Ripple is about to shift trend on the H4 timeframe if we see a close above the Cloud, as it is currently trading. A close above will also create a buying signal. On the daily chart, price is closing in on the S/R level at 1.13 which today aligns with the Kijun Sen (white equilibrium line). If price continues higher and cuts through this level, the Weekly R1 will be the next strong resistance at 1.23. We see a nice reversal formation on the H4 chart (right). If price close above the Cloud it is natural to see a retest of the Cloud, were more conservative Ichimoku traders will long to catch the trend shift, and the trail the stop either using Kijun Sen (common) or the lower end of the Cloud. Supports intraday at 0.98 & 0,935. Also, I missed to expand the MACD on the left daily chart, but there is a Bullish Crossing signal as of yesterday which should add fuel to the upside going forward.
BRILLIANT ANALYSIS. ONE QUESTION: HOW DO YOU IDENTIFY YOUR RESISTANCE LEVELS ESPECIALLY YOUR R1?
gusccbb
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Hello, excellent post. These conclusions about XRP are conditioned to breach of BTC over $ 9.2k right? If BTC bounces on that resistance will there be a rapid retraction in XRP?
CapMoore
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@gusccbb, I treat them one by one. Especially Ripple can have a life on its own as seen before. But true, 9200-600 is important level for Btc. Note
a bounce there would be natural at a first test.