Hello my dear Ripple (XRP) traders, hope you have a nice weekend guys!
Ripple is right now in an Ascending Triangle: We are making Higher Lows, but we have the same Highs,which come in at 60 cents, 0.628 conservatively.
Should we lose the Ascending Triangle to the downside, this will turn into a more prolonged equilibrium, where we have either 0.535 or 50 cents as the bottom support.
Also, we look at Ripple in direct correlation to Bitcoin, XRPBTC. Bitcoin is right now at critical 6.800 yet again.
Have fun watching! ;)
Ripple is right now in an Ascending Triangle: We are making Higher Lows, but we have the same Highs,which come in at 60 cents, 0.628 conservatively.
Should we lose the Ascending Triangle to the downside, this will turn into a more prolonged equilibrium, where we have either 0.535 or 50 cents as the bottom support.
Also, we look at Ripple in direct correlation to Bitcoin, XRPBTC. Bitcoin is right now at critical 6.800 yet again.
Have fun watching! ;)
Comment:
0.535 didn't hold as 4H Higher Lows, so now we're looking at 0.51. Hourly RSI touched oversold the first time after a run up, 15min was in teens: Always a good spot to look for entry. If 0.51 doesn't hold, of course 50 cent is the last resistance, to make an equilibrium still possible. If 50 cent breaks: major consolidation coming.
Comment:
We broke out of the equilibrium of consolidation bearish, and have reached Hourly oversold yet again -this is little bit too much oversold than the bulls would want. RSI 15 in the teens again. But to be clear: The equilibrium on the 4H is not lost yet, as long as we can close above previous 4H at 0.492.
So that means two options now: Either the bulls show us some strength from this oversold bounce with clearly moving back into the equilibrium range mid 50ies, or the bounce fades away just like before into a bear flag/descending pattern: yet another bear break of that would be the definitive break of the equilibrium.
Just as the previous Hourly oversold, this is another chance for building a position.
So that means two options now: Either the bulls show us some strength from this oversold bounce with clearly moving back into the equilibrium range mid 50ies, or the bounce fades away just like before into a bear flag/descending pattern: yet another bear break of that would be the definitive break of the equilibrium.
Just as the previous Hourly oversold, this is another chance for building a position.
Comment:
Bear Break: Now where're looking to form a 4H Higher Low compared to 0.311: We haven't build one since then.
Also clearly broken 4H 12 & 26 EMA. But, much room on the daily EMAs still. As long as we don't see increasing bear volume & breaking the daily EMAs, bulls are still in control.
Also clearly broken 4H 12 & 26 EMA. But, much room on the daily EMAs still. As long as we don't see increasing bear volume & breaking the daily EMAs, bulls are still in control.
If we cannot manage to make 0.555 to new Higher Lows, we're looking at 0.535 and respectively 50 cent previous support, which (like I described already) gives us room for further consolidation and a nice equilibrium forming.