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 firstname.lastname@example.org or call us at +91 9920422202