On Nov 17, XRP price continues to descend after 2 days of consolidation since Nov 15. Price retraces itself, forming a 2nd bearish continuation flag before broke down the level of 0.262 and reaches the strong support level of 0.247.
The bulls managed to overcome the bears at level of 0.247 on Nov 19 and pushes the price back up to 0.255. However, the bears continues to stay strong in the market and manage to push price down to 0.233, also breaking the 3rd bearish continuation flag pattern.
At the current market level of 0.233, there's a strong opportunity that price may regained itself upwards in the short term, potentially reaches the level of 0.244.
Notice that price had reaches the previous low since Sep 26 and the RSI indicates a divergent pattern against the price chart.
This shows that the bears may had potentially exhausts itself and Bulls may quickly take this opportunity to push price upwards to the aforementioned level.
Overview
Maintain bullish view stance. However, we would like to be cautious on our entry level. Preferably, price action should be forming some sort of reversal pattern to confirm that more bulls are in the market to push prices up.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
The bulls managed to overcome the bears at level of 0.247 on Nov 19 and pushes the price back up to 0.255. However, the bears continues to stay strong in the market and manage to push price down to 0.233, also breaking the 3rd bearish continuation flag pattern.
At the current market level of 0.233, there's a strong opportunity that price may regained itself upwards in the short term, potentially reaches the level of 0.244.
Notice that price had reaches the previous low since Sep 26 and the RSI indicates a divergent pattern against the price chart.
This shows that the bears may had potentially exhausts itself and Bulls may quickly take this opportunity to push price upwards to the aforementioned level.
Overview
Maintain bullish view stance. However, we would like to be cautious on our entry level. Preferably, price action should be forming some sort of reversal pattern to confirm that more bulls are in the market to push prices up.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X