Hey! I am back with another Technical Analysis , this time looking at Ripple.
Ripple has failed to break out from flag which is was forming as Bitcoin acted bearish and broken below 6500.
Downtrend channel has been formed from the flag.
This downtrend will get broken, when Ripple finds sufficient support it looks like 7625 worked out, which support level I has pointed out in my previous Technical Analysis on Ripple.
When I saw Price broke 7865, I knew retest of 7625 was neccesary and I expected another lower high( which I had mistaken by hl)
And exactly this move was neccesary for ripple to stay somehow bullish as RSI was about to break 40 level, also on this chart is shown what happens after an uptrend gets broken, its always a sharp move down or price bouncing between two close support/ressitance levels.
As 40 RSI demand level got broken, sharp demand increase has been seen, quickly leaving oversold territory, thats a good bullish sign and uptrend has been formed.
I am watching Ripple closely ,if this uptrend can break the key downtrend line level and continue uptrending.
Or another sharp move down retesting 7625, or 7500, hopefully not 7400, that would be not a good sign.
Last but not least, lets look at MACD , my favorite Indicator, bassicaly after two strong selling waves, one hard test, buying wave/s are expected for some bull healthy action.
Thats all from me, for now.
If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
Ripple has failed to break out from flag which is was forming as Bitcoin acted bearish and broken below 6500.
Downtrend channel has been formed from the flag.
This downtrend will get broken, when Ripple finds sufficient support it looks like 7625 worked out, which support level I has pointed out in my previous Technical Analysis on Ripple.
When I saw Price broke 7865, I knew retest of 7625 was neccesary and I expected another lower high( which I had mistaken by hl)
And exactly this move was neccesary for ripple to stay somehow bullish as RSI was about to break 40 level, also on this chart is shown what happens after an uptrend gets broken, its always a sharp move down or price bouncing between two close support/ressitance levels.
As 40 RSI demand level got broken, sharp demand increase has been seen, quickly leaving oversold territory, thats a good bullish sign and uptrend has been formed.
I am watching Ripple closely ,if this uptrend can break the key downtrend line level and continue uptrending.
Or another sharp move down retesting 7625, or 7500, hopefully not 7400, that would be not a good sign.
Last but not least, lets look at MACD , my favorite Indicator, bassicaly after two strong selling waves, one hard test, buying wave/s are expected for some bull healthy action.
Thats all from me, for now.
If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
