Forex Technical Analysis:Ripple Takes Out Resistance At 0.2325

Bottom line:  Ripple bullish structure remains intact until prices stay above 0.1746 lows. Bulls are poised to print higher highs and higher lows going forward.

Technical Analysis:

Ripple remains firmly in control of bulls, as they take out immediate resistance at 0.2325 levels. Ripple bulls have managed to print fresh highs at 0.2450 on January 14, 2020 registering them to be back in control. Looking at the short term wave counts (not labelled here), Ripple might have unfolded into 5 waves between 0.1750 and 0.2450 respectively. Wave I terminated around 0.2000, followed by a triangle wave ii termination at 0.1840. Wave iii tally might have terminated around 0.2256, with wave iv at 0.2100 and finally wave v terminating at 0.2450 levels. This could be the first lower degree impulse wave since 0.1750 lows on December 18, 2019. If the above count is correct, we should witness a 3 wave corrective drop towards 0.2016, before the rally could resume higher again. The corrective drop could a flat 3-3-5 structure between 0.2450 and 0.2016 levels respectively. Trading opportunities are being offered on both sides and one can trade according to risk appetite. An aggressive trade setup could be to sell around 0.2300 with protective stops above 0.2450 and potential targets around 0.2000. A conservative strategy could be to remain flat for now and initiate long positions around 0.2000 levels, placing protective stops at 0.7150 and potential targets towards 0.3150. Please note that 0.3150 is also the next in line resistance converging with fibonacci 1.618 extension of the impulse wave discussed above. Price action has already confirmed that the trend has reversed and that a meaningful low is in place already at 0.7150. Watch out for a corrective pullback towards 0.2000/16 levels before the rally resumes higher again.

Prepared by

Harsh Japee, Technical Analyst.

 

Ripple Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

風險提示

MyFxtops邁投所列信息僅供參考,不構成投資建議,也不代表任何形式的推薦或者誘導行為。MyFxtops邁投非外匯經紀商,不接觸妳的任何資金。 MYFXTOPS不保證客戶盈利,不承擔任何責任。從事外彙和差價合約等金融產品的槓桿交易具有高風險,損失有可能超過本金,請量力而行,入市前需充分了解潛在的風險。過去的交易成績並不代表以後的交易成績。依據各地區法律法規,MyFxtops邁投不向中國大陸、美國、加拿大、朝鮮居民提供服務。

邁投公眾號

聯繫我們

客服QQ:981617007
Email: service@myfxtop.com

MyFxtops 邁投