Hi Guys,
My previous idea said I was 'Bullish on XRP - Pathway to $2.80' which is linked below. This idea hasn't changed however, I didn't quite see that price was also being constrained potentially within a descending wedge and further downside might be in play to complete an ABCDE correction.
My previous idea said I was 'Bullish on XRP - Pathway to $2.80' which is linked below. This idea hasn't changed however, I didn't quite see that price was also being constrained potentially within a descending wedge and further downside might be in play to complete an ABCDE correction.
- Price is really sitting a precipice right now and could either go up as per my bullish scenario, or it could go down one last leg before heading up.
- I would wait until price is between $1.05 - $1.10 to consider a bullish scenario.
- Price is sluggish around the $1.00 mark so it is possible to roll over.
{*] If further downside is to be had I do think it is one last leg and then my bullish scenario to $2.80 will be in play.
Note
Drilled down to the 15min chart to see what price was doing, it appears that price is working within a descending triangle which could be bullish to $1.03. Resistance at $1.07 zone so price can still pull back.
Note
TheE wave has fallen through support, and price is now re-testing the descending wedge. It could bounce and go up or price can continue downward. There is Hidden Bearish Divergence at play presently, and price action is bearish.
Note
Price is now back trading inside the Descending Wedge. I am now targeting price ranges of $0.84 and $0.80.
Trade closed: stop reached
Price is decidedly bearish.
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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.