Let's see what is going on with Ripple from the chart point of view.
From 04/01/2018 high, XRPUSD has been correcting and pushing lower and lower until 0.5627 where I propose the cycle over. Since then, the altcoin has bounced in a 3 waves move to 1,2296 leaving ways to bear to come in again. A first equal leg area from 10/02/2018 cycle was reached but the bounced failed to break above 1,2296 and bears sent it back to new lows at 0.7333.
My view is bullish in the daily, neutral in 4H, so I had to try to buy any correction in 3 waves move.
09/03/2018 low ended the cycle from 05/03/2018 high and more importantly 10/02/3018. So as long as above 0.7333, I expect Ripple to resume uptrend. Should 0,7333 fails to hold from current level, we would revisit 0.4809, below 0.5627 and therefore a bearsih sequence in daily would mean trouble for the altcoin.
I'd like to see a break above 1,2296 to buy corrections.
From 04/01/2018 high, XRPUSD has been correcting and pushing lower and lower until 0.5627 where I propose the cycle over. Since then, the altcoin has bounced in a 3 waves move to 1,2296 leaving ways to bear to come in again. A first equal leg area from 10/02/2018 cycle was reached but the bounced failed to break above 1,2296 and bears sent it back to new lows at 0.7333.
My view is bullish in the daily, neutral in 4H, so I had to try to buy any correction in 3 waves move.
09/03/2018 low ended the cycle from 05/03/2018 high and more importantly 10/02/3018. So as long as above 0.7333, I expect Ripple to resume uptrend. Should 0,7333 fails to hold from current level, we would revisit 0.4809, below 0.5627 and therefore a bearsih sequence in daily would mean trouble for the altcoin.
I'd like to see a break above 1,2296 to buy corrections.
Note
XRPUSD is challenging 0.7333. A break below this level, unlike bitcoin or other altcoins at their support, would need a trunctaced cycle in lower time frame. Not a big fan as the drop might be more significant.On watching list
Order cancelled
All coins in red, let's not fight with 4h setup and 1h execution. Update the count and reassess.
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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.