06-01-2018 Technical Analysis (Support levels & price targets)
XRP/USD
PAST WEEK
Ripple has had an amazing past week, having a bullish run from $1.879 & peaking at $3.30! (75% increase in a mere 5 days). However having retraced about 30% from the peak of $3.30. It is still seemingly managing to hold steady at $2.50 (just below the 0.5 fib retracement level) which is still a 25% increase from the high of $1.879.
SUPPORT LEVELS
We are currently slightly below the 3rd support level from the high achieved on 4th of Jan 2018, priced at about $2.54 (0.5 fib retracement level).
Other support levels to watch out for as we continue the move upward in a few days will be $2.77 (0.618 fib retracement) & about $2.99 (0.786 fib retracement). Next support level if price were to break and fall would be, $2.21 (0.236 fib retracement). These support levels could be initial targets for price to stagger around before retesting the high of $3.30 and eventually popping the cap (bring the champagne please :P).
PRICE TARGETS
There are 4 possible price targets to hit after popping the previous high of $3.30. These are $3.42, $3.74, $4.02 & $4.24 (marked as the green horizontal lines). There is one more extension price target on my chart but I will not include it as it seems unlikely to be hit within the next rally.
RSI
RSI rating is 81 at the moment that I am typing this out. Still in the overbought channel, however we will have a few days of stagnant prices and it might even fall to the 4th & 5th support level ($2.41 & $2.21 respectively), giving us plenty of room to breathe whilst the RSI rating falls back into the "acceptable" range of below 75.
WEDGE
Looks to be that the wedge that i charted since the price of about $0.2 is finally gonna be broken in the next few days, which could cause a fall in price to the $2.41 support level, or maybe even the $2.21 level, if bears decide to push it down further. Not to fret though, this is a normal market correction after about 3 weeks of bullish movement, price will regain momentum soon, I will include dates of suspected volatility in the next section.
TIME FRAMES
The last piece of TA I did and uploaded on several forums (Reddit / XRPChat) were pretty accurate for both rallies around the time of 28th of December & 4th of Jan. The next time zones according to my analysis (marked by the orange areas) would be today, 6th of Jan. The time I suspect the next big rally will be is, 14th Jan 2018, this is because the 3 week long wedge is about to be broken and it should be at least a few days, to a week long for price to re-consolidate before moving upward again.
These time frames should not be taken to be exact, therefore, give or take a couple of days before and after for price action to pick up (hence the orange "zones").
Conclusion / TLDR
Price should stay down for the next few days to a week long, expect price to start gaining momentum heading toward the 14th of Jan.
Don't be surprised if price falls to $2.21 - that is the lowest retracement level.
Expect prices to experience resistance whilst moving up back to $3.30. Once past $3.30 it should move up to a maximum of $4.24 or slightly higher.
Happy trading! Kept gains are less pains :)
- El.NOIV
XRP/USD
PAST WEEK
Ripple has had an amazing past week, having a bullish run from $1.879 & peaking at $3.30! (75% increase in a mere 5 days). However having retraced about 30% from the peak of $3.30. It is still seemingly managing to hold steady at $2.50 (just below the 0.5 fib retracement level) which is still a 25% increase from the high of $1.879.
SUPPORT LEVELS
We are currently slightly below the 3rd support level from the high achieved on 4th of Jan 2018, priced at about $2.54 (0.5 fib retracement level).
Other support levels to watch out for as we continue the move upward in a few days will be $2.77 (0.618 fib retracement) & about $2.99 (0.786 fib retracement). Next support level if price were to break and fall would be, $2.21 (0.236 fib retracement). These support levels could be initial targets for price to stagger around before retesting the high of $3.30 and eventually popping the cap (bring the champagne please :P).
PRICE TARGETS
There are 4 possible price targets to hit after popping the previous high of $3.30. These are $3.42, $3.74, $4.02 & $4.24 (marked as the green horizontal lines). There is one more extension price target on my chart but I will not include it as it seems unlikely to be hit within the next rally.
RSI
RSI rating is 81 at the moment that I am typing this out. Still in the overbought channel, however we will have a few days of stagnant prices and it might even fall to the 4th & 5th support level ($2.41 & $2.21 respectively), giving us plenty of room to breathe whilst the RSI rating falls back into the "acceptable" range of below 75.
WEDGE
Looks to be that the wedge that i charted since the price of about $0.2 is finally gonna be broken in the next few days, which could cause a fall in price to the $2.41 support level, or maybe even the $2.21 level, if bears decide to push it down further. Not to fret though, this is a normal market correction after about 3 weeks of bullish movement, price will regain momentum soon, I will include dates of suspected volatility in the next section.
TIME FRAMES
The last piece of TA I did and uploaded on several forums (Reddit / XRPChat) were pretty accurate for both rallies around the time of 28th of December & 4th of Jan. The next time zones according to my analysis (marked by the orange areas) would be today, 6th of Jan. The time I suspect the next big rally will be is, 14th Jan 2018, this is because the 3 week long wedge is about to be broken and it should be at least a few days, to a week long for price to re-consolidate before moving upward again.
These time frames should not be taken to be exact, therefore, give or take a couple of days before and after for price action to pick up (hence the orange "zones").
Conclusion / TLDR
Price should stay down for the next few days to a week long, expect price to start gaining momentum heading toward the 14th of Jan.
Don't be surprised if price falls to $2.21 - that is the lowest retracement level.
Expect prices to experience resistance whilst moving up back to $3.30. Once past $3.30 it should move up to a maximum of $4.24 or slightly higher.
Happy trading! Kept gains are less pains :)
- El.NOIV