XRPUSD mini-cycle about to break upwards. New ATH in 2022?
XRPUSD is on a very strong green 1W candle, the strongest since August 09 2021, posting so far a sizeable recovery in the past 2 weeks. As a result, the price is currently testing the 1W MA50 (blue trend-line), which is the technical Resistance during corrections.
Interestingly enough, the correction since the April 12 2021 weekly high, shares the same characteristics (RSI and price action) with the Bear Cycles of 2018/19 and 2014/15. We can therefore claim that the current correction is a mini Bear Cycle. A break above its Lower Highs trend-line, should be enough to restore the bullish trend on the long-term. In the previous 2 Bear Cycles, XRP posted a 1 year rally after the Lower Highs trend-line broke. Do you think we'll see a new All Time High if it breaks again? The 2.5 Fibonacci extension around $6.70 is a potential candidate.
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Interestingly enough, the correction since the April 12 2021 weekly high, shares the same characteristics (RSI and price action) with the Bear Cycles of 2018/19 and 2014/15. We can therefore claim that the current correction is a mini Bear Cycle. A break above its Lower Highs trend-line, should be enough to restore the bullish trend on the long-term. In the previous 2 Bear Cycles, XRP posted a 1 year rally after the Lower Highs trend-line broke. Do you think we'll see a new All Time High if it breaks again? The 2.5 Fibonacci extension around $6.70 is a potential candidate.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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