Hi Traders! In Ripple short term bearish moves are expected. A detailed analysis of this sell setup is as follows:
Ripple H4 Chart:
On the H4 chart the price is currently moving lower we may expect this bearish momentum to continue and the price to move lower further. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
Ripple H1 Chart:
On the H1 chart we have an uptrend line that has formed, if the price moves lower further and breaks below this uptrend line, we may consider this as an evidence of bearish pressure and start looking for short term sells with more bearish evidences.
Ripple Daily Chart:
On the daily chart we have a potential divergence which is already building against, so the moves down could be limited. We are also sitting on a pretty strong supportive zone. Hence we may now look for aggressive trades with small risk on lower timeframes
As long as this supportive zone holds we should see the price pushing north in the mid-long term.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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