Hello All, I want to do a very detail analysis on Ripple / USD based on the bitfinex chart. Let's do this real quick!
I saw a lot of crypto analysts has predict that the bottom for XRP is in now and it will enters the bullish market. But, I don't think I can agree with the majority analysis about XRP. I have my confluence reasons and my own view about this market. I may be wrong but I don't care as long as it's still align with my strategy here.
XRP, I draw 2 important line to connect the price which is the green support trend line and the white resistance trend line. The most crucial line is the green one, we have seen that the price has already broken down of this green resistance trend line. The second crucial area is the gray zone which is the previous broken support that is now become a resistance, I'm pretty sure that this action could be the phase 2 of break out strategy which is retesting previous broken support. Beside, this area is having a confluence with the 38.2 fib retracement as a major support.
So, after all saying, we are still far away from bull market and I still see a possibility for Ripple to touch the yellow support level which is the $0.16 region as potentially become this year's low. If I see rejection when the price touches the gray area, I will enter a short position as well.
I saw a lot of crypto analysts has predict that the bottom for XRP is in now and it will enters the bullish market. But, I don't think I can agree with the majority analysis about XRP. I have my confluence reasons and my own view about this market. I may be wrong but I don't care as long as it's still align with my strategy here.
XRP, I draw 2 important line to connect the price which is the green support trend line and the white resistance trend line. The most crucial line is the green one, we have seen that the price has already broken down of this green resistance trend line. The second crucial area is the gray zone which is the previous broken support that is now become a resistance, I'm pretty sure that this action could be the phase 2 of break out strategy which is retesting previous broken support. Beside, this area is having a confluence with the 38.2 fib retracement as a major support.
So, after all saying, we are still far away from bull market and I still see a possibility for Ripple to touch the yellow support level which is the $0.16 region as potentially become this year's low. If I see rejection when the price touches the gray area, I will enter a short position as well.