Ripple price remains bullish as bulls eye a retest of $1
Ripple price traverses a bull flag continuation pattern, with bulls eyeing a retest of the bullish flag breakout at $1.20, but bears remain in control. Ripple price is consolidating on top of a minor bullish hammer candlestick formation as they await buyers to emerge on the downside.
A bearish break below the flag consolidation would imply that bears remain in control. A break back above the bull flag resistance would negate the bullish outlook.
While the price breaks above the bearish trend line of the flag, this will be bullish on the short term as price targets $1.5, $2.5, $3, $4, $5 and $10. The price has already broken the triangle resistance zone that was formed during the last bearish run up. The break is confirmed by candle stick reversal pattern.
Ripple price broke out from the pennant, signalling the start of the 31% uptrend to $1.
Ripple price has broken out of the pennant and broke the 38 percent retracement level. This is the first time a pennant has been broken. It is currently trading in a bear flag. This means that buyers have been dominating the market, and sellers have been getting weaker.
The uptrend was triggered by the breakout from the pennant with the daily close above the $1.28 level (the former down-side target of the pennant). The daily close was a close above the $1.28 level (the former down-side target of the pennant). The daily trading range was defined by the daily low at $1.19 and the daily high at $1.35.
Summary
Ripple price remains bullish as bulls eye a retest of $1 psychological level. The digital currency has traded as high as $1.28. The price has not been able to break above $1.25 to the upside since October 27.
The price of Ripple has been bouncing between $0.98 and $1.08 levels for the last two weeks. The breakout above $1.08 level suggests that Ripple price remains bullish as bulls eye a retest of $1 psychological level.
CAT
With Ripple’s price having broken and retested the $1 psychological level for the second time in the last two trading sessions, it is believed the bulls are looking to retest the $1 mark again.
If we see Ripple retest the $1 level during the session, we can see a further surge in Ripple price. It is therefore recommended shorting positions with a stop loss at the 50-day moving average (green line) and a target of $0.76.
