welcome to my analysis. Today, we will have a look on XRP.
The formed from past weeks was not followed by expected upwards movement and resulted in downtrend . Currently we see the price being squeezed in very short , expecting breakthrough in next few days. Looking in detail, we see the price moving between 50 and bottom support line .87 cents (.5 Fibonacci level).
Let's have a look what the indicators say:
- MACD is just about to pass a crossover. Furthermore, looking at the historical movement, we can see that there were two patterns formed one after another. Reasonably, we may expect third one coming in few days. So, simply... indicates the price is going down.
- Looking at , we see also a formed which is about to break. Assuming the downwards trend is longer (and therefore stronger under current no circumstances), we can expect it to be kept.
- Stoch is currently heading south to confirm the downtrend. If it gets below 20, it can be understood as confirmation of the downtrend.
So, what is next? Considering signals from the indicators, absolutely no , and state of the chart, the higher probability option is that the price will continue in downtrend movement stopping at at around .70 cents(which is also Fibonacci .786). On the other side, we may expect a reversal if there is a huge fundamental event coming(it has to be huge like partnership with Google , XRP is very resistant to news). In this case, we may expect a lot of buying pressure stepping in. However, this scenario is unlikely.
I am not a financial advisor and this is not an advice to trade. Do your own research and do not trade on my charts! :)