Falling wedge and edge of support. Short term potentially Long on a confirmed breakout.
Watch for *volume* as we had a blatant bull trap previously.
Moreover bulls need to push price over 9350$ in order to achieve something meaningful.
Avoid taking unneeded risks under support, have a TP / SL.
This is a long term analysis based on Monthly timeframe . Mind that.
While shorter term picture is mixed and shows a lot of uncertainty, we can spot some encouraging long term hints.
From top to bottom:
Candlestick chart shows price challenging long term resistance trendline, which should be considered trend reversal limit. That's a critical point for both...
We have a strong confluence of medium term moving averages within 185-200$.
We also have a rather obvious symmetric triangle next close its apex, which may encompass an ascending triangle actually - not 100% sure.
Those MAs under price should provide some degree of suppport, so i have to assume a slight bullish bias here.
I wouldn't rely on bias alone though, ...
Entry so close to resistence is risky, so evaluate.
Neverthless a potentially interesting setup if you nail the entry.
Otherwise look for a resistance breakout.
Highly speculative trade: XRP is a mad coin , so do your own diligence.
Price action stays range bound within MA200/W to MA100/W area. We have a sparse ascending triangle forming (bullish bias), but its upper bound ( around 7100/7200$) should be considered strong resistance given the confluence there of FIB retracement 0.5 and MA100/W.
IF bulls manage to break through, 10500$ would come back into reach.
On the contrary, if bears...
We have a Pivotal area ROUGHLY within FIB 0.618 ( 5880$) and FIB 0.5 (5490$): that's likely to determine the future of short term trend.
There's little bias on the outcome so far, hence i'll propose here both a bulls and a bears case.
The BULLs Case
There's a quite stretched falling wedge (yellow) awaiting to be confirmed and price is moving towards a...
Bulls are trying to achieve a substantial bounce through an ascending triangle and a channel. MACD diverging.
High resistance is expected up to the 6000$ mark. That's where bears are likely to strike back.
Risk management: if you're in already Keep a trailing Stop -OR- set SL under support ( lower bound of fuchsia channel / triangle ).
Don't play without a safety...
It's not a / pennant, it's a symmetrical triangle.
Slight bias upwards, due to oscillators state.
Not much meaningful, considering declining volume.
Rule is always the same: watch for breakout, look for volume on a low TF as a confirmation.
Likely to move within 24/48H.
Act accordingly and use caution.
Only 3 times in about 10 years Chaikin Money Flow broke down -0.30 upon a single impulse on daily TF.
December 3, 2011: CMF = -0.42
January 15, 2015: CMF = -0.41
March 12, 2020 : CMF = -0.36
First 2 basically marked a trend reversal.
Awaiting outcome of the third one.