XRP/USD (1d Heikin-Ashi) - RSI in oversold area for longer time
Dear Everyone,
Let's see the Heiki-Ashi candles on the daily chart. As you can see the price has hidden inside the 12-day Bollinger band. Looking at MACD (12, 26) we did not flipped as much bearish since crypto double-bottom few days ago.
Finally RSI-14. RSI is 8th day at oversold area using Heikin-Ashi candles (using normal candles not). That's quite a long time. If you provide a trendline at RSI you see that the resistance level went also into oversold area. When resistance is in oversold area, breaking the resistance is rather sooner than later!
If we could go downwards one more time that is also eventually possible. However, the analaysis mentioned above takes me into consideration that big moves upwards are closer than we expect.
Yours sincerelly,
Paweł
Let's see the Heiki-Ashi candles on the daily chart. As you can see the price has hidden inside the 12-day Bollinger band. Looking at MACD (12, 26) we did not flipped as much bearish since crypto double-bottom few days ago.
Finally RSI-14. RSI is 8th day at oversold area using Heikin-Ashi candles (using normal candles not). That's quite a long time. If you provide a trendline at RSI you see that the resistance level went also into oversold area. When resistance is in oversold area, breaking the resistance is rather sooner than later!
If we could go downwards one more time that is also eventually possible. However, the analaysis mentioned above takes me into consideration that big moves upwards are closer than we expect.
Yours sincerelly,
Paweł
If the todays trend would sustain until the end of the day, we would have crossed the trendline at RSI-14 as written on chart above !!!
;-) Regards ;-)
Paweł