Ripple is following suite with the other major Crypto’s, breaking out of the previous bearish trend and attempting to find a bottom here. Taking a look at Ripple versus Bitcoin on the 2 hr chart.
In the chart we can see the break away from the previous downtrend, however resistance came in to play quite early and the chart has painted a bearish pennant / flag. Important to note that no candlestick formation has a 100% success rate, so even though there is a bearish flag painted, there is still a possibility for a break to the top side.
What to look out for, like usual we will monitor the support and resistance zones and take note of the price action there. I have short term support for the Ripple market at around 0.0000635 btc and resistance for the near term is at 0.0000690 btc – 0.00007 btc.
For those traders wishing to go long on the market, I think a break and consolidation above current resistance would be the safest entry, going long here should be considered a higher risk trade. Keep an eye on the support zone for a possible bounce should the bulls want more XRP, and expect lower prices should our support fail. Safe trades.
Taking a look at the Ripple market vs Bitcoin after the XRP made headlines last week outperforming BTC. Let’s open up the 4hr candle chart to take a look at the shorter term price movement.
As we can see on this chart, the Ripple market failed to clear 0.000093 btc a second time after the big gains on September 21st. Short term resistance at this point in my opinion is around 0.000085 btc, and 0.00009 btc – 0.000093 btc will act as medium to long term resistance.
Support for me on the shorter term is at 0.00008 btc and I will look to this level to signal another short on the market. Should prices fail to consolidate above this support zone we can expect a correction to lower prices before the market moves up again. Should this level hold as support we could see a bounce to the above mentioned resistance zones.
The trading volume on the Ripple markets has seen a good increase and it will be interesting to see if these numbers become the new norm for Ripple.
For those looking to trade the breakouts, keep an eye on the short and medium term support levels, as well as the momentum and trading volume on the markets. Safe trades.
This reply was modified 2 months, 1 week ago by CheesePuff.