20% Correction Incoming for ALTs
Due to the recent events, BTC has reached a highly extended overbought region which is too much for it to break the hardest resistances formed around the region of the ATH. In addition, fear and greed indexes have risen up to almost extreme greed, which historically has resulted in a correction. The BTC correction will probabil consist of a retrace to the neckline of the daily cup and handle pattern, specifically a retest of the 48-51k region. Therefore the above XRP price chart includes 4 strong support lines of some top to bottom fibonacci's, which would respect the formed trend lines. The idea is that once btc retest the region it will not be long before ALTs start to catch up with a powerful altseason.
A more severe correction would bring xrp price to the "sell house" region represented by the other major upwards trendline.
My advice is to tread this trade as a swing trade.
A more severe correction would bring xrp price to the "sell house" region represented by the other major upwards trendline.
My advice is to tread this trade as a swing trade.
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