Let's analyze Ripple on the 1D chart and use behavior and structure to make this analysis. Today price reached a long term horizontal between 0.5810 and 0.4550, which has been a ever since 22nd December 2017. Current levels can be looked at for further up movement. Price is trading right in the middle of the horizontal zone.
There's 2 wave Ripple's next move will take place. They are:
- Price bounces at current horizontal between 0.5810 and 0.4550 and bounces to the upside to around 0.9110 (Which will also coincide with 200 major moving average resistance, before then correcting.
- Price breaks down below the currently horizontal , and breaks down further to the pre December rally at 0.2860. If this happens, I would not expect price to hit the upside target of 0.9110 as illustrated on my chart, but rather find resistance at where price is now, at 0.5500.
Bare in mind just because the next below the current one is 0.2860, it does NOT mean it will have to go this low before the up move. The is just a guide to show this is the lowest level we can get before the next up move, had we break current .
I will continue to update this analysis if enough people request it.
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Couple of bullish engulfing signals suggesting higher price. As I looked through smaller time frames I discovered there is also a short term side-wards support line which could be a short term support whilst Ripple finds some ground.
If the side-wards support on this chart is broken to the downside, then I am expecting the possibility of a retest at 0.5100 before any further upside.