The XRP Army Preps for a Return to the $1.70 Range

After finishing an aggressive 5 Wave move down for Wave 1 of the pending C wave, Bulls are hoping to break past the higher resistance level as price prepares to make a return the level of $1.60-$1.70.

Currently developing a 535 Zig Zag correction, we can expect A wave to form as a leading diagonal (first green wave structure). The retracement from this formation calls for a 78.6% drop (on average) to the range of $1.20-$1.30.

From $1.20-$1.30, the XRP Army will find faith again in the up move.

Big test approaching at the $1.60-$1.70 range; expecting failure and more downside.

Handel aktiv:

with a new low coming in after my post above, the formation for XRP is now different. i expect bulls to get stifled around the $1.60 region.

if this pans out the drop will become quite momentous.

Kommentera:

Be careful of one last small pump to the $1.70 region for a WXYXZ (triple zig zag) correction.

Order avbruten:

1.69 came but not in the formation expected.
Bears will take off from $0.75 area soon.
Bear wave pretty much over (for now).