Here's a quick review of XRP.
My statement stays the same as mentioned in the previous analysis. In fact, we anticipated the current formed waves precisely. Make sure to check it out in Related Ideas section.
I believe now we are on wave B of the overall (possible) ABC correction pattern. Therefore, I'm expecting a complementary corrective wave C. Of course, we are going to test the previous support again (where wave A ended). However, If it won't hold, we can expect a fall to 0.5 and 0.618(golden ratio) levels of Fibonacci retracement.
Targets:
First Buy Zone:
0.70 - 0.71
Second Buy Zone :
0.65 - 0.66
Few arguments regarding wave B / Why we are NOT done with correction YET!
Let me know your thought in the comments!
My statement stays the same as mentioned in the previous analysis. In fact, we anticipated the current formed waves precisely. Make sure to check it out in Related Ideas section.
I believe now we are on wave B of the overall (possible) ABC correction pattern. Therefore, I'm expecting a complementary corrective wave C. Of course, we are going to test the previous support again (where wave A ended). However, If it won't hold, we can expect a fall to 0.5 and 0.618(golden ratio) levels of Fibonacci retracement.
Targets:
First Buy Zone:
0.70 - 0.71
Second Buy Zone :
0.65 - 0.66
Few arguments regarding wave B / Why we are NOT done with correction YET!
- Wave A only retraced to low fib level of 0.382. Moreover, It's hard to count three waves as ABC instead of only A. (inside A)
- RSI hitting the resistance line, where it's possible to bounce down from it again.
- Slight bearish divergence on the histogram.
Let me know your thought in the comments!
