Looking at XRP on the 4-hour chart, the price is trading impulsively lower within subwave (C) of wave Y, suggesting there is still room for further downside before a complete five-wave structure to the downside can be confirmed.
Following the recent abc corrective recovery, the broader structure continues to favor a bearish outlook. However, due to the current sideways price action, the market may be forming a bearish abcde triangle pattern within wave 4. This type of consolidation typically precedes a final push lower.
If this scenario plays out, wave 5 could trigger another leg down, potentially driving the price toward the strong $1.00 support level, which stands out as a key psychological and technical area to watch.
As long as price action remains below key resistance levels and the wave structure stays intact, the short-term bias continues to favor downside continuation.
Following the recent abc corrective recovery, the broader structure continues to favor a bearish outlook. However, due to the current sideways price action, the market may be forming a bearish abcde triangle pattern within wave 4. This type of consolidation typically precedes a final push lower.
If this scenario plays out, wave 5 could trigger another leg down, potentially driving the price toward the strong $1.00 support level, which stands out as a key psychological and technical area to watch.
As long as price action remains below key resistance levels and the wave structure stays intact, the short-term bias continues to favor downside continuation.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
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Learn Elliott Waves Sale-65%
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İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.