Updating my analysis for ripple, we got another breakout and now with btc showing strength I have confidence ripple can grow with it. In fact ripple tends to recover quicker and faster compared to btc so we can use this to our advantage. Currently we are forming a bull flag consolidation after our big wave 3 up with a textbook ABCDE pattern. I have measured the flagpole length to use as a supplement target area along with fib extension. Once we break this ABCDE pattern we should rally to the target area or potentially higher if btc continues to show strength but makue sure to take profit within the zone.
Please like and follow if you wish to follow this short term hypothetical trade :)
*This is not financial advice and is intended for educational purposes only.*
Please like and follow if you wish to follow this short term hypothetical trade :)
*This is not financial advice and is intended for educational purposes only.*
Comment:
XRP is attempting to breakout of the channel/flag prematurely 1H RSI and MACD are spiking however if it fails don't be disheartened as it will likely be the last failure :)
Trade active:
Should complete wave E and get a bounce very soon set a stop loss at 1.04 for this hypothetical trade.
Trade closed manually:
Stop loss not triggered but impulse wave failure puts this trade in doubt exiting to be safe.
