๐จXRP Update!
We had a strong bounce off the trendline for wave C, and it looks like wave D is starting to form, aiming for $2.60. As I mentioned, this should unfold in 5 waves, so weโre just at the beginning of it!
In the short term, weโre likely working through wave 2. The .618 retrace at $2.12 is a typical target for wave 2, but it could dip to the trendline and still be perfectly valid! The .5 retrace at $2.17 is another important level to keep an eye on since itโs been a strong support in the past.
Holding these levels is crucial to keep the ABCDE pattern intact. If everything plays out, the next step would be a stronger wave 3 to carry us closer to $2.60.
Iโm watching these levels for any signs of a pivot. Price Action, Wave Count and RSI all help to confirm a local bottomโstay patient and optimistic! ๐ฅฐ
Have an amazing weekend! โ๏ธ