$XRP - RSI Breaks Down - Triangle Space Left
Like all of you, I have been watching the chart intently for the last 6 days, waiting for some indication of the next impulse wave.
At the moment, the 4H RSI just broke down past a supporting trend-line, and with the rest of the market falling faster than Ripple currently, all indications point downward.
There is hope though.. there is still space left within the triangle to maintain the sideways movement for another two days.
The problem with this though is that while the technical indicators have been going up, the price has not. This means that basically the spring has reloaded for a push downward.
I wonder though, I see everyone calling for more downward movement, so doesn't it stand to reason that the market will reverse upward since the masses are generally wrong?
A break below 0.29 will be pretty bearish and for now its holding. A break above 0.32 would be bullish.
Keep in mind that while the lesser degree wave has completed its correction, for the most part, the higher degree wave hasn't achieved a 0.262 fib retrace to 0.35. If we assume the move downward was the end of Wave 5 of both the lesser and higher degree wave, then we are due for a retrace.
At the moment, the 4H RSI just broke down past a supporting trend-line, and with the rest of the market falling faster than Ripple currently, all indications point downward.
There is hope though.. there is still space left within the triangle to maintain the sideways movement for another two days.
The problem with this though is that while the technical indicators have been going up, the price has not. This means that basically the spring has reloaded for a push downward.
I wonder though, I see everyone calling for more downward movement, so doesn't it stand to reason that the market will reverse upward since the masses are generally wrong?
A break below 0.29 will be pretty bearish and for now its holding. A break above 0.32 would be bullish.
Keep in mind that while the lesser degree wave has completed its correction, for the most part, the higher degree wave hasn't achieved a 0.262 fib retrace to 0.35. If we assume the move downward was the end of Wave 5 of both the lesser and higher degree wave, then we are due for a retrace.
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