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Ripple D1(Daily) Chart Analysis – Correction, Strong Support Zone
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.
In my POV, there are two possible scenarios here, the correction might happen in the form of a triangle pattern and then the price might continue higher further.
Or alternatively, the correction might happen in the form of double wave down towards the strong support zone and then the price might continue higher further from this zone. In either ways my short term view is bearish and my mid term view is bullish here.
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 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.
Also don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Yordan Kuzmanov
Chief Trader at the Traders Academy Club
