This breakout is a matter of when not if – Confluence Detector

Google+ Pinterest LinkedIn Tumblr +

  • Ripple price in the red but fighting for a breakout in the near-term.
  • Ripple must clear the resistance highlighted by the yesterday high at $0.3091.

Cryptocurrencies are turning south mid through this week’s trading. The downward correction is trimming the gains after the digital assets spiked towards the end of last week marking the biggest gains of 2019. Ripple is also in the red with losses of 0.21% on the day. XRP/USD has been trading lower highs and lower lows after the bullish momentum was cut short at $0.32. In fact, the price slipped below $0.30 before recovering slightly.

As discussed in an earlier published article, I talked about Ripple braking out of a bullish flag pattern on the 4-hour chart. My prediction still stands; a breakout above $0.32 is a matter of when and not if.

At the moment, Ripple is valued at $0.304466 and immediately supported by a confluence of technical indicators. Any movement south will be limited by the 4-hour 10-day Simple Moving Average (SMA), the 4-hour Bollinger Band Middle, the daily 38.2% Fibonacci retracement level as well as the previous high on the 1-hour timeframe chart. If a Ripple slides below the next support at $0.2995, it will remain largely unsupported and could breakdown to lows around $0.2679; PP 1M S1 and the weekly 161.8% Fibonacci retracement.

As far as gains are concerned, Ripple must clear the resistance highlighted by the yesterday high at $0.3091. Which also happens to coincide with the weekly 38.2% Fib level, monthly 23.6% Fib level and the Bollinger Band 4-hour Upper. On overcoming this resistance, a breakout is expected above $0.32 and further gains could spike above $0.33 in a coming couple of days.

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Share.

Leave A Reply