XRPUSD midweek action
Updated
Hi guys,
XRP is still finding stable support at $0.18, which is unbreakable since April 6. Also since then, the "ripple" is trading in the $0.18-$0.20 zone without being able to make a significant break to the upside or to the downside.
Volumes are quite low at the moment around $1.7 billion on 24h- base. The last time we saw such values combined with a loss of volatility was on April 4-5. That resulted in a huge green candle that filled the whole gap between the above-mentioned area. I'm looking for something similar here as the bear pressure is fading away now with 7 consecutive failed attempts to break below $0.18.
Additionally, we already have the 50-day EMA as an additional stabilization factor there.
On the bearish side of things, we are hitting up a short-term trendline coming down from April 8 three consecutive days already without being able to surpass it.
Also, there is the following situation on the 1h-chart that I don't like either.
Let's say I'm neutral here, but slightly bearish. :)
XRP is still finding stable support at $0.18, which is unbreakable since April 6. Also since then, the "ripple" is trading in the $0.18-$0.20 zone without being able to make a significant break to the upside or to the downside.
Volumes are quite low at the moment around $1.7 billion on 24h- base. The last time we saw such values combined with a loss of volatility was on April 4-5. That resulted in a huge green candle that filled the whole gap between the above-mentioned area. I'm looking for something similar here as the bear pressure is fading away now with 7 consecutive failed attempts to break below $0.18.
Additionally, we already have the 50-day EMA as an additional stabilization factor there.
On the bearish side of things, we are hitting up a short-term trendline coming down from April 8 three consecutive days already without being able to surpass it.
Also, there is the following situation on the 1h-chart that I don't like either.
Let's say I'm neutral here, but slightly bearish. :)
Comment
XRPUSD moved above the short-term downtrend. Now let's see if it will be able to close above $0.20-$0.22 and surpass the horizontal S/R as well.
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