Pips_In_Paradise
Long

$XRP, Big Move Or More Bears…

BITFINEX:XRPUSD   XRP / U.S. Dollar
Weekly
Looking at our trend timeframe we see price has is currently at our major psychological support level at $0.45, we have also formed a lower low at this showing supports been found. Stochastic RSI showing momentum is has slowed down and we are looking to bottom out. A weekly close below $0.45 would be catastrophic, as you can see there is no support shown until our original breakout zone near $0.25. Last week we saw price go up $0.51880, although we did not close above we can expect price to make another attempt within the next two weeks giving us a wick fill. XRP is now looking to for a lower high, that is if it decides to respect its downtrend. We should expect a lower high to form at or below $0.60, that is our last major engulfing candle as shown on weekly. Scenario number two leaves us with a radical push through $0.60 leading us to forming a higher high, indicating the end of our bear trend.

Daily
Shifting over to our pattern timeframe we see price displaying normal downtrend behavior, momentum in favor of bulls however price remains quiet. Expecting price to remain above $0.46700, if we get a close below this level we should see XRP counting pushing towards the downside. Expecting price to remain inside our master candle from (July 2nd), a close above or below this candle will lead to a breakout/breakdown (Safe Entry).

4Hour
Last but not least looking over at our trigger timeframe we see price formed an inverse head and shoulders , broke out and tested for support (as highlighted). Stochastic RSI showing momentum is heading towards the downside, price currently trying to break above $0.48, a 4hour close above this level would activate our XRP/USD trade to our next lower high/higher high. However if we fail to close above this level expect price to fall towards our original breakout zone from last year ($0.25)

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Comments

Great analysis man !
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