XRP/BTC Completing Latter-Half of A-B-C Correction - Maybe

XRP seems to be completing a head-and-shoulders pattern with the left side the completion of a 5-wave structure and the right side the start of the A-B-C correction. If this is the case, then a measured move gives the C completing at the 78.6 fib, which has been a very common retracement level in crypto this month. 78.6 also has a nice confluence with the 200 EMA. So the key is for it to break below the neckline, which is also the 55 EMA. If this happens, laddering buys in the green zone could give a good entry. If it bounces at the neckline, then we have a truncated C or it could be a running flat, before the start of another impulse moves. Obvioulsy BTC sets the tone, so keep it in your sights.

** trade at your own risk; this if for education purposes only **

Yorum:

H&S invalidated