Hi Traders! Ripple buy opportunity is forming at the moment. A detailed analysis of this setup is as follows:
Ripple Daily Chart:
On the daily chart the price which was moving higher is currently correcting itself and the price is exactly at the 50% correction. I believe that we might be seeing the bottom very soon on either of the zones shown in the screenshot, then I expect the price to recover. Once we get confirmations for bullish momentum, we can start looking for buys.
Ripple H4 Chart:
On the H4 chart we have double wave down and the downtrend line has not been broken yet. There is no confirmation for bullish evidences so far, the price might move higher from here or we might get one more push to the downside and the price to move higher from there. Once we get confirmations for bullish momentum we can join the bulls.
The aggressive approach here would be wait for the price to break above the downtrend line and then we can join the bulls.
Whereas the conservative approach would be wait for the price to break above the downtrend line and also the most recent high and then we can join the bulls.
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