We have seen that the price action of Ripple / US Dollar has formed a and so far the price action is still moving within the potential reversal zone of this pattern.
This time the priceline has formed a within the potential reversal zone of this pattern and likely to form a 3rd bottom at the support of this channel:
The Indicators and Oscillators:
On the ( ) has entered in oversold zone with the value of 29.45 this is the second time it is visiting the oversold within a month before this it was oversold with the value of 16.86 on 25 Nov 2019 but at that time the was moving steep down and this time the is squeezed and side ways which is a good indication.
On 25 Nov the moving average convergence divergence ( ) was in bear cross and histogram was showing strong and this time the is in bull cross and histogram is showing weak soon it can be changed to strong .
The is in bear cross and it may visit the oversold once more in the meanwhile the price action can move sideways.
Now withing this potential reversal zone of previous and in this channel the price action has formed another and this time it is pattern now lets see how this pattern is perfectly driven:
After intitial leg which is started from 25 Nov's candle stick the A to B leg is retraced between 0.618 to 0.786 then B to C leg is projected between 0.382 to 0.886 projection area of A to B leg (ignoring the spike) then sofar the C to D leg is retraced between 0.618 to 0.786 Fibonacci which is perfect as required for and now we are in potential reversal zone of this so on bigger pitcure we are in potential reversal zone of pattern where the price action has capacity to take almost 40% move and on smaller picture the price action is in PRZ of pattern with capacity to take upto 9 percent move.
Now according to both patterns we can set our buying and sell targets as below respectively:
The bigger pattern:
Buy between: $0.23249 to $0.20982
Sell between: $0.25012 to $0.29287
The smaller pattern:
Buy between: 0.21457 to 0.20929
Sell between: 0.21873 to 0.22870
Atif Akbar (moon333)