XRP bearish trend continues. When we look at the 4H chart, clearly we can see head and shoulders pattern occuring. After completing this pattern, we might see another down trend if it breaks the major support at 1.60. Also we should follow up the 200 EMA (black one) line for the positions. Lets wait and see!
RSI and MACD both look bullish no? Maybe MoneyGram news?
tjwolkan
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@XenoBiologist, that was a bullish return because of high volume increase, actually that sounds good but not clear to say this is a bullish signal, according to me of course :)
MarkusLaubenthal
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@tjwolkan, Head and shoulders, maybe. But look at how strong the buyers came in and how long the sellers needed to get the price down. I'm not saying price will spike up. But it might break resistance and continue sideways at least.
tjwolkan
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@MarkusLaubenthal, Hi there ! I agree with the idea that XRP might rise up If it breaks the resistance, actually I hope :) .
At that time, I just expect that head and shoulder pattern will completed and second time it will test the major support again. If the breaks the major support, the next support level would be at the 61.8% retrace around $1.40 (worst case scenario)
Besides, all other sounds good (Singapore and MoneyGram news) however there are not enough bullish evidence yet.