XRPBTC is in a descending wedge and nearing the apex and historical rising support level. I think that this coincides with turning point of wave 2 on an EW sequence. If this is true then I think we can achieve 1.618 fib level on the wave 3 bounce for an 11% gain. I'm invested on this one.
I'm not sure on the starting point for the first wave in the larger sequence - wave 1 doesn't match a fib level - but I think that this is irrelevant to this trade on the sub EW sequence. I think that the main EW risk is that the current wave 2 could be wave C on an ABC correction, but the wedge pattern is looking really strong to me so I am convinced it will break up strongly. BTC behaviour could impact the outcome but it looks to me like BTC will be stable or positive in the coming hours.
I am new to TA so please don't trade based on this idea. Constructive feedback welcome as I am keen to learn and become a better trader.
I'm not sure on the starting point for the first wave in the larger sequence - wave 1 doesn't match a fib level - but I think that this is irrelevant to this trade on the sub EW sequence. I think that the main EW risk is that the current wave 2 could be wave C on an ABC correction, but the wedge pattern is looking really strong to me so I am convinced it will break up strongly. BTC behaviour could impact the outcome but it looks to me like BTC will be stable or positive in the coming hours.
I am new to TA so please don't trade based on this idea. Constructive feedback welcome as I am keen to learn and become a better trader.
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