Ripple Short Term Forecast Update And Follow Up

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Ripple Short Term Forecast Update And Follow Up

Hi Traders! Ripple short term forecast update and follow up is here. On November 23rd I shared this “Ripple Short Term Forecast And Technical Analysis” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club. Spoiler alert – free memberships are available!

My Idea

On the H4 chart, we had a strong bearish move and the price has created lower lows based on the MACD indicator, which is a sign of gaining momentum toward the bearish side. Currently, it looks like a correction is happening in the form of a range with the price reaching parallel support and resistance zones. While measuring the two waves inside this range, we have two key resistances zone that has formed. The first key resistance zone is formed based on the 100%(0.41142) Fibonacci expansion level of the first wave and the 61.8%(0.38973) and 100%(0.41719) Fibonacci expansion level of the second wave. The second key resistance zone is formed based on the 161.8%(0.46521) Fibonacci expansion level of the first wave and the 161.8%(0.46242) Fibonacci expansion level of the second wave. Also, based on the Stochastic Oscillator we could see that the price has reached its extreme, which we may consider as yet another evidence of bearish pressure. In addition to this, there are no signs opposing this short term bearish view at the moment. Until both the key resistance zones (marked in red) shown in the image below hold my short term view remains bearish here and I expect the price to move lower further.

 

Ripple Short Term Forecast Update And Follow Up

 

 

Ripple H4(4 hours) Chart Current Scenario

In Ripple, until the two key resistance zones hold I was expecting short-term bearish moves to happen here. The price action moved exactly as I expected it to in my analysis. After the strong bearish move, we had a flat correction with the price reaching the first key resistance zone, respected it and then it bounced lower from this zone. Also, we had a bearish divergence that formed between the first high formed on 15th November 2022 and the second high formed on 25th November 2022 based on the histogram of the MACD indicator. The price then moved lower and broke below the most recent uptrend line, we may consider these as facts provided by the market supporting the bearish view. The price then moved lower further and delivered an excellent move to the downside as you can see in the image below!

(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)

 

Ripple Short Term Forecast Update And Follow Up

 

As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted to us and took the right action according to that.

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Also, you can get one of our strategies free of charge. You will find all the details here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Arvinth Akash
Traders Academy Club Team.

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