Hi Traders! Ripple short term forecast update and follow up is here. On August 24th I shared this “Technical Analysis – Ripple Short Term Forecast” 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 Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
On the daily chart, we had a bullish momentum with the price creating the first leg to the upside. Currently this bullish momentum is slowing down and I basically expect a possible correction to happen now and then the price might continue higher further. Also, the price which was moving higher has broken above a strong resistance zone and is holding above it. So basically, I expect the price to retest this breakout zone before any possible continuation higher.
Based on the above-mentioned analysis my short term view was bearish here and I was expecting the price to move lower further towards the strong support zone. The price action followed my analysis exactly as I expected it to here. The price moved lower further as per the plan and provided an amazing move to the downside and has currently reached the strong support zone.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
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If you have any further questions, don’t hesitate to drop a comment below!
Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
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