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XRP weekly speculative analysis piece, upward movement soon!

BITSTAMP:XRPUSD   Ripple幣 / 美元
13-01-2018 | Technical Analysis | Support Levels | Price Targets | Wedge | Time Frames

BITSTAMP:XRPUSD            

PAST WEEK

Ripple has had a bearish past week, falling from the high of $2.75 all the way down to $1.57 before the bulls came in and closed the candle above the support level of $1.87. There was a maximum draw down of 31% (closed candles). It is currently sitting on the 0% retracement level of the last bullish run from $1.87, all gains from that run has been wiped out due to the bears (possibly because of CoinBase's CEO's tweet). However, in the full scope of the matter, we are still sitting on the 0.618 retracement level for the run from $0.20 upward! This is positive, indicating that the bullish sentiment is far from over as it has not closed or fallen below the overall 50% retracement level, insinuating that the trend is still valid!!

SUPPORT LEVELS

Price is sitting on the 0% retracement level as I had earlier mention. Might look bad, but this only means that we can only move upward if the support holds steady. I also mentioned that we are still on the 2nd retracement level from the established closed high of $2.75 - meaning the bull trend is not over just yet.

PRICE TARGETS

We have hit the first price target ($2.08) since bouncing off the support line of $1.87. There are four more price levels on the retracement from the closed high, that in which being - $2.21, $2.32, $2.42 & $2.56 respectively. These levels are indicated on the chart with the dark green horizontal lines. These levels could also serve as future support if price were to puncture and extend higher.

RSI

RSI levels are currently looking healthy, having fallen from a rating of 81 (a week ago), to the acceptable range of 54 (13th Jan 2018). This is well below the overbought level and allows for plenty of room over the next week or so to garner upward momentum.

WEDGE

The wedge I plotted in my previous piece of TA did indeed break, as I had suspected would, and the price fell just one level more than I had hoped. I have plotted a new wedge for the short term, with its top at the price of $2.18, we can expect a squeeze in price over the next few days with a mini break out to one of the retracement levels I had mentioned in the section above.

TIME FRAMES

The orange timezone from my previous piece of TA is still valid, and at this rate it looks like my previous prediction of date-volatility is still intact. We are looking for price action movement hopefully, tomorrow onward (14th Jan 2018), and we should keep an eye out for levels i had mentioned in the section above. The next time of expected upward volatility would fall on the 22nd of Jan 2018.

Due to the massive pullback over the past few days, there might be a slow down in bullish measure as there might not be much buyer confidence, seeing that we only closed in the green 2 days ago. This could possibly mean that it might take a day or two after the 14th for bulls to start running up again. I am most definitely bullish over the time period of the next week or so.

These time frames should not be taken to be exact, therefore, give or take a couple of days before and after for price action to pick up (hence the orange "zones").

Conclusion / TLDR

Ripple/XRP has fallen 31% of the last week, however sitting on the 0.618 retracement level from the overall trend of $0.20 onward, indicating that the bullish trend is still valid!

We are looking for upward movement between the $2.32 to $2.42 range in the short term over the next week.

RSI levels are way below the overbought level, giving plenty of space for upward momentum.

There should be green volatility over the next week or so, it is unlikely for the price to break current support.



Happy Trading! Kept gains are less pains.

- El.NOIV









Thx !

Any updates ?
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Good job man, thanks
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Nice!
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