Testing the soft resistance. Possible Rectangle emerging.

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Testing the soft resistance. Possible Rectangle emerging.
Ripple / Dollar BITFINEX:XRPUSD
InvestingScope

Ripple is stranded within its 4H Support and Resistance levels (0.53866 - 0.70894) and given the High Volatility on 4H (ATR = 0.0231), a multi session consolidation is expected. This will create a Rectangle pattern on neutral RSI , Highs/Lows and we will scalp it for the next 15 days. Keep in mind that the underlying long- term trend is still bearish on both 1D ( RSI = 36.353, Highs/Lows = -0.0559) and the 1W Triangle ( RSI = 44.657, Highs/Lows = -0.0295), so if the price tests the 1W support = 0.46014, we will enter one more long position.

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