Hello Traders,
Most of the big caps are start moving, but Ripple has not moved since pump in mid April.
Looking at the 4 hour chart, Ripple formed triangular pattern and it is almost at the tip of this triangle.
I first suspected bear flag formation, but this theory was rejected when there was an increase in buying volume yesterday.
However, I see an indecisiveness in trading at the moment, as EMA 50 is acting resistance as well as support simultaneously.
In bullish scenario, we want to reinforce this level as a support before moving up.
It has been very interesting in last couple days, as most of the alt coins performed much higher than I expected. (aka most of the major resistance is turning into the support)
Therefore, I expect similar situation will happen for Ripple as well.
My initial target will be 11K Satoshi followed by 23.6% retracement, and second target will be 11.9 Satoshi.
RSI is looking pretty healthy, and MACD is starting to curve upward. We will know answer in next 4-12 hours or so.
Happy trading!
Most of the big caps are start moving, but Ripple has not moved since pump in mid April.
Looking at the 4 hour chart, Ripple formed triangular pattern and it is almost at the tip of this triangle.
I first suspected bear flag formation, but this theory was rejected when there was an increase in buying volume yesterday.
However, I see an indecisiveness in trading at the moment, as EMA 50 is acting resistance as well as support simultaneously.
In bullish scenario, we want to reinforce this level as a support before moving up.
It has been very interesting in last couple days, as most of the alt coins performed much higher than I expected. (aka most of the major resistance is turning into the support)
Therefore, I expect similar situation will happen for Ripple as well.
My initial target will be 11K Satoshi followed by 23.6% retracement, and second target will be 11.9 Satoshi.
RSI is looking pretty healthy, and MACD is starting to curve upward. We will know answer in next 4-12 hours or so.
Happy trading!
Comment:
Ripple starts looking bullish now. When Ripple went over the black trendline, we saw increase in buying volume, which indicates breakout. Currently, we see a resistance at 9456 Sats, and looking to find support at EMA 50. If Ripple bounces at EMA 50, and goes over 9456 Sats, it is a very bullish signal.
