⚡ XRP PRICE ANALYSIS JULY 20 ⚡
⚡ Hi, thanks for joining in real quick ladies and gentlemen. Pretty clear what's happened today but we'll give some quick notes on what's going on with our prices today for the technical.
⚡ Volume decreased as we approached that 0.85 level/test indicating that buyers weren't as keen on buying at that level, represented an absence of momentum/energy which we would have needed to break that level and form another leg up. We promptly got a breakdown after reversing following the failed test once we slipped below 0.81.
⚡ What we're looking for now is a break back to the upside passing that 0.795 mark on the local. We can't consider any moves upward until buyers pull us back up and restore prices above 0.90. It's important to note that volume increased as we approached that 0.77 level managing to hold ground above 0.785 thanks to what was likely some institutional/whale buying most likely in a push to prevent us losing that mark.
⚡ Chances are we'll have some sideways trading for a while between 0.77 and 0.85 as Bulls and Bears will fight to get a leg up on each other. What matters mainly is that the 200 EMA has been lost on the 15 minute, not the best case to have but it hasn't been lost on the 30 minute yet as represented below:
⚡ Should we lose that 200 EMA on the 30 minute timeframe expect some heavy selling or intense volatility if we approach it as both teams will battle intensely no doubt. What matters now is just which way we break out this horizontal channel we're currently trending within:
⚡ Break above and we have a good chance of getting that 200 EMA back. Below and we have a good chance of meeting again with our 200 on the 30 minute so be mindful. 0.77 is that last level of support before things get real tricky.
⚡ Target for today is just to break above 0795 and establish some support. If that fails and we slip below 0.786 watch 0.77 for support and should we slip below 0.77 my next support is at 0.724. Feel free to add those levels to your charts. I have to go but all the best, feel free to leave and likes or follow, thanks.
~ Rock '
⚡ Volume decreased as we approached that 0.85 level/test indicating that buyers weren't as keen on buying at that level, represented an absence of momentum/energy which we would have needed to break that level and form another leg up. We promptly got a breakdown after reversing following the failed test once we slipped below 0.81.
⚡ What we're looking for now is a break back to the upside passing that 0.795 mark on the local. We can't consider any moves upward until buyers pull us back up and restore prices above 0.90. It's important to note that volume increased as we approached that 0.77 level managing to hold ground above 0.785 thanks to what was likely some institutional/whale buying most likely in a push to prevent us losing that mark.
⚡ Chances are we'll have some sideways trading for a while between 0.77 and 0.85 as Bulls and Bears will fight to get a leg up on each other. What matters mainly is that the 200 EMA has been lost on the 15 minute, not the best case to have but it hasn't been lost on the 30 minute yet as represented below:
⚡ Should we lose that 200 EMA on the 30 minute timeframe expect some heavy selling or intense volatility if we approach it as both teams will battle intensely no doubt. What matters now is just which way we break out this horizontal channel we're currently trending within:
⚡ Break above and we have a good chance of getting that 200 EMA back. Below and we have a good chance of meeting again with our 200 on the 30 minute so be mindful. 0.77 is that last level of support before things get real tricky.
⚡ Target for today is just to break above 0795 and establish some support. If that fails and we slip below 0.786 watch 0.77 for support and should we slip below 0.77 my next support is at 0.724. Feel free to add those levels to your charts. I have to go but all the best, feel free to leave and likes or follow, thanks.
~ Rock '
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.