A breakout from downtrend, or...?

29 sept. 2022

XRP has been very interesting lately with a promising decoupling from BTC. The sudden uptrend was followed by a minor downtrend that formed a classical "Bull Flag" pattern.

XRP attempted to breakout from the flag, but the weight of the macro economics was devastating and led to XRP following a disappointing downtrend.

As of NOW, it seems like we have a clear breakout from the downtrend probably following the bull flag.

This happens to align with the completion of an "ABC" corrective wave to the downside for Wave 4.

Now lets 12345 in Wave 5 with potential targets defined by higher timeframes resistances and fib retracements.

3 oct. 2022

Note

We had our impulse for Wave 3 to the upside hitting exactly our target slightly above the 0.236 fib extension, however the price action faced massive resistance at this strong macro level (highlighted with pale yellow).

The count will be updated in a follow-up idea.