pairs to drop with btcusd. However, expect alt-btc pairs to pump.
Assumption: BTCUSD has finished a higher degree Waves 1 and 2, and a lesser degree wave 1 of Wave 3 has been playing out. In lesser wave 1, a subwave 4 completed and subwave 5 has begun.
Subwave 5 could rise anywhere between 300-361% based on subwave 1 and 3. However, overall Wave 3 target is much higher, indicated by the horizontal line.
Trade together, paid together.
Primarily speculation forecast with some basis from 1 min closing.
At time of publishing, accumulation playing out on 1 and 5 min timeframes. Pink lines represent 1 min targets based on actual closing prices. Blue lines represent 5 min forecast targets based on pattern and the 1 min targets. Yellow line represents potential ‘spring’ in 5 min timeframe. A spring...