XRPUSD - 2.87 Year Old Trend-Line Broken, What Comes Next?!

17 Mar 2020

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Hello, Hello, Hello! Traders, Investors and Community! Welcome to this tremendous significant RIPPLE / US DOLLAR analysis, I detected some important signs of where we heading the next weeks and months and important support levels which we need to hold.
The corona fears going on these days and the markets showing volatility never seen for years. For wise traders that doesn't mean crying! For wise traders that does mean searching for profitable opportunities!
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As you can see in my chart RIPPLE just broke down a very very very important support trend-line which was there for 1043 days that means 2.87 in years.
This trend-line held the whole structure up and now it is broken, as for now this break looks like a bear-trap BUT that does not mean we are out of the woods, as you can see in my chart we have a huge bearish zone below the trend-line.

For now, I see some steady up-trends coming the next weeks and months but these up-trends will trade into resistance right above RIPPLES head, you can see it marked with the resistance levels and the major important falling trend-line which first need to be surpassed to develop further up-trends.

The 50 and 200 EMA marked in orange and purple showing resistance also, which means we have another confluence for resistance in the area. When the price touching this area it is important to show good bullish continuation signs otherwise ripple will fall back into the bearish zone which would accomplish a slow death ride to lower levels.
Considering this scenario, trade on the SHORT side will be appropriate when a reversal confirmed but for now, the price first has to visit these areas.

When dividing the chart into bullish, neutral and bearish areas there are, as mentioned clear obstacles in the neutral zone for ripple to turn bullish:



For the next weeks and months we can expect some good up-moves coming but what hold ripple back in this structure are the few resistance levels that shouldn't be ignored. When these levels confirm as resistance a SHORT trade will be appropriate otherwise we have to watch out for a possible bullish confirmation leaving the obstacles
in the neutral zone behind and confirm the turning-point into the green bullish area as seen in my chart.
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Thanks for watching my analysis! Hopefully, it will be profitable for you. There are always opportunities in markets also in times of great fear or greed, good treaders keep a cool head and look for the golden apples popping up ;)
For more market insight feel free to support.

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

Catatan

ANALYSIS UPDATE: This XRPUSD historical price action change dynamic was the cornerstone of a massive bounce above the boundaries of the formation.

Since XRPUSD bounced above the levels the bullish volume reached huge levels from where no reversal could trigger a development into the other direction.