$XRP - Bears Fail to Regain Control - Trend-line Resistance
EW Count is somewhere way beyond my experience. This two week sideways direction has turned the count into a mush of uncertainty.
It does seem evident to me that the plotted bearish trendline, which has now provided resistance four times over the last two weeks, will be a very solid indicator of when/if the Bulls take control again. I pulled out the view for a look back a few months and this same trendline has had moment or two that is pretty coincidental. Take a look back in the middle of May 2018, the spike in mid October 2018. I wouldnt use this as a guide-line to the validity of the trend-line, but I do find it interesting so I thought I would share.
The Bears broke a few different trend-lines, including an RSI trend-line (not plotted), but failed to follow through showing significant weakness. On the other side of that, the Bulls just broke a RSI trend-line (plotted) but were sharply rejected on the earlier reference price trend-line.
The price has been occillating around the Monthly Pivot, with trend-lines on either side. Unfortunately there is no clear direction at this moment.
A break of that bearish price trend-line should be a strong bullish indicator, but I would look for confirmation above 0.42. On the bearish side, a break below 0.34 with a confirmation below 0.32 would be pretty bearish.
It should be noted that on the 4H Fisher there is a bullish divergence.
It does seem evident to me that the plotted bearish trendline, which has now provided resistance four times over the last two weeks, will be a very solid indicator of when/if the Bulls take control again. I pulled out the view for a look back a few months and this same trendline has had moment or two that is pretty coincidental. Take a look back in the middle of May 2018, the spike in mid October 2018. I wouldnt use this as a guide-line to the validity of the trend-line, but I do find it interesting so I thought I would share.
The Bears broke a few different trend-lines, including an RSI trend-line (not plotted), but failed to follow through showing significant weakness. On the other side of that, the Bulls just broke a RSI trend-line (plotted) but were sharply rejected on the earlier reference price trend-line.
The price has been occillating around the Monthly Pivot, with trend-lines on either side. Unfortunately there is no clear direction at this moment.
A break of that bearish price trend-line should be a strong bullish indicator, but I would look for confirmation above 0.42. On the bearish side, a break below 0.34 with a confirmation below 0.32 would be pretty bearish.
It should be noted that on the 4H Fisher there is a bullish divergence.
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