Home Daily Analysis Crypto Market sentiment RippleUSD: Trend Continuation or More Correction?

RippleUSD: Trend Continuation or More Correction?

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RippleUSD had a bearish move on the daily chart. The price has been having an upward correction, and it is now right at the breakout level. Yesterday’s daily candle closed with a bullish tone. However, the resistance level is still held by the daily candles, so the sellers shall keep an eye to get a daily bearish reversal candle at the resistance to go short on the pair again.

Let us have a look at the daily-RippleUSD chart.

The Daily Chart

The daily chart shows that the level of 0.2885 is very significant. The price bounced at the level several times. It was breached last week by one of the daily candles. As expected, the price has gone towards the breakout level to make a price correction. On its way, it produced a strong bullish daily candle yesterday. The sellers shall wait for a daily bearish reversal candle to be built right there to start going short on RippleUSD.

Let us have a look at the price action on the H4 chart.

The H4 chart

The H4 chart’s price action suggests that the price may keep going towards the North if it makes a breakout at the level of 0.2885. This means the H4 traders have a different view than the daily traders. However, if the H4 chart produces a double top by having another rejection at the resistance level, the H4 sellers will then start going short as well after a neckline breakout.

The Bottom Line

The daily chart traders are to wait to find its next direction. The H4 chart favours the buyers. Another rejection from the resistance level, meaning a double top may change the scenario. To sum it up, it can be said that it has been an exciting battle between the H4 buyers and sellers. Let us wait and see who wins, which will eventually give a direction to the daily traders as well.

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