Ripple is now in free swimming.
Price walks on chart slowly and unhurriedly. This kind of price action delivers a lot of pain to newcomers and emotional traders because it keeps you tense and gives hope at the same time.
This analysis will not contain many indicators and magic moving lines. We will try to make out the situation with the help of the analyzer of price action and key levels.
Let's try to figure out who is in front of us - a sleeping bull, or a stubborn but slow bear, sneaking through the thicket of longs.
This time I posted 2 charts - daily and 4 hour.
1D chart
It allows us to understand where the price is now relative to past levels as well as the type of price action that takes place in the perspective of one or two weeks.
* The dynamics of the formation of candles indicates a fading bearish momentum, but also its presence in the perspective of two or three days
* Low volatility in trading volume tells us that this market is not selling
* The declining trading volume in conjunction with the withering bearish momentum of the candles indicates a high probability of squeeze in the near future
* The presence of a zone with a low volume from extreme support .431 to a technical support zone .318 - the presence of such zones does not have to lead to a fall, but may be an additional factor in case of deterioration in market sentiment
4H chart
Lets look at the current pricing structure of this decline, where we can see the signs of a strong market.
* The presence of the support curve, speaking about the decline of the bearish momentum
* Reversal trend patterns when price breaks through key trend levels and changes the slope of the current trend level
* Level .456 is the ideal level for the formation of squeeze and reduction of short positions
If squeeze occurs at these levels - the first target for the price will be the .531 resistance level, which is the high volume top border on both the 4 hour and the daily chart.
Bottom line
Although the market is in the continuation of the bearish trend, the dynamics of these processes is gradually decreasing, also the big players do not sell their positions, which, in combination with the dying bearish impulse, can lead to the squeeze of the sellers in couple of days.
Price walks on chart slowly and unhurriedly. This kind of price action delivers a lot of pain to newcomers and emotional traders because it keeps you tense and gives hope at the same time.
This analysis will not contain many indicators and magic moving lines. We will try to make out the situation with the help of the analyzer of price action and key levels.
Let's try to figure out who is in front of us - a sleeping bull, or a stubborn but slow bear, sneaking through the thicket of longs.
This time I posted 2 charts - daily and 4 hour.
1D chart
It allows us to understand where the price is now relative to past levels as well as the type of price action that takes place in the perspective of one or two weeks.
* The dynamics of the formation of candles indicates a fading bearish momentum, but also its presence in the perspective of two or three days
* Low volatility in trading volume tells us that this market is not selling
* The declining trading volume in conjunction with the withering bearish momentum of the candles indicates a high probability of squeeze in the near future
* The presence of a zone with a low volume from extreme support .431 to a technical support zone .318 - the presence of such zones does not have to lead to a fall, but may be an additional factor in case of deterioration in market sentiment
4H chart
Lets look at the current pricing structure of this decline, where we can see the signs of a strong market.
* The presence of the support curve, speaking about the decline of the bearish momentum
* Reversal trend patterns when price breaks through key trend levels and changes the slope of the current trend level
* Level .456 is the ideal level for the formation of squeeze and reduction of short positions
If squeeze occurs at these levels - the first target for the price will be the .531 resistance level, which is the high volume top border on both the 4 hour and the daily chart.
Bottom line
Although the market is in the continuation of the bearish trend, the dynamics of these processes is gradually decreasing, also the big players do not sell their positions, which, in combination with the dying bearish impulse, can lead to the squeeze of the sellers in couple of days.
