Zooming out on the daily chart, we can see Ripple is very near the apex of a larger falling wedge. Probability tells us when the breakout occurs, it will be up.
The 1 week MACD continues to show clear bullish divergence....more evidence of a bullish breakout.
The 4 hour chart reveals the 8,21 and 55 day EMA, as well as the 50 and 200 day MA, all converging on each other. This is commonly seen prior to a major move up or down.
Zooming in on the 4 hour chart, we can see price is approaching the apex of a smaller wedge. It’s also approaching the upper resistance line of the larger wedge. This suggests a possible bullish break up if the resistance is broken. If price is rejected off the larger wedge, we could see 1 more wave down. Here’s how both scenarios may play out:
In today’s video analysis, I discuss trade entry points, where price may be moving over the coming days and weeks, traps to avoid and MUCH more information not found above. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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