Hi Traders! Ripple technical analysis and forecast 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!
Note: You can watch the video analysis of this idea here in Trading View.
On the H4 chart after the strong bullish move currently it looks like a consolidation is happening in the form of a triangle pattern. The price which is moving inside this pattern has currently reached the to of it. In my point of view, there are three possible scenarios from here, which are as follows:
If the price moves higher, breaks and holds above the strong resistance zone around
1.63 – 1.64 area shown in the image below, we may then consider it as a validation for the bullish view. We may then expect the price to continue higher further.
Alternatively if the price respects the top of this pattern and moves lower, then the next area to look for bullish setups with bullish evidences would be the key support zone shown in the image below.
Alternatively if the price moves lower and breaks below the triangle pattern then the next area to look for bullish setups with bullish evidences would be the strong support zone that has formed between the area of 0.80 – 0.70 shown in the image below.
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.
You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.
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Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
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