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EW

In depth medium to long term analysis of Ripple (XRP-BTC) 'EW'Hello everyone, here is my look on Ripple's current status. I plotted all the waves in the chart, if you have any questions or different opinions about the waves please feel free to comment about it. Situation After a huge move to the upside Ripple started a pretty long term correction. The correction was around 88%. although this seems devistating, wave 2 in crypto retraces 8/10 times 80% of wave 1. So this is actually quite normal, especially after making impressive gains. The slow down movement is caused by many people not willing to let go of their bags. Since there were not a lot of buyers it took a long while before most of the people ended up selling. Around 2 weeks ago ripples price went below the mean downtrend indicating the possible end of the downtrend. Some more indications of bottoms: 1. Dying volume over the last weeks of the downtrend. 2. Disbelief sentiment on forums and chatrooms (which will continue till end wave 3, where most ppl will be bullish again). 3. Retrace of 85%. On the breakout of downtrendline 1. Impressive volume and downtrend line acting as support. 2. Break and crossing of 35 & 100 MA with both acting as support and bottom of wave 2 of 3. 3. RSI now trending above 50 lvl. Look at RSI on chart. Other possibilities 1. Complex correction: double zig zag. In this case we just had the first zig zag, the break of the downtrend will be wave X, which Is an ABC where A is the same as wave 1 of 3 and C will end at around 2.6 extension of wave 1. After this correction the next zig zag will unfold leading to even lower bottoms. Conservative approach: Sell 25-50% of your long at target wave 3 or C, which is between 13k to 16k satoshi (2.6 ext). and if the correction wave 4 Breaks the high of wave 1 (overlapping) sell the rest. Stop loss Break of the baseline of the parallel channel implies that the correction is probably not over and your best option is to take your loss here (3.4k satoshi). If you want to enter, it's still acceptable to do so. But of course the higher the price gets the worse your risk/reward ratio will become. Good luck!
Long
by RegideTrader
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