Ok, here you have it.
After mostly perfectly achieving the Bear Flag formation and target of the last analysis (you can find it below), now we are seeing XRP trying to get back.
- It have achieved a 100% retracement/correction of the last upside of January 17, having XRP making a double bottom at the moment.
- We have TWO very clear bullish divergence over the last 2 days in both RSI and Stoch (As the blue lines show), this should be a signal that XRP must rebounce anytime from now, you can see a similar bullish divergence on January 16, before we went into a strong bullish movement.
- We are now testing very important supports of Dec 2017, and we entered in a very strong consolidation zone, if we don´t have a strong rebounce, we may see XRP moving sideways inside this range for the next days, before it starts a bullish rally again.
- We have a downtrend line defined by the last upside in January 17, we must break this downtrend first, to start thinking we are in a next bullish trend.
- If the double bottom formation is correct, we may think price should achieve somewhere around $2.6 derivated from this movement. (This is targeted from measuring the highest point of the last upside (January 17) and using the same distance from where the last upside ends.
Trade safely.
After mostly perfectly achieving the Bear Flag formation and target of the last analysis (you can find it below), now we are seeing XRP trying to get back.
- It have achieved a 100% retracement/correction of the last upside of January 17, having XRP making a double bottom at the moment.
- We have TWO very clear bullish divergence over the last 2 days in both RSI and Stoch (As the blue lines show), this should be a signal that XRP must rebounce anytime from now, you can see a similar bullish divergence on January 16, before we went into a strong bullish movement.
- We are now testing very important supports of Dec 2017, and we entered in a very strong consolidation zone, if we don´t have a strong rebounce, we may see XRP moving sideways inside this range for the next days, before it starts a bullish rally again.
- We have a downtrend line defined by the last upside in January 17, we must break this downtrend first, to start thinking we are in a next bullish trend.
- If the double bottom formation is correct, we may think price should achieve somewhere around $2.6 derivated from this movement. (This is targeted from measuring the highest point of the last upside (January 17) and using the same distance from where the last upside ends.
Trade safely.
