XRP UPDATE: THURSDAY 10.3.19: CHANNEL BREAKDOWN
Updated
Hello all and good evening!
Last night the prospect of a long was shattered by XRP's inability to hold support over the upper descending channel line and has now fallen below the rising white channel. The technical target would be the support at the 0.618 of the recent low and high points marked by the squares. Of course price can always return back into the rising channel if volume comes in.
15 Minute chart. Descending purple channel straight out of the rising white one.
1H chart. Technically a bullish divergence as price is moving lower.
4H chart. Negative momentum might be reseting although we might not see a shift to green. It is ideal that when/if we see lower prices, that the MACD has a lower negative values before shifting to green.
1D chart. Recently rejected from the midline of the broadening structure.
1W chart. Negative momentum seems to be running out at the top of this marked area historically a very important price range. This is where XRP was right before it spiked 1,200%
1M chart. XRP is potentially showing a bullish divergence on the 1M as well as the 1W with the MACD.
This is only my opinion!
Let me know what you think!
Last night the prospect of a long was shattered by XRP's inability to hold support over the upper descending channel line and has now fallen below the rising white channel. The technical target would be the support at the 0.618 of the recent low and high points marked by the squares. Of course price can always return back into the rising channel if volume comes in.
15 Minute chart. Descending purple channel straight out of the rising white one.
1H chart. Technically a bullish divergence as price is moving lower.
4H chart. Negative momentum might be reseting although we might not see a shift to green. It is ideal that when/if we see lower prices, that the MACD has a lower negative values before shifting to green.
1D chart. Recently rejected from the midline of the broadening structure.
1W chart. Negative momentum seems to be running out at the top of this marked area historically a very important price range. This is where XRP was right before it spiked 1,200%
1M chart. XRP is potentially showing a bullish divergence on the 1M as well as the 1W with the MACD.
This is only my opinion!
Let me know what you think!
Note
approaching resistance level.
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