Still no clear sign of reversal and end of bearish run. It seems to be a short covering rather, as the daily volume is not impressive as of now. Might fall further after touching 200EMA on daily chart. DCA below 1600 levels.
2 factors : Death cross on daily chart (bearish) but closed above 50EMA on weekly chart & multiple rejections at around 30k levels.
Need fresh buying and should sustain above this level for few days to go LONG.
It always gets tricky when price hovers among the critical moving averages. 200EMA on daily charts acting as resistance and support provided by 13EMA, which is not that great a support but there is a stronger support below with multiple price rejections. Go Long if it closes above 200 EMA with impressive volume.
Entire crypto market is moving sideways and so is XRP. There is a strong support at 0.8 level, a little below that should be stop loss and long only if it breaches the above trendline.
BTC has broken flag and pole pattern along with cup and handle for upside movement but have not retraced yet. So, long once the retracement is complete.
Bearish view as:
1) Price moving in downtrend parallel channel
2) Price below 50 EMA in daily timeframe and retracement completed to further go down
3) No bullish momentum
Bearish view due to:
1) Inverse cup and handle pattern in daily timeframe
2) Dipping RSI
3) ADX dipping for earlier uptrend price movement
4) Price breached the triangle pattern, might retrace back and falls even sharper below
