Ripple / Bitcoin Long term Analysis
Updated
**Double click the price line to show the chart since its on log scale.
XRP made an impulsive move in the beginning of 2017. The arrow shows the impulsive leg since then it has been a big monthly correction.
First drop from the high of may 17 was the A wave of the correction. Currently we are in wave B which is looking like it will form some type of flat structure.
I'm using the regular flat for my forecast but depending upon the where the C wave goes it can either be a regular flat where it come to retest the high of a or it can fall short form a contraction flat with truncated wave. This possibility shouldn't be ignored while trading even though its not as probable as the regular flat.
From here, I expect xrp to do a big corrective structure and then take off once more to retest those highs of jan 18 to complete the final leg of flat structure forming the B wave of larger degree.
Following which we should get another impulsive leg down to test the lows of nov dec 2017 and break them before this correction can be considered complete and XRP can start a new impulse up.
XRP made an impulsive move in the beginning of 2017. The arrow shows the impulsive leg since then it has been a big monthly correction.
First drop from the high of may 17 was the A wave of the correction. Currently we are in wave B which is looking like it will form some type of flat structure.
I'm using the regular flat for my forecast but depending upon the where the C wave goes it can either be a regular flat where it come to retest the high of a or it can fall short form a contraction flat with truncated wave. This possibility shouldn't be ignored while trading even though its not as probable as the regular flat.
From here, I expect xrp to do a big corrective structure and then take off once more to retest those highs of jan 18 to complete the final leg of flat structure forming the B wave of larger degree.
Following which we should get another impulsive leg down to test the lows of nov dec 2017 and break them before this correction can be considered complete and XRP can start a new impulse up.
Note
Internal structure of this current correction - The first drop was the A wave no denying that.
From here the B wave could be complete and this current drop will go down to make the C wave. XRP/BTC continues to form corrective structures so this can break down once more. A larger correction will confirm that this infact the C wave going down
The alternate could be the B wave is still in the making and we are actually in the b subwave of the B wave.
Note
Watch out for both possibilities and be prepared for both outcomes. But in any case the correction is not yet near completion to be buyer for the potential higher time frame move up.
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