Bitcoin and other crypto currency had
been known to majority for obvious reasons. Prices have shown
exponential rise over past few months but can we apply Elliott wave,
Time cycles and other technical analysis on this newly discovered asset
class?
The answer is yes, Look at the below
chart of Ripple against USD i.e. XRPUSD and see yourself how amazing the
Time cycles are working along with Elliott wave method and other
technical indicators.
Ripple daily chart – XRP/USD
The above chart shows that this Crypto
currency forms a low every 60 days. It has worked out amazingly well.
Also the overall Elliott wave pattern suggests that prices might be
moving higher in the form of wave 5 as of now but we have seen that in
Crypto the 5th wave are the biggest due to the on-going mania.
Please note the above chart is on log
scale and not arithmetic. The ongoing wave 5 looks to be just breaking
above the upper trendline and it will continue to be buy on dips as long
as 0.700 level is protected.
So is it better to buy Bitcoin or Ripples?
You can now get access to our special Bitcoin research report to see how to trade Crypto currencies like Bitcoin, Ripple, IOTA
and more…This is not to encourage trading in this asset as the movement
is very volatile and risky. One should adopt prudent stoploss and have a
trading strategy in place before entering this asset. For subscription
to this research product Contact US or mail on helpdesk@wavesstrategy.com or call us at +91 9920422202
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