Ripple in neutral territory

The 62 cents has not been able to flip in support last week. The price has been fluctuating a bit between 50 and 60 cents. Yesterday the candle closed even below the 50 cent level so we traded below it today and the next support level is quite a bit lower at 37 cents. Considering the rsi is below the ema and at the 50 level a decline seems to have a reasonable chance. Let's zoom in quickly for more details.

Day chart:

Upon breaking through the 50 cent level, the structure was also broken. The next support level nicely caught the price but when we apply the Fibonacci tool we see that we have to look out for a golden pocket retrace. After which the price will continue to drop whereby the horizontals will be targets.

On the ema's the strength of the trend is declining and a bearish crossover could be a possibility. The rsi is already below the 50 level and is struggling to stay above the ema.

4h chart:

Here the ema's are already bearish and we also see a rising wedge. Now I don't trade patterns myself but like to keep an eye on it. The rsi is bullish at this timeframe but still just below the 50 level and above the ema.

1h chart:

I give a little more chance to the bears although at the 1h it could still be bullish. If the 50 cents can be flipped back to support then that could be the first signs for the bulls. However we are then still in the golden pocket retrace for a further move down on higher timeframe. When that will play out 37 cents and then 32 cents are the support levels. Only when we have been able to flip 57 cents back to support only then will I dare say that Ripple is bullish again.

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Technical analysis by Mr. Coingrats
Technical analysis by Mr. Coingrats

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