XRPUSD; Correction over above 0.8000
Market is ranging between 0.6200 support and 0.7500 resistance. Note that the 0.6200 is the 61.8% correction level of the latest move north.
This percentage is considered the maximum where a countermove can be considered a correction and an earlier morning star pattern suggests bulls are around to defend this idea. Yesterday a hammer session is posted, another hint for a higher bottom.
A benchmark candle is the latest large full bodied candle on the chart (blue arrow). Note that this is where the 0.7500 resistance is derived from. With the current trading range one should watch breaks outside the range; A sustained break above 0.7500 should give bulls confidence and see a move toward the Bollinger midline (around 0.7950). This is next resistance and should be watched. If market can keep 0.7500+ prices after such a test and dips toward 0.7500 see support, chances are good to see a better move north again toward 0.9600. Bull's task would be to surpass this level as they have to follow up with a higher high after the higher low.
Breaking below 0.6200 suggests more weakness (probably more aggressive) and can see 0.5700. 0.6950 can see intraday support today; a 60 minute uptrendline resides there.
This percentage is considered the maximum where a countermove can be considered a correction and an earlier morning star pattern suggests bulls are around to defend this idea. Yesterday a hammer session is posted, another hint for a higher bottom.
A benchmark candle is the latest large full bodied candle on the chart (blue arrow). Note that this is where the 0.7500 resistance is derived from. With the current trading range one should watch breaks outside the range; A sustained break above 0.7500 should give bulls confidence and see a move toward the Bollinger midline (around 0.7950). This is next resistance and should be watched. If market can keep 0.7500+ prices after such a test and dips toward 0.7500 see support, chances are good to see a better move north again toward 0.9600. Bull's task would be to surpass this level as they have to follow up with a higher high after the higher low.
Breaking below 0.6200 suggests more weakness (probably more aggressive) and can see 0.5700. 0.6950 can see intraday support today; a 60 minute uptrendline resides there.
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