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Ripple seems more weaker below 0.75 level: Elliott Wave analysis

Ripple seems more weaker below 0.75 level: Elliott Wave analysis
Gregor HorvatGregor HorvatWavetraders

There is no big changes in the Crypto market from yesterday. We are still looking for more downside pressure on most of the coins, but there's a chance for a slow and sideways consolidation before we will see more weakness.

Looking at the Bitcoin Dominance chart, we can see a sharp recovery back above channel resistance line, which suggests a bigger recovery at least in three waves. Well, seems like ALTcoins will probably stay weaker than Bitcoin in the next couple of days/weeks, so in a bear market, ALTcoins may lose more.

Bitcoin dominance intraday Elliott Wave analysis

Bitcoin Dominance Elliott Wave analysis

Ripple, XRPUSD looks to have a completed (A)-(B)-(C) correction in wave 2, so be aware of a bearish continuation within wave 3 as part of a five-wave cycle, especially if the price dips below 0.75 bearish confirmation level. In case if suddenly jumps back above 0.95 level, then alternatively next resistance for 2 can be in the 1.10 – 1.20 area.

Ripple intraday Elliott Wave analysis

Ripple Elliott Wave analysis

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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