Good day all, Let me jump straight in.
XRP is currently trending sideways following its multiday uptrend (flag formation). It is clear that the flag is a bearish sign, However there are a few factors to take in consideration before being sure of a bearish break.
The price action is placed in between 2 fairly strong support and resistances. Resistance being the 61.8% fib retracement ($0.3915) with in the appropriate price action, and the support being the 50% fib retracement ($0.366) of the same price action. Therefore it will take some selling or buying power to break out of the current phase.
(BEAR) The current bear flag comes to fruition it will put the price roughly at $0.28716, which is the low of the past few months. This may come to play as the bearish signs align well with the bullish signs.
(BULL) If the price is able to consolidate longer it will give space for the bulls to push as the support of the bear flag is nearing, followed by the 50 day EMA and the fib retracement (32.8%) to hold the price from breaking bearish.
(BULL) The price also experienced a breakout from a neutral triangle pattern which turned out to be a reversal pattern. The estimated target point of the formation is set for roughly $0.468, which falls perfectly within the confines of the bear flag resistance. Therefore it can be argued that $0.465 seems to be a good medium term sell off as a multi day retracement can follow if the price does reach this level.
the most important indicator of the following days is to watch for a break of the current consolidation area and to make a trading decision based on the direction of the break.
Thank you for your time, feel free to like and comment if you agree or disagree with my view on the current XRP market, all opinions are accepted, even related to the current political situation with the SEC vs Ripple case and how that could effect the current price action.
XRP is currently trending sideways following its multiday uptrend (flag formation). It is clear that the flag is a bearish sign, However there are a few factors to take in consideration before being sure of a bearish break.
The price action is placed in between 2 fairly strong support and resistances. Resistance being the 61.8% fib retracement ($0.3915) with in the appropriate price action, and the support being the 50% fib retracement ($0.366) of the same price action. Therefore it will take some selling or buying power to break out of the current phase.
(BEAR) The current bear flag comes to fruition it will put the price roughly at $0.28716, which is the low of the past few months. This may come to play as the bearish signs align well with the bullish signs.
(BULL) If the price is able to consolidate longer it will give space for the bulls to push as the support of the bear flag is nearing, followed by the 50 day EMA and the fib retracement (32.8%) to hold the price from breaking bearish.
(BULL) The price also experienced a breakout from a neutral triangle pattern which turned out to be a reversal pattern. The estimated target point of the formation is set for roughly $0.468, which falls perfectly within the confines of the bear flag resistance. Therefore it can be argued that $0.465 seems to be a good medium term sell off as a multi day retracement can follow if the price does reach this level.
the most important indicator of the following days is to watch for a break of the current consolidation area and to make a trading decision based on the direction of the break.
Thank you for your time, feel free to like and comment if you agree or disagree with my view on the current XRP market, all opinions are accepted, even related to the current political situation with the SEC vs Ripple case and how that could effect the current price action.