Ripple seems more weaker below 0.75 level: Elliott Wave analysis
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
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
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
