XRPUSD reverts to neutral (part 2)

2018年5月10日

So the price broke down from the upward channel and the trading range and is sat at the absolute bottom. I have kept my bearish overlay from the last chart but I wouldn't take the short trade now, especially with the price action from the 24th, 25th and 26th April where the whales repeatedly stopped out all the longs and shorts positioned at the bottom of the trading range. The bearish overlay wanted the price to drop to $0.72-$0.73 before returning to $0.80 which would have indicated an almost definite breakdown in price + test of resistance.

If I was to choose a direction I would say down. I will be posting the main Wyckoff trading range soon ($0.56-$1.70) and I fully expect the price to return to at least $0.56 before 2018's expected bull run. With the consensus conference May 14th - May 16th and Ripple hosting a VIP gathering, dubbed “XRP Community Night,” in NYC on May 15 I do expect a pullback for the whole market between now and May 14th as we prepare for a big run.

If you want to talk Elliot Waves then wave 1 took us from $0.46 to $0.96 with this pullback (wave 2) currently hitting $0.755 (which I don't think is enough). I expect waves 3,4 and 5 to be fast and powerful and take the price up to 1.70....but that is for the next chart :)