Here I have outlined the factors in the current market of Ripple. As you all know, it’s a tricky situation now because there aren’t many obvious signs of either direction following through completely as usual for consolidation, but I’ve done the best I can at making you aware of what’s driving us or and what’s standing in the way.
- Inverted formation (strong)
- Higher low and higher high have formed (strong)
- Holding above purple major (strong)
- Downward crossover on the (medium)
- Break below the channel (medium)
- Downward continuation pattern (weak)
Neutral (for now):
- I can’t currently tell for sure if price is holding above or below the major S&R level – what makes this such a strong level is that it is $1, I’m sure you can understand why this has a psychological effect
At this point, I don’t think it’s safe to go with either option because as soon as we think it will go one way, something happens and the whole perception changes. So, the best we can do now is regularly update our analysis and work with what we have until we get the required confirmation we need to set things straight. I don’t recommend getting in on this sideways movement unless you’re in it for the long term and don’t mind holding through this.
So, let’s just wait and see if we can get past this $1 S&R level, followed by a break of the blue resistance line, and then we can most likely safely say this correction is over and the bottom has finally completed and then enjoy the next stage of profit.
I'll update when I have gathered more information - stay tuned.
**Don't take trades based purely on my ideas shared with you; I'm just providing an idea for people who are after some knowledge of what could happen. You should conduct your own analysis and research to build up your own predictions**