XRP/USD - Upside Continuation?
Updated
In my last analysis, I predicted XRP would have a nice breakout to the upside from a side-wards resistance line that I drew on the chart (See my related ideas links below for more details of this analysis) and since then, it's gone EXACTLY AS PLANNED! :-). Price broke out nicely, and the buy was exactly on the side-wards resistance turned support according to my last analysis and the move went absolutely perfectly, anyone who followed would have made some good gains. Now, price has hit a minor high, which coincides with the previous swing high.
XRP is showing very early signs of weakness in the technical trend. when price hit the previous swing high there was a clear dark cloud and lots of indecision candles since. I expect XRP will need to take a correction from here to the downside (Even if only a small correction). Price will likely correct to 0.5550 (Which is the 20 moving average which could be potentially used as a support), 0.51200 (Which is the 50 moving average support level) or finally at worst, a correction to 0.43700 (Which is the side-wards support level which where the last rally originated from.
There is a lot of support levels as you can see, but in situations such as these, it is subjective and we must just watch the market play out before anything is done.
Furtherly confusing, if price breaks above 0.61000 then we're going to the upside... But this is ONLY if at least the 20 moving average level is hit, or it's not safe, and isn't a go.
Where do YOU think price is headed? leave a comment with a chart and let's share our thoughts!
Thank you for your support.
XRP is showing very early signs of weakness in the technical trend. when price hit the previous swing high there was a clear dark cloud and lots of indecision candles since. I expect XRP will need to take a correction from here to the downside (Even if only a small correction). Price will likely correct to 0.5550 (Which is the 20 moving average which could be potentially used as a support), 0.51200 (Which is the 50 moving average support level) or finally at worst, a correction to 0.43700 (Which is the side-wards support level which where the last rally originated from.
There is a lot of support levels as you can see, but in situations such as these, it is subjective and we must just watch the market play out before anything is done.
Furtherly confusing, if price breaks above 0.61000 then we're going to the upside... But this is ONLY if at least the 20 moving average level is hit, or it's not safe, and isn't a go.
Where do YOU think price is headed? leave a comment with a chart and let's share our thoughts!
Thank you for your support.
Note
Price is now supporting on the 20 and 50 moving average. Will price stay here? Or will price break below the moving average support levels and go further down to the horizontal support zone between 0.43000? I guess we will all soon find out. :-)
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Note
Price is sitting on my support line line perfectly, meaning it's clear that people have acknowledged this level. Let's wait it out and see how price plays out! :-)Please leave a LIKE. I'd really appreciate it. :-)
Note
My support line is still holding! Looks like it was a crucial idea afterall. I'll be posting a new Ripple analysis later had this idea get sufficient attention.
Please leave a LIKE. I'd highly appreciate it.
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