XRP/USD Ripple Facing Massive Cloud Resistance March 5 2018
Ripple has made a move up and traded the Weekly R1 at 1.08.
Currently its retracing some of that. We can see a massive Cloud
ahead of price and we are also starting to see a slight pinching in the
projected Cloud. The Monthly pivot point at 0.89 has given good
support and the MACD indicator has turned bullish again.
Because of the large resistance of the Cloud that hasn't yet been
tested, we have to assume it will fail a test the first time and
bounce off of it. Perhaps with sideways action below it before
another attempt to breach it. This is the most probable scenario.
I think Bulls will really step in first when price has produced
a higher high. With a higher low in place it would mean a reversal
swing. This would mean a close above the Monthly R1 at 1.22.
A first sign would be a close inside the Cloud and above the Weekly R1.
Because of the overall picture, bias is neutral with some bullish
tendencies. If price fails entering the Cloud and drops back, Bulls
would not want to see a close below the sideways congestion
at 0.88 which could spur more downside.
Currently its retracing some of that. We can see a massive Cloud
ahead of price and we are also starting to see a slight pinching in the
projected Cloud. The Monthly pivot point at 0.89 has given good
support and the MACD indicator has turned bullish again.
Because of the large resistance of the Cloud that hasn't yet been
tested, we have to assume it will fail a test the first time and
bounce off of it. Perhaps with sideways action below it before
another attempt to breach it. This is the most probable scenario.
I think Bulls will really step in first when price has produced
a higher high. With a higher low in place it would mean a reversal
swing. This would mean a close above the Monthly R1 at 1.22.
A first sign would be a close inside the Cloud and above the Weekly R1.
Because of the overall picture, bias is neutral with some bullish
tendencies. If price fails entering the Cloud and drops back, Bulls
would not want to see a close below the sideways congestion
at 0.88 which could spur more downside.
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