Bottom line: Ripple bullish structure intact till prices trade above the 0.7160 lows. Intermediary corrective phase may drag prices lower to 0.2050 first, before resuming higher.
Technical Analysis:
Ripple bulls remain in control for now but be prepared for a sharp corrective drop towards 0.2050/60 levels from here, before rally resumes towards 0.3150 resistance. Looking at the lower degree wave counts since 0.7160 lows print on December 18, 2019, the first impulse or leading diagonal is ready. The counts are not labelled on chart but please find them described here. The rally between 0.7160 was in 5 waves; I, ii, ii, iv and v terminating at 0.2019, 0.1851, 0.2255, 0.2010 and 0.2372 respectively. Also note that initial resistance at 0.2340 was taken out during this rally. As expected and discussed earlier, a corrective phase is under way and should produce 3 waves. Please note that waves a and b within the correction are in place at 0.2140 and 0.2424 respectively. If the above counts are correct, corrective wave c should drop towards 0.2050/60 levels. That should be seen as a lower degree wave 2 before wave 3 resumes towards 0.3330 going forward. Also note that 0.2050/60 is close to fibonacci 0.618 retracement of the rally between 0.1760 and 0.2437 respectively. Trading opportunities can be seen on both sides as described: Aggressive traders may want to sell around current price (0.2340/50), with protective stop loss above 0.2450 and projected target as 0.2050/60. Conservative traders may want to avoid the counter trend drop and remain flat for now. Then look to buy around 0.2050/60, with stops below 0.1760 and target as 0.3300 at least. Please note that Ripple is just in a corrective phase at the moment and hence It is always safe to trade towards the larger trend that is Up.
Prepared by
Harsh Japee, Technical Analyst.
Ripple Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
