Wave 5 on 4 hrs chart starting, break above $37 fractal level should take us to $45, we should see 2 more pull backs in this wave (5th wave) as part of 5-3-5-3-5 impulsive cycles.
- Strong reversal candles formed in the last 3 days, followed by a green confirmation. Today's open is above previous day's close as well.
- RSI is above 50 and is extending since 3 days ago.
- GodMode confirming reversal as well without caution sign.
- Volume is relatively above 20 MA
The market direction is bearish, is in downtrend (Always trade on the direction of market)
Volume dropping getting lower and lower
RSI and CCI both are in downtrend
Strong bearish candle formed after reversal confirmation
I will observer the market carefully, we need strong confirmation of uptrend before jump in and buy more. On this space i usually...
XRP showing signs of pullback, most probably we will see it on $0.98 or lower for a short time, it's a good opportunity to add in your position there. 2hr XRP chart showing reversal candle and at the same time BTC showing the same weakness which is in harmony with this analysis.
CCI indicating overbought and reaching to the top of trend on this space.
