XRPLong
XRP Bear Flag, downtrend is coming to its end
- XRP is forming what seems to be a bear flag, this pattern is usually a continuation sign of the actual trend, this pattern is showing us that there we have a last potential downs to the $0.88 area and maybe below (to determine where a flag pattern may end, you have to use the extension of the pole, and once the flag is broken, the price should achieved the same extension of the pole to the down.
- Price is oscilating between $1.13 which was a strong support in the past and now it is acting as a resistance and $1.03, which is the .786 Fibo level of the uptrend since price touches its lowest price of the correction.
- We must see price going at least to the lowest price achieved in Jan 17 at $0.88 (which is also the .786 Fibo level of the whole picture since we start the bullish rally) to make a double bottom.
- If price breaks the Fibo, it can go lower to the $.067 - $0.88 area as it is a very strong consolidation zone of Dec 2017. Here is a very good entry zone.
- After all the FUD caused by rumors of Korea banning Crypto exchanges, now they are confirming they are not banning none Exchange, they are only putting in the rules on how they should operate. This allow Korean exchanges (principally Bithumb) to start accepting new users again and restore the market, this should bring dynamism again.
- Also you can see how some news and rumors are starting to clarify, and panic in the market is starting to cease. You can see in Social Media how bad news are stoping (This is not a market parameter you should use in your analysis, but it may give you some idea of how is the sentiment of the market at the moment.
We may be seeing the end of the correction and the start of the new upside rally.
- Price is oscilating between $1.13 which was a strong support in the past and now it is acting as a resistance and $1.03, which is the .786 Fibo level of the uptrend since price touches its lowest price of the correction.
- We must see price going at least to the lowest price achieved in Jan 17 at $0.88 (which is also the .786 Fibo level of the whole picture since we start the bullish rally) to make a double bottom.
- If price breaks the Fibo, it can go lower to the $.067 - $0.88 area as it is a very strong consolidation zone of Dec 2017. Here is a very good entry zone.
- After all the FUD caused by rumors of Korea banning Crypto exchanges, now they are confirming they are not banning none Exchange, they are only putting in the rules on how they should operate. This allow Korean exchanges (principally Bithumb) to start accepting new users again and restore the market, this should bring dynamism again.
- Also you can see how some news and rumors are starting to clarify, and panic in the market is starting to cease. You can see in Social Media how bad news are stoping (This is not a market parameter you should use in your analysis, but it may give you some idea of how is the sentiment of the market at the moment.
We may be seeing the end of the correction and the start of the new upside rally.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.