$XRP #Ripple - Bears Loosing Power, 7-day TL Holding - New Pivot
Updated
Thats always fun, having your predicted new Elliot Wave impulse series invalidated. It is what it is. Yesterday I had plotted a series based on Wave 1 and 2 being complete. Elliot Wave theory says that Wave 3 cannot be the shortest wave, and with the sideways movement over the last 24 hours, I have to figure out a new count which will take some time as the formation completes.
The move up was limited by the 7-day bearish trend-line marked in red, with several attempts to breach over the last 24 hours denied. While in the near term we seem limited by that trend-line, the fact that there has been no real effort downward again signals that the Bears are running out of power. A break above this trend-line will signal a continuation to 0.69, both the Monthly Pivot and the same area I was predicting for a Wave 3 end.
Keep an eye on the 4H RSI for a break above its trend-line as well as a signal for a continued bullish move.
There should be a break out of this side-ways movement within the next 8-12 hours as the RSI ascending triangle completes.
While I hate to encourage the idea, there is the possibility that price will break down, but I believe from my analysis that this is less of a possibility than it was two weeks ago.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
The move up was limited by the 7-day bearish trend-line marked in red, with several attempts to breach over the last 24 hours denied. While in the near term we seem limited by that trend-line, the fact that there has been no real effort downward again signals that the Bears are running out of power. A break above this trend-line will signal a continuation to 0.69, both the Monthly Pivot and the same area I was predicting for a Wave 3 end.
Keep an eye on the 4H RSI for a break above its trend-line as well as a signal for a continued bullish move.
There should be a break out of this side-ways movement within the next 8-12 hours as the RSI ascending triangle completes.
While I hate to encourage the idea, there is the possibility that price will break down, but I believe from my analysis that this is less of a possibility than it was two weeks ago.
=======================
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
For future updates to this Analysis follow me here, or if you want to get more up-to-date updates to price action follow me on Twitter @ExsiliumI.
Note
4H RSI just broke down through previous plotted trendline. However, price has not broken lower than 0.60 which would be needed for any sort of bearish consideration.
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