XRP Ripple Looking bad with this Big Bear Flag, Part 5
Updated
Since my last post on XRP, the crypto market was in real panic mode. But ever since the bulls have stepped or the bears have stepped down. That is of course the big question. As you know from my Bitcoin' analysis, i have been calling for a possible double bottom since yesterday's drop failed again. But things are still not in the clear though, hard road of resistance to go through.
For XRP' it seems to be easier, because it looks like a valid triangle here on the right. I can't say yet which side it will break out of, but since we are close the the upside again, i think the bulls are slightly in favor here. If we see that triangle and red zone break with good volume, the target will be around the 0.35 (blue circle). If the bulls loose and the bears take over again (think Bitcoin'level around 3250), the target is around that green support zone at 0.27ish. If we do break up, the 0.33ish will be a tough resistance as well
One important thing to know, if it breaks up, it has to be with high volume otherwise it will fail. The first attempt is allowed to fail a bit, in the form of a pullback, but is should not drop below that red resistance zone with the pullback. While i am writing this, Bitcoin' is weakening a bit again. If that 3890/70 breaks, we could drop some more again on both.
Bigger picture here is still bearish, if we look on the left. That big bear flag i have been showing the past weeks has not reached it's target yet (which is around the green support at lows). Next to that, the current triangle could also still be a bear flag as well. So we should not forget this. The low volume of the past days fits that bear flag as well.
I post more update on my Bitcoin analysis, so make sure you keep an eye on that as well
Please don't forget to like if you appreciate this :)
Previous analysis:
For XRP' it seems to be easier, because it looks like a valid triangle here on the right. I can't say yet which side it will break out of, but since we are close the the upside again, i think the bulls are slightly in favor here. If we see that triangle and red zone break with good volume, the target will be around the 0.35 (blue circle). If the bulls loose and the bears take over again (think Bitcoin'level around 3250), the target is around that green support zone at 0.27ish. If we do break up, the 0.33ish will be a tough resistance as well
One important thing to know, if it breaks up, it has to be with high volume otherwise it will fail. The first attempt is allowed to fail a bit, in the form of a pullback, but is should not drop below that red resistance zone with the pullback. While i am writing this, Bitcoin' is weakening a bit again. If that 3890/70 breaks, we could drop some more again on both.
Bigger picture here is still bearish, if we look on the left. That big bear flag i have been showing the past weeks has not reached it's target yet (which is around the green support at lows). Next to that, the current triangle could also still be a bear flag as well. So we should not forget this. The low volume of the past days fits that bear flag as well.
I post more update on my Bitcoin analysis, so make sure you keep an eye on that as well
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
Bitcoin has been struggling the past few hours. It has not dropped yet, but nog that convincing as well. With XRP we can see the same, that red resistance is still too heavy, but as long as it stays above that green support, it can make another attempt to break up.Note
After the failed attempt to break up the bears have taken offer and at the moment it is at an important support zone (green zone). It looks like a bear flag, but if you follow my Bitcoin analysis, there are chances for a Bart move. So even though it looks like XRP will drop even more, i am not assuming it blindly.Note
There you have the bear trap (Bart move). These markets are just so mean sometimes. When things look obvious we see a counter move. Funny to see how the target of that triangle has been reached to the point :) Even though we had a break of several supports.Note
Now that green support around today's high is the new resistance and the new level to break. If we see a good bull flag form on the right, we should be able to break it.Note
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