This is an update to our previous post:
After seeing many more touchpoints of sell pressure we have finally seen a breakout above our upper green trendline.
Now price is fighting with the red box that has acted as sell pressure (horizontal resistance) between $2.60-$2.70. If price is able to break above this red box and flip that resistance level into new support, that should give the trend enough fuel to test our 1.618 extension around $3.50 and potentially higher.
If we see sellers come in this red box again, what we would want to look for is a retest of the green trendline as a level of new support. This could range anywhere between $2.25-2.35 depending on how long it takes. If we confirm that old trendline of resistance as new support, that should also lead us higher to those extension targets.
We mentioned how well XRP had been holding up sub $2 (turning that 2021 ATH into support). Now that we have seen a breakout of the pattern as well strength starting to show up again for XRP -Even if we get rejected at this red box and go down for the retest, XRP is definitely showing early signs of accumulation for its next leg.
After seeing many more touchpoints of sell pressure we have finally seen a breakout above our upper green trendline.
Now price is fighting with the red box that has acted as sell pressure (horizontal resistance) between $2.60-$2.70. If price is able to break above this red box and flip that resistance level into new support, that should give the trend enough fuel to test our 1.618 extension around $3.50 and potentially higher.
If we see sellers come in this red box again, what we would want to look for is a retest of the green trendline as a level of new support. This could range anywhere between $2.25-2.35 depending on how long it takes. If we confirm that old trendline of resistance as new support, that should also lead us higher to those extension targets.
We mentioned how well XRP had been holding up sub $2 (turning that 2021 ATH into support). Now that we have seen a breakout of the pattern as well strength starting to show up again for XRP -Even if we get rejected at this red box and go down for the retest, XRP is definitely showing early signs of accumulation for its next leg.
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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.
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.