It looks like the 2nd scenario I plotted yesterday is in play, with the price dipping below 0.47 to a low of 0.45.
Until the price raises above 0.496 the near-term bias is neutral, and Id like to see 0.56933 for a mid-term bullish trend signal.
Right now we are still in an Intermediate Correction Wave after the completion of the Intermediate Impulse Wave series completed at 0.44036. The 0.382 fib of that series is 0.54066 and I expect the price to get there soon. It could stop there if this is only a correction wave and not a new bullish impulse wave, but until we see a break above 0.57 were still in correction territory.
4H Fisher just confirmed bullish direction, and 4H RSI appears to be in a wedge, a break of which could give XRP the nudge it needs to get past the 0.496 level.
LOI is finding support at the same levels it has found support for previously many times. Look for Daily LOI to cross above 52.49 million for indication that buyers are entering the market again. On the 4H LOI chart, there is already indication of buyers jumping back in and I expect the next Daily bar to turn bullish.
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As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
Until the price raises above 0.496 the near-term bias is neutral, and Id like to see 0.56933 for a mid-term bullish trend signal.
Right now we are still in an Intermediate Correction Wave after the completion of the Intermediate Impulse Wave series completed at 0.44036. The 0.382 fib of that series is 0.54066 and I expect the price to get there soon. It could stop there if this is only a correction wave and not a new bullish impulse wave, but until we see a break above 0.57 were still in correction territory.
4H Fisher just confirmed bullish direction, and 4H RSI appears to be in a wedge, a break of which could give XRP the nudge it needs to get past the 0.496 level.
LOI is finding support at the same levels it has found support for previously many times. Look for Daily LOI to cross above 52.49 million for indication that buyers are entering the market again. On the 4H LOI chart, there is already indication of buyers jumping back in and I expect the next Daily bar to turn bullish.
===========
As always, this is my personal observation and analysis of the market and is not intended to be trading advice.
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Daily LOI just turned UP.
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Possible bear pennant
