This is an analysis by request. Please hit LIKE to start reading...
Ok my dear readers and beloved cryptocurrency traders, this is Alan Masters and I Love You! But what I actually mean is that you should always say... "I KNOW THAT I AM BLESSED AND I LIVE WITHIN THAT KNOWING. I LOVE & ACCEPT MYSELF NOW & ALWAYS"... Namaste.
Without making you read anymore love related paragraphs... Here are the support levels for Ripple (XRPUSDT) based on the Binance chart.
Ripple (XRPUSDT) Support Levels by Alan Masters
(1) $0.24
(2) $0.19 (The entire red rectangle is a demand zone)
(3) $0.14 (The orange rectangle is the next one)
Now, the question asked by one of our great followers:
"How likely are we go to as low as support (3)?" (Feel free to leave your questions in the comments section below)
Here is a possible scenario: but wait... here is my answer:
I don't see it as very likely unless XRPUSDT continues in bear mode for a very long time or if there is a flash crash/dump, which in turn would result in a quick bounce. So instead we focus on price action and check the candle close every week.
Example: This week closes today and we are below Fib. 0.236 @$0.30. If the weekly candle closes below this level, then we can expect to test our first support at $0.24. If the candle closes above then XRPUSDT has the chance to test EMA10 ($0.39).
I know this article is a bit disorganized, I apologize but hopefully it helped you understand better XRPUSD next support...
If yes... hit LIKE... MORE OPPORTUNITIES WILL ALWAYS COME...
@alanmasters Hi, I believe your wave count should be adjusted. It's ok 5 waves down 3 up and 5 more down but wave 4 never goes higher than wave 5 I would suggest you to review your wave count or explain why is that. Thanks
AlanSantana
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@malditoduende, Thanks a lot, highly appreciated.
I am new to Elliot Waves and just playing with it. Your comment is really helpful.
Namaste.
UnknownUnicorn1896036
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@alanmasters, I'm sorry I was wrong in my comment I meant:
wave 4 never goes higher than wave 1. Anyhow Elliott wave it's really interesting and gives a clue about market directions.