Market dumped to premium support/demand level at the price range of 0.5800-0.6000. This range has a strength to continue the trend upwards. It should be noted that the lower time frame trend on Ripple is bearish whereas on higher timeframe, the market is still bullish. Based on the bias of the higher time frames, we are engaging in the bullish sentiment and looking to go long at the price of 0.580. From here onwards, we do see a 11% potential reward at the resistance level.

The two descending trendlines have been formed. Once market begins to move up, there is a potential for the market to break the trendlines as a breakout buy and continue going up after the retracement.

The retracement level at the 100% is in confluence with the support level, where we are looking to go long. This retracement level also has a time frame confluence of daily and weekly level.

Both the EMA’s are bearish, which just turned a bearish death cross. After the breakout sell of the EMA 50, market was unable to retest the EMA 50 and EMA 200. This unfinished retest needs to be fulfilled by the retest, which to the contrary, means that the market has to move up to retest either of the EMA’s. The retest may also be our profit target for the Ripple.

RSI and CCI, both have crossed the neutralized levels while RSI at 52 and CCI at 50. This indicates that the market is about to move up and will continue till the window of over bought region. 

Missed ripple by 10 pips!

Vasl Capital

May 05 2022