The weekly XRP/USD chart is what is giving us the most positive signals that we have reached bottoming action.
- Bullish – The MACD is slowly curling up to the upside with what could be a potential bullish crossover.
- Bullish – According to the “TD Sequential” indicator, we have completed an exhaustion cycle leading up to a possible reversal point. “TD Sequential” is an exhaustion cycle indicator that identifies trend reversals. It uses exhaustion points numbered “1-9” with “9” being the potential exhaustion point and reversal of a trend.
- Bearish – The weekly RSI has reached considerate low levels of 42,5 which is almost as low as the bottom in 2017.
- Potential Short-Term Bullish Target: $0.82
XRP/USD Daily Chart Overview
Neutral: If the “Three Black Crows” pattern proves itself to be true we would be looking at a correction back to $0.30, where the nearest support level is located. Although, the context is different this time as the pattern is occurring so late in a bear trend the “Three Black Crows” could prove itself to be a failed continuation pattern and end up being a bullish sign.
Trend reversal patterns that begin as continuation patterns are quite common. Like all trend reversal patterns, the probability of follow-through is only 40%.