The red zone turned out to be tougher than expected. Last time I had a pretty bearish rejection rop where XRP dropped back to the blue support zone on the 4 hour graph. The next support zone on the weekly chart is 0.2203. The bullish momentum starts to weaken, we see the ema's crawling towards each other. Since we are now trading under the ema's I do not rule out a bearih crossover. The rsi hasn't been able to cross the ema and is currently below the middle line and here too we see the bearish momentum increasing.
Although the ascending triangle has a 70% chance of breaking out at the top, this was not the case. The course of XRP is now on LTF support but if we are going to lose that, which it looks like, then the 0.2203 should hold. Here is also confluence with the daily golden pocket, although you have to ask how strong that is, this level has already been tested after the inpulse up. The indicators are actually all in favor of the bears. Something has to be done today for the bulls to have any chance of making it short term.
This is where it has to happen if we want to go up. There may currently be a higer low printed, however, it must still be confirmed in the course of the day. For now it is still a lower high with a turtle soup pattern, which often means a trend reversal. What the result is I'm still calculating hence the question mark behind the comment on the chart. At least the ema's don't look good for the bulls while the rsi and lbr seem to want to switch to bull mode. They are above the ema but still below the median line.
Conclusion:
We need to get a higer high on the 4h if we want to go further up. 0.2417 - 0.2427 is the level that needs to be broken with a higher high. The support zone will then be 0.2384. When the higer high is not reached, a drop to 0.2203 is unavoidable. On HTF we can still be bullish because a higer low can still be made and the course would still be within the uptrend line.
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