Ripple is bouncing off the support area highlighted in the previous article, indicating that buyers may be trying to regain control of price action. Zooming in to the short-term time frames reveals that price is forming a small reversal chart pattern and some bullish confirmation could be needed before the rally gains traction.
In particular, Ripple has formed a double bottom on its 15-minute chart after bears failed in their last two attempts to take it below the 0.2400 mark. The neckline is located at 0.3000 and a break above this could draw more buyers in. Also, price could climb by the same height as the double bottom chart pattern, taking it up to 0.3600.
However, the 100 SMA is below the longer-term 200 SMA on the 15-minute chart so the path of least resistance might still be to the downside. In addition, the 100 SMA is holding as dynamic resistance at the moment and might be enough to keep gains in check. A move past this level could encounter resistance at the 200 SMA next.
Stochastic is heading up but seems to
Read more ... source: LiveBitcoinNews
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