XRPUSDT Bearish Retest|Resistance Confluence|Watch Price Action
Evening Traders,
Today’s Technical Analysis – XRPUSDT- respecting its range median, a bearish retest will allow for a short entry.
Points to consider,
- Trend bearish (consecutive lower highs)
- Bearish retest (trade entry)
- Range median (local support)
- RSI and stochastics below 50
- Volume below average
XRPUSDT is in a defined lower high projection, currently trading in a range with strong resistance from multiple moving averages.
A valid bearish retest at structural resistance will allow for a short entry with defined risk. The range median is local support (immediate target), watching how price action forms at this level will help with the directional bias.
The RSI and stochastics are below 50, momentum is shifted down as oscillators show weakness, however breaking structural resistance will negate this.
Volume is below average, influx likely at structural levels. For a bullish bias, XRPUSDT needs to breach structural resistance with increasing volume.
Overall, in my opinion, a short trade will be valid upon another bearish retest, this allows for defined risk. The trade will be invalidated with candle closes above structural resistance.
Price action will be key as any weakness is to be sold into.
What are your thoughts?
Please follow me on twitter for live market updates!, link in bio :)
And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” -SunriseTrader
Today’s Technical Analysis – XRPUSDT- respecting its range median, a bearish retest will allow for a short entry.
Points to consider,
- Trend bearish (consecutive lower highs)
- Bearish retest (trade entry)
- Range median (local support)
- RSI and stochastics below 50
- Volume below average
XRPUSDT is in a defined lower high projection, currently trading in a range with strong resistance from multiple moving averages.
A valid bearish retest at structural resistance will allow for a short entry with defined risk. The range median is local support (immediate target), watching how price action forms at this level will help with the directional bias.
The RSI and stochastics are below 50, momentum is shifted down as oscillators show weakness, however breaking structural resistance will negate this.
Volume is below average, influx likely at structural levels. For a bullish bias, XRPUSDT needs to breach structural resistance with increasing volume.
Overall, in my opinion, a short trade will be valid upon another bearish retest, this allows for defined risk. The trade will be invalidated with candle closes above structural resistance.
Price action will be key as any weakness is to be sold into.
What are your thoughts?
Please follow me on twitter for live market updates!, link in bio :)
And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” -SunriseTrader
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
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