Can Ripple Hold Out Against the Bears?
In my previous analysis, I was bullish; however, I did state in a BTC analysis, that if BTC were to fall in price, the rest of the market would follow and the rest of the market followed BTC's drop in price.
The Chart:
It appears like XRP is currently in a bear flag, as the highest point of volume is in the respective drop. However, there is support on the green trendline which was once previously resistance. The green support of the rectangle is given by the weekly hammer, however, it is possible that the hammer cannot hold this price point. The two red rectangles are resistance zones with historically more trendless action. There are two price objectives I want to derive, the first on is that of the rising channel which is .2386 and the second one is if the entire pattern acts as a bear flag (price objective of .1921). If I was looking for this flag to fail, it would need to cross .26.
The Weekly Hammer:
Previous Analysis:
The Chart:
It appears like XRP is currently in a bear flag, as the highest point of volume is in the respective drop. However, there is support on the green trendline which was once previously resistance. The green support of the rectangle is given by the weekly hammer, however, it is possible that the hammer cannot hold this price point. The two red rectangles are resistance zones with historically more trendless action. There are two price objectives I want to derive, the first on is that of the rising channel which is .2386 and the second one is if the entire pattern acts as a bear flag (price objective of .1921). If I was looking for this flag to fail, it would need to cross .26.
The Weekly Hammer:
Previous Analysis:
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