Alternative to yesterdays bearish scenario, watching for the bounce off 200ma 4h which we got, so now watching for invalidation of bullish run. If we drop below 7450 i will revert to yesterdays bearish chart to watch for validation/invalidations at each wave point
Elliot Waves are pretty distinct and almost to easy to read which makes one think if it can be true. Nevertheless we can clearly see the very strong trend of 5 impulse waves up on the left followed by also clearly obvious Expanded Flat correction 3-3-5 (abc, abc, 12345 blue waves on the chart).
Additionally after a very strong impulse cycle correction usually is...
Price has just extended an expanding triangle and approaching a double bottom.
Keeping an eye on the nature of the candles to see if it forms a reversal descending channel.
Looking for an entry on the double bottom value area. Lots of room to the upside.
Today we look at XRP / USD analysis. XRP is the 3 largest cryptocurrency by capitalization. This coin is typical in that it has an absolutely different graph and structure than the remaining coins. Most people still remember it from 2017 when they made an extreme increase in 1 month. However, since then it has been very weak from XRP.
2019 Cryptocurrency (Elliott Wave): Sell In May And Go Away?
Since the orthodox bear market low on 06-FEB-2019, the Bitcoin markets have surged to an average 125% gain in approx 100 days approaching mid-MAY. The 3-month rally has now retraced a Fibonacci 23.6% of the entire 2018 bear market....
Price has broken a third touch of a daily ascending channel with very corrective price action.
The hourly ascending channel third touch (pattern within a pattern) also aligns with the daily third touch.
I am seeing if the market gives us an entry such as a double top or a hover (bear flag) along the bottom of a channel.
Ideal entry will be 20-25 pips.