XRP false break & heading to $0.48 ?

BITFINEX:XRPUSD   Ripple / Dollar

After price has recovered from the bloodbath in the recent weeks/days, xrpusd has clearly gained strength again and broke the counter-trendline as shown above. However, calling this the end of the overall corrective structure, might be a bit too early in my opinion as the corrective structure looks to me very much like a zig zag , which would find its minimum target at around $0.48 before rocketing again towards 4.00-4.15ish levels for the completion of wave 5. I would like to see at least a retest of the recent low at $0.85 before being more comfortable considering a long position.

We also have a very strong correlation to BTCUSD - which is another factor why I avoid taking a long now and are rather short-biased. As you might have seen on my previous analysis, a drop to 8k on BTCUSD seems very possible. If this should happen, I do not see a high probability on xrpusd continuing rising.

The other option would be that price breaks through the current range box marked above and heads to $2.25 before falling again, to - same as in the first scenario either $0.85 or $0.50-0.40 levels.

Both scenarios would be invalidated if we get to see a strong close above $2.25. In the case of being wrong and seeing price violating the point of validation, I'll wait for a pullback before buying again.
Kommentar: The bloodbath has begun
on the XRP chart ideas page, you are the only one short XRP -- and you are probably right
+1 Antworten
@s4aks, be fearful when others are greedy and be greedy when others are fearful. As the majority of retail traders are losing money, the retail trader market sentiment can often be used as a contrarian indicator. Not always, but often. If you see the very same analysis over and over again this should be in most cases a red flag - especially in the crypto market with a tremendous flood of new unexperienced traders.
+2 Antworten
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