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 May 14th 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 ClubSpoiler alert – free memberships are available!

My Idea

On the H4 chart, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently, it looks like a correction is happening. In addition to this, the ADX indicator gave a bearish signal here at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25 which we may consider as yet another evidence of bearish pressure. Also, we had two strong support zones that has formed and the price which was moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. Currently, these strong support zones are acting as strong resistance zones for us. Until these two strong 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, on the H4 chart, based on the above mentioned analysis my short term view was bearish and I was expecting the price to move lower further after pullbacks until the two strong resistance zones hold. The price action followed my analysis exactly as I expected it to here. After the bearish trend pattern, the pullback that I was looking for happened with the price reaching the first strong resistance zone, respected it and moved lower from this zone. The price then moved lower further as I expected it to and delivered an excellent move to downside!

 

Ripple Short Term Forecast Update And Follow Up

 

On the M15 chart, the market provided us with various facts supporting the bearish view. The price, which was moving higher, created a bearish divergence between the first high, formed at 0.5416 and the second high, formed at 0.5554 based on 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, and also there were no signs opposing this bearish view. Then as you can see in the image below, how the price moved lower further after that and provided a fantastic move to the downside!

 

Ripple Short Term Forecast Update And Follow Up

 

So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bearish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at the majority of the time and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions accordingly.

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

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

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