The US Thanksgiving holiday provided some early Black Friday offers for bitcoin traders and investors, but downside dangers persist. The price of XRP has fallen below the weekly Ichimoku Cloud, posing a risk of a flash crash. Since the week of February 28th, 2020, XRP price has accomplished the most bearish weekly candlestick close inside the Ichimoku system. The candlestick ended below the Kijun-Sen ($0.957), the final Ichimoku support level. XRP currently has very little support structure left and will have to rely on the Chikou Span as its last line of defence.
The Chikou Span's stance is the saving grace for XRP bulls. The Chikou Span must be below the bodies of the candlesticks and in free space for an Ideal Bearish Ichimoku Breakout entry to occur. The Chikou Span will not intercept the body of any candlesticks horizontally throughout the following five to ten periods, resulting in open space. The XRP price would have to close at or below $0.59 for the open space condition to be correct.
However, several bullish warning flags are flashing, which might prompt short-sellers to cover their positions. XRP is currently trading above the Kijun-Sen, having rallied off the 38.2 percent Fibonacci retracement at $0.84. The Chikou Span has moved above the body of the candlesticks for the first time since the weekly candlestick on August 13th, contributing to the rebound.
Between the candlestick chart and the Composite Index, there is a very undetectable concealed positive divergence. When an oscillator makes lower lows while the price chart makes higher lows, this is known as hidden bullish divergence. Hidden bullish divergence is an early signal that the preceding uptrend will continue if the past trend went up. The Relative Strength Index, which is maintaining the oversold levels of 50 and 40 as support, is adding to some near-term support. To build a clear and renewed bull market, bulls will require XRP price to settle at or above $1.18.
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