Elliott waves crypto analysis – Long term buyers eyeing a break above 1.0550


Long term buyers eyeing a break above 1.0550

Wave Analysis

After breaking above the resistance level 0.8491, the blue corrective wave (iv) pulled back to the same zone before picking a momentum to the upper side. We expect the rebound from 0.8491 to have marked the end of the just stated correction, that the buying pressure seen the previous day is the continuation of the impulsive wave (v) to the upper side and should break above 1.0550 towards 1.5211 or even higher. This view can only be rendered futile in case the price rebound from 1.0550, this being the case, we’ll expect a decline in price.

Trade Recommendations:

If you’re not long already, you can rebuy ripple above 1.0550

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