aster08
Short

Technical analysis of ripple and the most likely scenario

BITFINEX:XRPUSD   Ripple / U.S. Dollar
Hello! Like the majority of Altcoins, the Ripple also seriously correlates with Bitcoin .
1) Downward global and local trend! For me, the trend is the main parameter and here the global coincides with the local one, which is very good for bears.
2) Levels! Now we are seeing how the price stopped at the level and trade began. Selling is not the best scenario right now, because selling to the level, just like buying to the level is always a bad idea, it is always better to take a breakdown or hang up, depends on the strategy. Therefore, at the moment it is best to wait for the correction, and judging by what I now see on the chart, most likely it should be expected towards the last accumulation zone, for its retest and further impulse down. The strength of the support level is not in doubt, since initially, this zone of demand was formed at the beginning of December and the volumes only confirm this. Therefore, the breakdown in the next few days, in my opinion, is unlikely.
3) Now consider the volumes. Pay attention to the last impulse down, it went without volumes, which indicates the absence of static buy orders on all the movement and the demand was supported only by dynamic small-size orders, so the sellers lowered the price without much resistance. However, when the price reached the level, the volume increased, which confirms the presence of static buy orders at this level, and since the price rose in trade, we still see a balance of power , since no one knows how much buy orders are at this level , and it is not expedient to pressure sellers at once, since it is necessary to test the availability of demand, and if it yields to the offer, the seller will have to disassemble the entire volume for the purchase, thereby increasing its own position. Also, in order to increase one’s own position (in case it is necessary to get more volume , which I am inclined to), a correction will be observed to the price from which it will be possible to get volume .
4) And finally, the potential of movement. A rather serious level is observed in the zone of 0.24700, you can see it on the diary. It is up to there that I expect a price reduction. Is it possible to decline further? Of course, but I, as a trader, consider the immediate prospects and watch the market in real time, and if I see changes in the direction of liquidity, then I work in the same direction. Therefore, while such a scenario, with the approach to the level already and we will look at the balance of power in the market.
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