Foreign [Music] Hello and welcome to another update Video about xrp it is a chart that I Absolutely dislike at the moment I have I have to be very honest with you Um that's also why I really I really shy Away from doing xrp ta because it Doesn't really give Um a lot of confidence this this price Action and it is so boring it's just Moving sideways Um the pattern itself does not really Produce a great trade setup yeah Um and we're just moving in a corrective Mess really I mean there are wave Patterns we can recognize here but the Structure is really really I'm looking for the right word awful Yeah Um it really is I mean if we zoom out Just to remind ourselves what is the Larger wave pattern even there there are Different um possibilities I mean I I'm Even thinking about and that would be a Really really Um terrible pattern I would say Um not necessarily well yeah it would be Bearish as well but I'm really nearly Thinking about understanding this entire Sideways action Which um Has been occurring since and I need to Go to the one second I have to go to the
Weekly for that I'm really really thinking about Understand I have to go to the log chart You see it better Um Because this was you know you can Consider this First leg up a wave one now which was Actually in 2017 2018. But that's everything after that Was just an edit wave triangle yeah so I Could consider this an a wave a b wave We might now be in this um C wave here yeah D e so this is no one second I made a Mistake here no Um it would be as follows so here wave a Down then the B wave somewhere there Because the B wave is a triangle and Then we would come down once more in a c Wave Um This is just an ABC let me just choose To write Pattern here A B C well yeah and the B wave would be the Triangle and resulting in another C wave Down that is definitely a pattern we Have to have on the radar okay and based On that then if we go to the daily chart I would look at The triangle pattern itself so from the B wave then is the triangle and we moved Up in an a wave the first wave of a
Triangle we came down in a b wave this Was here in June B when moving up next In a c wave Coming down in D and moving up in E that Would finish off the B wave of this Three wave structure and would then Eventually come down in the C wave and Honestly that is exactly why I Completely Um shy away from doing X or PTA I don't Know any other structure on any other Chart that looks so similar to a Triangle and you know doing a triangle For a multi doing a technical analysis For a multi-year triangle honestly but Again it's not my primary but I'm more And more consider that because this Movement or this price action down here Is is Um looks very very corrective still yeah At the moment my view is that we moved Up here in wave one we came down in a Two and this is now the one two setup of The next third wave to the upside so This is actually what I'm looking at Here and we can say that we're currently Still in this Wave 2 correction I don't Think it's over yet Um so here one two setup yeah generally Xrp the charge shows weakness because The last bull market high was not a Higher high yeah we could not keep up With January 2018 performance in my Opinion that has nothing to do with the
SEC case there are many other charts Which look very similar just look at xlm Just look at Iota they are not very Attractive charts Okay Um then if we look at the Fibonacci Levels yeah Fibonacci retracements you Can see that we are currently let me Just To go to this low here now Well you can see that we're currently Hovering just above here the 34.7 set Level that's the 88.7 percent flip level If I measure it from the low here from The Um fifth of oh yeah well from the week Within early March 2020 right Um then we're just hovering above the 88.7 FIB level that's at least okay but Um the movement here doesn't convince me Yet so I'm still looking at possibly one More low and if we now go to the hourly Chart Then this is sort of the messy price Action we have to deal with and in the Primary count I'm looking at this price Action since June as an ABC pattern so That we moved up in a b wave Here into September and we're now coming Down in a c wave Movement down looks a bit choppy but it Looks it looks um As if we haven't really seen the low yet Because the move to the upside here
Looks very very corrective so as long as That's the case I'm still looking for One more lower here that might actually Take us below the June low yeah Um as suggested here in a c wave and Within the C wave we've got a one two Three four and possibly the fifth wave Still missing here and that would be an Ending diagonal in wave 5 because here You have the situation that waves one And four are overlapping that's not a Problem in a diagonal pattern in an Ending diagonal now now there is of Course Um we had of course here on the chart This ascending wedge talked in the last Video about that this is a bearish Pattern it's most likely going to break Down it hasn't really broken down Impulsively it did break to the downside Yes but overall you could still Understand this as a sideways movement And Um not really as impulsive breakdown so Again that is something else which just Doesn't give us a lot of confidence in This chart it is an absolute Um yeah it's an absolute mess I have to Say right Um which doesn't have anything to do With the project itself this is just Purely price action on the chart So the bearish count would suggest that We are probably still in the fourth wave
You know um this could have obviously Peaked here but the move down should be Impulsive which it isn't at the moment So I have to assume Wave 4 is still Ongoing and if we look at this channel Yeah you can you can understand this as Some kind of an expand and expanding Descending wedge or something Um if we just look at this Channel or Wedge pattern Yeah then you get a target for this Fourth wave actually around 45 cents so Short-term upside is still possible it's Not a very very reliable pattern here But eventually I would expect one more Low unless we really break impulsively Above This descending trend line which We haven't done obviously is there a Bullish count possible yes surely there Is a bullish count that we could Consider here Um do I find it likely no Um and um the overall bullish count Would assume that this is some kind of a Wave one we came down here in a wave 2 Probably in a wxy pattern so let's just Put the larger bullish Con on a chart Here wave one to the upside Here a wave 2 2 on the downside That might be finished yeah and then There would be a three up a four down And five up this is not a reliable wave Count But the scenarios obviously there you
Know it could work out do I believe it Not really because it would imply that The bear Market low was already in Um And then I would have to say here this Is a one two setup here we have probably Another one to set up here another one Two sets up and we would really need to Start going up now yeah but if we go up Now I would first consider this away Four still part of the correction it's Only really when we break out above the Wedge that we can consider here Something more bullish I have I would Have no I have no idea how I would trade This I wouldn't trade it at all it's um Two very very low confidence counts Um the structure doesn't really give us A clear picture you can you know you can Produce all kinds of wave cards here but How likely is it that the lowers in here That we've got a one two one two one two Setup that would be a super Buddha setup Honestly I you know unless we really see The evidence here it will be very very Difficult and in addition to that Understand please that this is going to Be some kind of a or potentially could Become I'm going to take this out it Could become some kind of an Head and Shoulders pattern here as well so left Shoulder head right shoulder yeah which Could trigger if we really break below This neckline and this would happen if
The wave 5 plays out so we would break Below that 33 Cent level and then we are Looking here probably or possibly at a Target and it's just sort of The Head And Shoulders Target where we might Actually see sort of the the single Digit xrp price yeah Um I don't know if we come down that far But Head and Shoulders is certainly Something we should keep on the radar It's just from psychological point of View it means I had a high heat the Pool's attempted something they Succeeded but then they've broke down And they failed with another lower high And then this often is a is an Indication that this might actually Break down Um but yeah I have to say I know you Know a lot of you guys xrp fans yes but I can't give you something more bullish Um and I don't want to make something up Um I want to tell you as it is which is A complete messy count I don't know any Of the other cryptos that I cover that Has such a difficult and messy count Without any clear Um Focus on the upside yeah I mean most Coins are still looking for another low I'm convinced yeah many of the coins That I Do cover are the ones that I Think have potential the ones that I Don't think have potential also not
Short term I don't cover them really or Not very often and with xrp here I don't Think it has a clear path to higher Highs and of course anything can happen But if I have let's say 10 charts that Look decent and I have one chart that Doesn't look that clear yeah there could Be something bullish in here surely but If I don't have something that gives me A clear trade setup I I can't really Follow that as a Trader so um yeah and Dollar cost averaging I would personally Personally avoid anyway any altcoin at The moment Unless we get a clear indication that The bottom has been made yeah or as pure Speculation you know Um because we don't know which altcoins Are going to recover from the bear Market some will some won't many won't In fact um history has proven that Um so yeah I mean I I own xrp don't get Me wrong do own xrp low exposure and I Hope it will go up but at the moment There is just no clear indication that The bottom has been made here okay and That's my update about xrp I hope you Like the update if you did please hit The like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye [Music]