Slyx737

XRP about to make ripples?

BITFINEX:XRPBTC   Ripple / Bitcoin
First we'll address the cloud. Chikou span is still above price and although it's in a downtrend it has not yet made a cross down on the price. During the previous phase of consolidation the Tenkan sen flatlined. This indicates the market is ranging. Accumulation is taking place with small price fluctuations. Kijun sen is above the current price and tells us we may be set for a move. Our Kumo has undergone two twists of it's Senkou spans. Currently they're below the price and acting as support with little very little volatility being indicated.

The current candle is very bearish and tells us there has been a lot of selling off in the past 4 hours. Our larger chart pattern could be forming a bull flag which reinforces the pattern within the pattern. Which is the falling wedge we see (purple) as well what looks to be the end of a double top .

Stochastic RSI is in a bearish downtrend we want to see a bounce between 20-30.

Parabolic SAR shows that we are in a downtrend. Hope for a stop and reversal :P

Fibonacci retracement has the price sitting between the .382 and .5 levels.



Watch for a price bounce off the bottom of the falling wedge , break through the .5 fibonacci levels, increasing volume , and a bullish candle to begin forming.
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