XRP, Confirmed Through Trendline, Continutation When Confirmed!

7 de jun. de 2020

Hello, Traders Investors And Community, welcome to this update-analysis about recent events, the current price-action-formation and what we can examine the next hours and days, since the last locally timeframe analysis about ripples situation which you can see when going to my account it confirmed some important levels in the structure and provided some crucial signals which altered the dynamic. Although there are still plenty of confirmational must-haves that can lead to a confirmational scenario that will explore the continued sideways market within which the leading cryptocurrencies currently trading. According to the chart, made the lines thinner to have a better view of the price-action happening therefore we are looking at the 4-hour timeframe.

The last time I made an analysis about the subject there was still the important falling resistance which you can see marked in baby-blue given, which is taken out recently and confirmed above, this was one of the possible scenarios I mentioned and it fulfilled now, the breakout was with good volatility which is a solid sign for a possible continuation and a confirmation of the head and shoulder formation within the increasingly likely spectrum. When we confirm this massive head and shoulder formation it will lead to a highly volatile market environment within ripples price-action and the confirmation will be a good opportunity for contemplating a possible position to profit out of the ongoing volatility which the market has in its bag for us.

These facts can be contemplated in adding to the bullish breakout scenario of the head and shoulder formation which is higher possible at the moment than the bearish breakout confirmation of the head and shoulder formation. But that scenario has to be confirmed properly as there is still plenty of resistance for ripple which can prove fatal when not taken out and confirmed rightly, once it is the 600-EMA which you can see in my chart in darker blue and secondly it is the horizontal resistance at the 0.21 level which you can see marked in black in my chart, these levels need to be taken out substantially to have a decent confirmation and an increasing of the bullish breakout scenario, taking these signs into account the head and shoulder formation is likely to be confirmed when we move above the 0.217 level.

Bearish Invalidation Scenario (4-Hour Timeframe):



This huge uptrend channel within which ripple currently trades and consolidated is still holding and needs to hold further for the bullish breakout scenario, there is however a scenario which can invalidate this channel to the downside and therefore also the bullish scenario, this is when we break below the lower boundary of the channel and confirm below the support you can see in my chart, when this happens we will see bearish pressure within the high possible schedule. It will be interesting to see how this plays out, we can definitely expect some volatile movement here the next times, make sure that you use the proper risk-preferences and don't fall for the illogical speculative trap that the market just moves into the direction which fits needs, like so many people these days, we need to trade what we see and not what we think!

In this manner, thank you everybody for watching, support for more market insight, have a good day and all the best!
Destiny is like the market, where, many times, if you can stay a little, the outcome will alter.

Information provided is only educational and should not be used to take action in the markets.

8 de jun. de 2020

Nota

Wow Ripple bounced at the lower boundarie from its channel

8 de jun. de 2020

Nota

We will see if this level can hold substantially