Ripple XRPUSD - Tripple support now! + Elliott Wave + Triangle
- XRP is currently sitting on the tripple support support (Horizontal + Trendline + 0.618 FIB) on the weekly scale, which should provide a very good buying opportunity!
- Also we have a symmetrical triangle that will break very soon.
- Bearish volume is very low on the weekly chart as you can see.
- Due to my Elliott wave count, we can be done with this pretty much disgusting wave 4 and continue higher to form a huge leading first wave diagonal!
- Previous all time high resistance (from 2018) is next resistance.
- If we measure a fibonacci retracement for this whole market structure - we are currently sitting on the 0.618 FIB!
- Last weekly candle has a huge wick, which is a sign of rejection and trend reversal.
- Also we have a symmetrical triangle that will break very soon.
- Bearish volume is very low on the weekly chart as you can see.
- Due to my Elliott wave count, we can be done with this pretty much disgusting wave 4 and continue higher to form a huge leading first wave diagonal!
- Previous all time high resistance (from 2018) is next resistance.
- If we measure a fibonacci retracement for this whole market structure - we are currently sitting on the 0.618 FIB!
- Last weekly candle has a huge wick, which is a sign of rejection and trend reversal.
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.