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Ripple D1(Daily) Chart Analysis – Resistance Breakout, Heikin Ashi Candles, No Opposite Evidences
On the daily chart, we had a strong bullish momentum and the price which was moving higher has broken above a strong resistance zone and is holding above it. Currently it looks like a correction is happening and I expect the price to possibly continue higher further after this correction. Also, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. Currently there are no signs opposing this bullish view and I basically expect the price to continue higher further. We may now move down to lower timeframe and see if we can find evidences supporting this bullish view.
Ripple H4(4 hours) Chart Analysis – Heikin Ashi Candles, ADX Indicator, Range Breakout
On the H4 chart too, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment here as well. After the strong bullish move, we had a correction in the form of a range here and the price which was respecting this range so far has currently broken above the top of it and is holding above it. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25. We may consider these as evidences of bullish pressure and also there are no signs opposing this bullish view, here as well. So based on all this my view here is bullish and I expect the price to move higher further until the bottom of this range holds.
Technical Analysis & Forecast Summary
Ripple D1(Daily) Chart Analysis
- Resistance Breakout, Heikin Ashi Candles, No Opposite Evidences
Ripple H4(4 hours) Chart Analysis
- Heikin Ashi Candles, ADX Indicator, Range Breakout
Trading Tips
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
