EW Analysis: Ripple Doesn’t Show Any Bullish Signs, Yet!
Hello everybody!
Today we will talk about Ripple (XRPUSD)!
As many cryptocurrencies, even Ripple made a strong five-wave rally in 2017, but in EW theory, after every five waves, a three-wave pullback follows!
Well, seems like Ripple is trading now in that big and deep (A)-(B)-(C) correction for 2018 and probably even for 2019, ideally back to around previous wave (4), which is the most common support for a correction of a higher degree! And as you can see, there's still room for more weakness towards 0.20 - 0.13 support area, so current price action and long+sideways wave structure should be as part of a corrective wave (B), which we see it as a bearish triangle pattern! What we want to say is that despite bullish turn on many major cryptocurrencies, we still think that the bottom is not in place yet, especially because of that Ripple logarithmic scale chart, which has the same wave structure as it had Bitcoin in November last year! However, we believe that when Bitcoin turns down into a bigger correction, this is when Ripple may drop into a new 2-year low!
That being said, we are currently observing a big bearish triangle in wave (B) that can take some time, ideally till the end of the 2019. And, once it fully completes, this is when it may send the price towards 0.20 – 0.13 support area for a wave (C) to complete that big three-wave corrective decline from all-time highs. Later then we can expect a strong bounce a bullish reversal!
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about Ripple (XRPUSD)!
As many cryptocurrencies, even Ripple made a strong five-wave rally in 2017, but in EW theory, after every five waves, a three-wave pullback follows!
Well, seems like Ripple is trading now in that big and deep (A)-(B)-(C) correction for 2018 and probably even for 2019, ideally back to around previous wave (4), which is the most common support for a correction of a higher degree! And as you can see, there's still room for more weakness towards 0.20 - 0.13 support area, so current price action and long+sideways wave structure should be as part of a corrective wave (B), which we see it as a bearish triangle pattern! What we want to say is that despite bullish turn on many major cryptocurrencies, we still think that the bottom is not in place yet, especially because of that Ripple logarithmic scale chart, which has the same wave structure as it had Bitcoin in November last year! However, we believe that when Bitcoin turns down into a bigger correction, this is when Ripple may drop into a new 2-year low!
That being said, we are currently observing a big bearish triangle in wave (B) that can take some time, ideally till the end of the 2019. And, once it fully completes, this is when it may send the price towards 0.20 – 0.13 support area for a wave (C) to complete that big three-wave corrective decline from all-time highs. Later then we can expect a strong bounce a bullish reversal!
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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