#1 Crypto H4 XRP/USD At Strong Confluence Support Jan 08 2018
Price has returned to the 2.50 S/R level and is now facing the Cloud
which normally will add support here. On top of that there is a channel
floor to add support. All these three different supports should normally easily
support price. If not, it is likely that a medium term top has been formed (3.31)
and a deeper move down is expected. Ultimately, trend will turn
bearish first after a break below the Cloud, thus an entering inside the
Cloud turn trend neutral on this timeframe, and neither buyers nor sellers
are in charge.
If price finds support here, it is an excellent level to go long. If price breaks
lower it is wise to wait for a candle close and, if conservative, a confirmation close
after that. Note that almost 100 Bln $ has left the Crypto market in one day,
and if this outflow continues (which could just be profittaking from
recent rallies) it will put pressure even on the recilient Ripple. But this
outflow is currently looking like a normal market breathing and
should not be a cause of alarm.
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If you want to support this channel check out the
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which normally will add support here. On top of that there is a channel
floor to add support. All these three different supports should normally easily
support price. If not, it is likely that a medium term top has been formed (3.31)
and a deeper move down is expected. Ultimately, trend will turn
bearish first after a break below the Cloud, thus an entering inside the
Cloud turn trend neutral on this timeframe, and neither buyers nor sellers
are in charge.
If price finds support here, it is an excellent level to go long. If price breaks
lower it is wise to wait for a candle close and, if conservative, a confirmation close
after that. Note that almost 100 Bln $ has left the Crypto market in one day,
and if this outflow continues (which could just be profittaking from
recent rallies) it will put pressure even on the recilient Ripple. But this
outflow is currently looking like a normal market breathing and
should not be a cause of alarm.
******
If you want to support this channel check out the
profile page at the top for details. Thanks.
******
Comment:
Price failed by the confluence support and crashed through the Cloud on a panic selling which was over the whole crypto board. It pierced the Weekly S1 and bounced back, like a rubber band to the breakout level or slightly below right now, trading inside the Cloud, and trend has turned neutral on this timeframe. Price needs to close above the Cloud to relieve downside pressure at this point, since buyers are likely reluctant to long from here before dust settles. A close above would look more tempting for Bulls.