Hello,
A lot of people on here call for lower prices for the XRPEUR pair. In my opinion, however, XRPEUR builds a textbook bullflag. Actually, within that bullflag, price already touched the 0.382 Fibonacci level, which is thought to be the normal (maximum) retracement of the second wave of a new Elliot waves Cicle.
Once XRPEUR breaks the triangle upwards, price targets are the 1.618 and the 2.618 Fibonacci levels. Because the flagpole's size was a surge in price of about 150%, I would assume that XRPEUR would attempt to reach the 2.618 level.
Certainly, if the triangle breaks downwards, price may visit the 0.382 Fibonacci level again.
What is your opinion? Am I missing something crucial in my analysis?
* Note that I am using the Log-scale.
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
A lot of people on here call for lower prices for the XRPEUR pair. In my opinion, however, XRPEUR builds a textbook bullflag. Actually, within that bullflag, price already touched the 0.382 Fibonacci level, which is thought to be the normal (maximum) retracement of the second wave of a new Elliot waves Cicle.
Once XRPEUR breaks the triangle upwards, price targets are the 1.618 and the 2.618 Fibonacci levels. Because the flagpole's size was a surge in price of about 150%, I would assume that XRPEUR would attempt to reach the 2.618 level.
Certainly, if the triangle breaks downwards, price may visit the 0.382 Fibonacci level again.
What is your opinion? Am I missing something crucial in my analysis?
* Note that I am using the Log-scale.
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.