XRP/USD Ripple Struggling To Find Upward Momentum Feb 27 2018
Ripple is one of the hardest hit major cryptocurrencies of the
early Jan Bear move. If you count the loss in % from the high
Jan 4 to the low Feb 6 it lost 83% of its value. And that is
a move that has to be considered a crash. Hence, we have
seen more sluggish recovery afterwards compared to other
major cryptos. Trend both on daily and H4 timeframe is bearish
and price hasn't yet managed to test the Cloud. It is trading
below the Weekly pivot point at 0.96 but seems to have found
some support by the daily Kijun Sen, now at 0.895.
If you take all of this negative data and then look at the daily
SMA200, it is quite astonishing to see that price is actually
trading above it, and it is ascending as well. This is the advantage
with this long term moving average, that it also embraces the
extraordinary bull run that preceeded this recent slump.
So, after painting the big picture, what is up next?
Bulls would like to see a close above the Weekly pp and
R1 for a start, with some strong candle. Ripple sometimes
makes these sharp moves after some tight consolidation.
We have seen that before, in the bull run. On the H4 timeframe
to the right, Bulls would like a breakout above the descending
channel and a move inside the Cloud, to shift the bearish trend
to neutral. The 0.88 level is the current intraday support level. One
thing that could point to a move up, is that the Weekly pivot point
is still untraded. It sits a 0.965. This level is likely to be the first
hurdle of a move up.
early Jan Bear move. If you count the loss in % from the high
Jan 4 to the low Feb 6 it lost 83% of its value. And that is
a move that has to be considered a crash. Hence, we have
seen more sluggish recovery afterwards compared to other
major cryptos. Trend both on daily and H4 timeframe is bearish
and price hasn't yet managed to test the Cloud. It is trading
below the Weekly pivot point at 0.96 but seems to have found
some support by the daily Kijun Sen, now at 0.895.
If you take all of this negative data and then look at the daily
SMA200, it is quite astonishing to see that price is actually
trading above it, and it is ascending as well. This is the advantage
with this long term moving average, that it also embraces the
extraordinary bull run that preceeded this recent slump.
So, after painting the big picture, what is up next?
Bulls would like to see a close above the Weekly pp and
R1 for a start, with some strong candle. Ripple sometimes
makes these sharp moves after some tight consolidation.
We have seen that before, in the bull run. On the H4 timeframe
to the right, Bulls would like a breakout above the descending
channel and a move inside the Cloud, to shift the bearish trend
to neutral. The 0.88 level is the current intraday support level. One
thing that could point to a move up, is that the Weekly pivot point
is still untraded. It sits a 0.965. This level is likely to be the first
hurdle of a move up.
Comment:
It made a move just after posting this. And closed above the channel. Currently at Cloud resistance on H4.
