XRP- Review ABC Correction
Updated
Hi everyone,
As all coins (or almost) were retracing bullish we now have a consolidation with a bull flag in the making.
It has to be seen which scenario will be validated:
- The continuation of the ABC correction and thus possible retest of the weekly 70c support zone -» this could be confirmed if the bull flag breaks in a bearish way, thus failing.
- ABC invalidated when bull flag is confirmed via break out however we should in a solid fashion break the 1.70 resistance zone, almost like in a straight line -» otherwise this could still be the final extension of the B Wave.
B Waves or potential B Waves can be tricky and we see that even with the sub wave count both scenarios could be validated and of course each variation on it.
As prices evolves we can then see what will play out!
These analyses I do mostly for short term trades - I do hold XRP and believe in the long term gains.
As long term investors these price actions shouldn't bother us that much but are potential accumulation opportunities.
Kind regards,
Noel
As all coins (or almost) were retracing bullish we now have a consolidation with a bull flag in the making.
It has to be seen which scenario will be validated:
- The continuation of the ABC correction and thus possible retest of the weekly 70c support zone -» this could be confirmed if the bull flag breaks in a bearish way, thus failing.
- ABC invalidated when bull flag is confirmed via break out however we should in a solid fashion break the 1.70 resistance zone, almost like in a straight line -» otherwise this could still be the final extension of the B Wave.
B Waves or potential B Waves can be tricky and we see that even with the sub wave count both scenarios could be validated and of course each variation on it.
As prices evolves we can then see what will play out!
These analyses I do mostly for short term trades - I do hold XRP and believe in the long term gains.
As long term investors these price actions shouldn't bother us that much but are potential accumulation opportunities.
Kind regards,
Noel
Note
Sorry, B Wave (white line) should have been around the 1.70 resistance zone.Note
Note
When bull flag break out will go long at 1.5Trade active
Orders triggered - we will have to break previous resistance to confirm more bullish sentiment.Bull flag played out.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.