XRPBTC is in a descending wedge and nearing the apex and historical rising support level. I think that this coincides with turning point of wave 2 on an EW sequence. If this is true then I think we can achieve 1.618 fib level on the wave 3 bounce for an 11% gain. I'm invested on this one.
I'm not sure on the starting point for the first wave in the larger sequence - wave 1 doesn't match a fib level - but I think that this is irrelevant to this trade on the sub EW sequence. I think that the main EW risk is that the current wave 2 could be wave C on an ABC correction, but the wedge pattern is looking really strong to me so I am convinced it will break up strongly. BTC behaviour could impact the outcome but it looks to me like BTC will be stable or positive in the coming hours.
I am new to TA so please don't trade based on this idea. Constructive feedback welcome as I am keen to learn and become a better trader.
I'm not sure on the starting point for the first wave in the larger sequence - wave 1 doesn't match a fib level - but I think that this is irrelevant to this trade on the sub EW sequence. I think that the main EW risk is that the current wave 2 could be wave C on an ABC correction, but the wedge pattern is looking really strong to me so I am convinced it will break up strongly. BTC behaviour could impact the outcome but it looks to me like BTC will be stable or positive in the coming hours.
I am new to TA so please don't trade based on this idea. Constructive feedback welcome as I am keen to learn and become a better trader.
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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.