Rippling and Looking for a Breakout

2021년 3월 15일

Ripple has been filling out what could be either a symmetrical or ascending triangle since its last pump in February while ranging from about $0.42 to $0.49 since Feb 24th as it tightens into the vertex.
Anticipating a breakout within a week or so with a slightly bullish bias, my confidence of a move in either direction is not great.

Analysis: Daily indications mostly looking for confirmation. Remaining Neutral-Slight Bullish Bias.

Currently, my bias is slightly bullish due to the price action holding the $0.40 area as well as the directional index still maintaining the +DI above the -DI with a potential for a +DI/ADX cross suggesting a continued bullish trend. The shown linear regression channel has the -2 standard deviation finding confluence with a fibonacci cluster in the $0.40-$0.39 range, indicating that this could continue to be a strong area of support.

Some bearish factors are that the RSI is still in what I consider to be a slightly bearish zone below the 50 level as well as the MACD having both the MACD and Signal lines below the zero center line.

Looking for confirmation of breakout via the following.

What does confirmation look like??
I would like to see the following:

Price Action
Bull: A bullish impulsive candle breaking out of the triangle with a solid close above $0.50 would likely indicate a run upward.
Bear: A bearish impulsive candle breaking out of the triangle with a solid close below $0.40 would likely indicate a run downward.

RSI
Bull: RSI breaks above 55 corresponding with a solid candle break and close above $0.50
Bear: RSI breaks low, below 38.2 with a solid candle break below $0.40

ADX
Bull: +DI crosses above ADX (White line)
Bear: -DI crosses above +DI as well as ADX indicating trend reversal

MACD
Bull: MACD line (Blue) pulls up and crosses above signal (Orange). This "bullish cross" happening ON the zero line would be a very bullish signal.
Bear: MACD continuing below the zero line and maintaining this downward trend

Given the recent news released that the SEC and Ripple have agreed on dates regarding the arguments for a motion to dismiss, all due by June 4th 2021. There is no clear ending the the current legal battle. That said, there appears to be a technical indication of some sort of move in price action in the very near future, though I am uncertain what the catalyst would be.

Thanks for reading,
-Spreck