Target 0.56 - Again...
Updated
Sideways movement is exceedingly difficult to chart, so I took a step back and waited for the market to make its move.
The last real movement up we were looking at a target of 0.56. Everything is lining up for another test of that level. This is an important level as it has provided both resistance and support over last several months and, assuming my wave count is accurate, this also lines up as the 1.00 fib of Wave 3. The current price could retreat to the 0.50 level to hit the 0.382 fib of Wave 3.
We are right on the monthly pivot here at 0.53. It is entirely possible it will oscillate around that level, but since Wave 3 stopped just short, it provides enough room to break through it on the next push (Wave 5). Price could extend all the way to the HA Monthly Pivot, which is also at the (P+R1)/2 level. Wave 5 can sometimes be the extension wave, though Wave 3 pulled out a 1.272.
Technically this could be Wave 3 of the higher degree Wave structure, but I dont have enough data to confirm this yet.
If we extend to 0.56 I will be very prolific with updates, looking for an exit point to get out of my 0.48 trade, looking to re-enter around 0.49-0.50.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
The last real movement up we were looking at a target of 0.56. Everything is lining up for another test of that level. This is an important level as it has provided both resistance and support over last several months and, assuming my wave count is accurate, this also lines up as the 1.00 fib of Wave 3. The current price could retreat to the 0.50 level to hit the 0.382 fib of Wave 3.
We are right on the monthly pivot here at 0.53. It is entirely possible it will oscillate around that level, but since Wave 3 stopped just short, it provides enough room to break through it on the next push (Wave 5). Price could extend all the way to the HA Monthly Pivot, which is also at the (P+R1)/2 level. Wave 5 can sometimes be the extension wave, though Wave 3 pulled out a 1.272.
Technically this could be Wave 3 of the higher degree Wave structure, but I dont have enough data to confirm this yet.
If we extend to 0.56 I will be very prolific with updates, looking for an exit point to get out of my 0.48 trade, looking to re-enter around 0.49-0.50.
===========
As always, this is my personal observation and analysis of the market and is not intended to be trading advice. I can be, and have been, completely wrong in my analysis. I am not trying to identify a trend; a 5 year old can do that. I am trying to maximize XRP holdings by catching the waves as soon as possible. So, while anyone that identifies a trend can be right 100% of the time, finding those tops and bottoms is difficult and prone to error, but by and large I can increase my XRP holdings steadily.
Note
Seriously?!Fed Chairman says crypto is evil (great for money laundering) and the market dives. OF COURSE HE SAYS THAT!!! Crypto is the alternative to the fiat currency of which his entire existence depends on.
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