XRP/USD 4H
After price has recovered from the bloodbath in the recent weeks/days, xrpusd has clearly gained strength again and broke the counter-trendline as shown above. However, calling this the end of the overall corrective structure, might be a bit too early in my opinion as the corrective structure looks to me very much like a zig zag, which would find its minimum target at around $0.48 before rocketing again towards 4.00-4.15ish levels for the completion of wave 5. I would like to see at least a retest of the recent low at $0.85 before being more comfortable considering a long position.
We also have a very strong correlation to BTCUSD - which is another factor why I avoid taking a long now and are rather short-biased. As you might have seen on my previous analysis, a drop to 8k on BTCUSD seems very possible. If this should happen, I do not see a high probability on xrpusd continuing rising.
The other option would be that price breaks through the current range box marked above and heads to $2.25 before falling again, to - same as in the first scenario either $0.85 or $0.50-0.40 levels.
Both scenarios would be invalidated if we get to see a strong close above $2.25. In the case of being wrong and seeing price violating the point of validation, I'll wait for a pullback before buying again.
After price has recovered from the bloodbath in the recent weeks/days, xrpusd has clearly gained strength again and broke the counter-trendline as shown above. However, calling this the end of the overall corrective structure, might be a bit too early in my opinion as the corrective structure looks to me very much like a zig zag, which would find its minimum target at around $0.48 before rocketing again towards 4.00-4.15ish levels for the completion of wave 5. I would like to see at least a retest of the recent low at $0.85 before being more comfortable considering a long position.
We also have a very strong correlation to BTCUSD - which is another factor why I avoid taking a long now and are rather short-biased. As you might have seen on my previous analysis, a drop to 8k on BTCUSD seems very possible. If this should happen, I do not see a high probability on xrpusd continuing rising.
The other option would be that price breaks through the current range box marked above and heads to $2.25 before falling again, to - same as in the first scenario either $0.85 or $0.50-0.40 levels.
Both scenarios would be invalidated if we get to see a strong close above $2.25. In the case of being wrong and seeing price violating the point of validation, I'll wait for a pullback before buying again.
Yorum:
The bloodbath has begun