We have 2 bullish options, meaning an ascending triangle and an inverted H&S.
Yet bulls lacked punch and volume so far.
We have a noticeable bearish divergence acting as a flashing warning.
Only a strong green candle would negate it.
Price sits at the top of daily BB.
While bias is still slightly bullish, a stop loss here is mandatory as a bull trap may well...
The triangle above long term ( 2017 ) support is about to close.
Why going Long ?
There's nothing confirming it on the chart: it's a bet.
A risky one.
Basically i think the Foundation wouldn't allow a strong support breakdown and a sub 0,20$ XRP price.
So i'd watch out for an organised pump within the next couple weeks.
Otherwise things may turn really bad ...
Bears may push price down to 3250-3300$ ( key support area ) or even into low 2000$.
Yet as long as that falling wedge holds bulls will finally have the upper hand.
So it's a Long already ?
Not yet, but maybe it's not that far.
It's *about time* to stop caring about the bottom and to start *patiently building* a Long medium term position.
Use dips to your own advantage.
Seemingly a diamond bottom.
Bullish bias as long as price breaks up pattern on volume.
We had an unconfirmed falling wedge ( breakout on no volume ).
We still have a slight bullish divergence on RSI, unconfirmed on MACD.
Watch for the breakout, BUT remember to look for confirmation in volume.
Mind the support ( blue ) and resistance ( red ).
Accumulating on dips and / or buying a breakout may be a long term winning strategy.
Just keep in mind that this falling wedge may technically allow a price < 40$, even if that's not much likely.
So don't be too eager. If you wish to accumulate do it by buying small lots.
* Weekly RSI about to close under 30, first time since 2015 bottom.
* Remarkable bullish divergence.
* Price sitting on top of weekly MM200, failing to close under it within the last 2 days.
* Falling wedge.
* Chance of a ( rather ugly ) Morning Star sitting upon MM200 -IF- today ( Dec. 16th) close will be over about 3250$.
Scenario is suitable for a reversal,...
Price is sliding on long term support ( previous resistance ) encompassing ATH and August LH.
It may paint a broadening descending wedge between ( red ) "short term resistance" and descending support.
If so a low may sit anywere between here and 5700$ (circa), as long some bullish reaction comes within 2-4 days.