XRP/USD: Another Harmonic AB=CD Poised to Offer Resistance
Following last week’s week-ahead post on the price of ripple versus the US dollar, the H4 harmonic ‘alternate’ AB=CD bearish formation at $0.53316, depicted through a 1.272% Fibonacci projection ratio (plus the moderate Fibonacci cluster, backed by 38.2% and 61.8% Fibonacci retracement ratios), served well as resistance and sent price to a fresh YTD trough of $0.48557 in recent trading (its lowest level since October 2023).
H4 Resistance in View
Going forward, you may acknowledge that following the YTD low, a moderate pullback has graced the H4 chart and is poised to deliver two equivalent AB=CD bearish patterns (circa $0.51910) south of resistance at $0.52117.
Weekly Support Echoing Feeble Vibe
The weekly chart supports a sell-on-rally scenario from the noted H4 resistance structure this week.
The weekly timeframe shows that the Relative Strength Index (RSI) travelled south of its 50.00 centreline (average losses exceeding average gains: negative momentum), and the recent breach of the 46.12 low formed on 9 October 2023 suggests further downside is possible. Couple this with last week’s price action making its way south of moderate trendline support taken from the low of $0.30000, bears may remain at the wheel this week, at least until a test of the price lows around $0.42700 (oval).
H4 Resistance in View
Going forward, you may acknowledge that following the YTD low, a moderate pullback has graced the H4 chart and is poised to deliver two equivalent AB=CD bearish patterns (circa $0.51910) south of resistance at $0.52117.
Weekly Support Echoing Feeble Vibe
The weekly chart supports a sell-on-rally scenario from the noted H4 resistance structure this week.
The weekly timeframe shows that the Relative Strength Index (RSI) travelled south of its 50.00 centreline (average losses exceeding average gains: negative momentum), and the recent breach of the 46.12 low formed on 9 October 2023 suggests further downside is possible. Couple this with last week’s price action making its way south of moderate trendline support taken from the low of $0.30000, bears may remain at the wheel this week, at least until a test of the price lows around $0.42700 (oval).
Comment:
H4 AB=CD resistance held nicely over the weekend. The question is whether we will break recent lows and reaffirm the downside bias!