Hi Traders! Ripple short term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available!
Ripple H4(4 hours) Chart Analysis – Lower Lows, Key Resistance Zones, Stochastic Oscillator
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 towards 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.
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 short term 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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Arvinth Akash
Traders Academy Club Team
