RippleUSD produced a bullish daily candle yesterday. The pair after having a pullback was heading towards the South. The support level where the price had a bounce yesterday has the potential to be a good level of support. Thus, the price may have a correction again. Let us have a look at the daily- RippleUSD chart.
The Daily Chart
The price had a rejection from the level of 0.2850. This was a flip over resistance where the price had made a breakout earlier. However, the daily bearish reversal candle was an inside bar which might have held the sellers back to sell off the pair. Yesterday’s daily candle had a bounce from a level which was held by the daily candle if we wipe off those daily spikes. Psychologically, this level is very important. Thus, the daily traders must wait for an intraday breakout at yesterday’s lowest low to go short again on the pair.
Let us now have a look at the H4 chart.
The H4 Chart
The level of 0.2565 seems to be a very strong level of support on the H4 chart. After having a bounce at the level yesterday, the H4 price action has been bullish. The price is having consolidation now. A breakout towards the upside (yesterday’s highest high) may attract the buyers to go long as far as the H4 chart is concerned.
The Bottom Line
The daily chart still favours the sellers. However, the daily chart’s price action may get choppy since the H4 chart looks bullish. It may end up producing another double top on the daily chart as well. In that case, the level of 0.2850 has to be held by the daily candles, and another strong bearish reversal candle such as an engulfing bearish daily candle is to be produced to attract the sellers to go short on RippleUSD.