The week of XRP coin trading began with an attempt by buyers to break through the price zone of USD 0.44-0.46, but this time buyers were waiting for failure. On an hourly timeframe, it is clearly seen that a failed buyers attack began almost immediately after closing a daytime candle. The activity of buyers lasted one hour, after which the sellers in the next several hours also on increased volumes returned the price to the price zone, after consolidation and began to fall:
However, it was on 4 June, when the price came to a range in which from 24 to 26 May, buyers accumulated volumes to continue growth with the ultimate target of USD 0.47. Sellers made two attempts at increased volumes to break through this price zone, but buyers did not let the price down. We also noticed that from 24 April, exists a trend line, which is a serious opponent for both buyers and sellers. At the moment, this trend line is under the control of buyers:
Thus, with the help of this black trend line and the price zone of USD 0.44-0.46, a triangle was created, in which the price can be quietly traded the next whole week:
According to the chart, we see that each of the 3 waves of the triangle contains three smaller waves, which can give us a hint about the high probability of the test of USD 0.44-0.46.
Marginal buyers’ positions this week are in consolidation. After a sharp increase in the positions, buyers are in no hurry to close them, and this suggests them to be sure to continue growth:
Marginal positions of sellers continue to be in the positions of February-March 2018, and also did not move anywhere this week:
At weekly timeframe, for 4 weeks the price is closed under the price zone of USD 0.44-0.46, but this fact does not inspire sellers to take the initiative in their hands. The market has stopped and moves in the strict boundaries, provoking speculators with weak nerves on rude decisions. Therefore, we expect to break the current triangle with the following two probable scenarios:
If buyers break the triangle up, then the next target is USD 0.545.
However, if they break the triangle down, we expect the first target in the price of USD 0.363 with the final in the range of USD 0.315-0.33. Approximately in this range, the price remained from January to May 2019. Also in this price range passes a blue trend line from August 2018:
We wish you good luck and peace during the time of consolidation dances of prices.
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market.
Charts Courtesy: TradingView
The post BitcoinNews.com XRP Market Analysis 8th June 2019 appeared first on BitcoinNews.com.