Fibonacci is the KING of XRP
Hello Guys,
Welcome to my today's analysis on XRP. Let's have a look on what is going on.
From the perspective i look at the chart, we see the ABC correction equal to wave two of larger cycle completed where wave C is a beautiful 1-to-1 extension of wave A. Taking into consideration consideration that wave three should be following, we are currently leaving the station (buy zone). Wave three is often the longest, so setting 1-to-1 extension of wave one is a reasonable first target (1.35 USD). Assuming we are not getting FUDded and the japanese guy does not want to sell another 100k of bitcoins, we are likely to break the triangle upwards. Taking into consideration that wave two has corrected significantly, we can expect wave four to correct sightly. Further wave five will aim to reach target 1.7 USD.
Lets look at the indicators:
Summarizing all above, i see a great risk to reward setup to go long, with stop loss below the uptrend line. If the stop loss is activated, we can expect furter downtrend until .58 eventually forming double bottom.
Have a great day.
This is not a trading advice, do your own decisions!
D.
Welcome to my today's analysis on XRP. Let's have a look on what is going on.
From the perspective i look at the chart, we see the ABC correction equal to wave two of larger cycle completed where wave C is a beautiful 1-to-1 extension of wave A. Taking into consideration consideration that wave three should be following, we are currently leaving the station (buy zone). Wave three is often the longest, so setting 1-to-1 extension of wave one is a reasonable first target (1.35 USD). Assuming we are not getting FUDded and the japanese guy does not want to sell another 100k of bitcoins, we are likely to break the triangle upwards. Taking into consideration that wave two has corrected significantly, we can expect wave four to correct sightly. Further wave five will aim to reach target 1.7 USD.
Lets look at the indicators:
- RSI is currently hovering around the resistance/support levels, which is a good sign for further rise.
- MACD just performed bullish crossover.
- Stoch RSI is indicating upwards movement.
Summarizing all above, i see a great risk to reward setup to go long, with stop loss below the uptrend line. If the stop loss is activated, we can expect furter downtrend until .58 eventually forming double bottom.
Have a great day.
This is not a trading advice, do your own decisions!
D.
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