I am guessing that crossing 21 EMA (weekly chart) currently around $43,500 and if weekly candle closes below that yellow line, it could be a point of no return and price could continue go lower forming a descending channel
After observing price is finding resistance at $20.00, and Stochastic indicator is at a level of 92 (pverbought), price might move downward to a lower low, probably $19.50
I am personally entering a short position
STOP LOSS $20.02
TARGET 1: $19.70
TARGET 2: $19.60
TARGET 3: $19.50
Not financial advice, do your own research...
Be aware of Main Stages in a Bubble, next phase is DESPAIR and price might go to unseen values below 10 cents,
Do not panic, just wait and start Dollar Cost Averaging at $0.10, $0.09, $0.08, $0.07, $0.06 and even $0.05
You will be doing unbelievable entry points and an excellent average price of 7.5 cents per XRP (if buying always same amount of money Example:...
trying to findout 5 waves of WAVE 3, following same rules as in Part 1, except for WAVE 5....If wave 5 is extended -wave 3 needs to be longer than wave 1, otherwise Elliott Wave count is wrong.
Other option is that WAVE 3 would be of an extension of 2.618 instead of 1.618...
I guess we'll find out soon
After observing XRP price retracement action I am assuming the following
Wave 2 = 0.618 of Wave 1 (Completed)
Wave 3 = 1.618 of Wave 1
Wave 4 = 0.382 of Wave 3
Wave 5 = Wave 1
and those are the expected values
According to Stochastic Indicator in the Weekly chart, Tezos is extremely oversold and potentially forming a rising wedge heading to $7.73 usd, retracing and then heading to $11.40 usd (resistance match fibonacci extensions)
What do you think about it?