We are on the precipice, currently testing the bottom trend-line of the Bear Flag plotted yesterday. A break of this should lead to at test of the 0.459 low of the year. Standard technical analysis of a bear flag says the pole should repeat, which means we would be looking at 0.39. However, 0.459 is a pretty big line in the sand and a pause there should be expected.
Be careful of placing stop-losses below 0.459. There will be a chunk of them just below that level which would lead to a domino spike and bounce.
In a bullish scenario where the Bear Flag holds here we would be looking at 0.59, a break of which would signal a bullish turn in direction for the next few days.
LOI continues to bounce off the levels I plotted yesterday and is currently UP. This contradicts with the bearish indicators which makes todays analysis difficult. Everything I plotted on the main chart says that we should see continued downward movement, but if money is flowing into XRP it would stand to reason that the law of supply and demand would kick in and price would rise.
Watch the LOI chart carefully. I plotted the current 4H line. I will update on Twitter if I see a clear direction.
Please let me know if you have any questions or comments.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
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I want to add one more thing. If this bear flag breaks down, this would make this Wave 2 of the higher degree pattern, it would also mean there are 2 more impulse waves and we could easily see 0.30 at the end of the pattern. It is super important for the long term health of XRP from a trading perspective that we hold above 0.459.
and orange P+S1/2 @ 0.57700.....Thanks again...Cheers