The closing of many positions last week resulted in strong pullbacks in the cryptocurrency market. Most notable is Ripple and Dogecoin, as both rolled back half of their price, giving an excellent opportunity to invest (buy) at the best prices.
Dogecoin:
Ripple:
Both cryptocurrencies developed an ABC wave pattern, where wave A represents the buying pressure last week.
Taking this into account, investors can open long positions, aiming for a 50% retracement from the current prices.
Stop loss can be set to 23.8, while profit could be taken when the quote hits the weekly highs.
This idea follows the Price Action and Stop Hunting methods.
Good luck!
