XRP / Tether USDShort
XRPUSD Poloniex- Down again?
Updated
We had a good movement after the market correction, however XRP has been trying to break through the 200 EMA and it hasn't been able to do so. This is in the same area of the 0.786 fib retracement number, both worked as a resistance.
We have a wedge formation, and now XRP is breaking to the downside. The 50 EMA was working like a good support, however we're currently breaking this and the wedge support, which in both cases it's sign of a price retracement.
We also have a head and shoulder formation within the wedge, another reversal trend signal. I have added a target based on the H&S formation, around the 0.91 area.
If the price rises, and we ho back into the wedge, we could go back up and test again the 200 EMA.
We have a wedge formation, and now XRP is breaking to the downside. The 50 EMA was working like a good support, however we're currently breaking this and the wedge support, which in both cases it's sign of a price retracement.
We also have a head and shoulder formation within the wedge, another reversal trend signal. I have added a target based on the H&S formation, around the 0.91 area.
If the price rises, and we ho back into the wedge, we could go back up and test again the 200 EMA.
Note
So the prices did fall and went even below the H&S target. Now from here we've got two areas of support, one is on the area of 0.85 (marked in purple) and below that on the EMA 200 at 0.76 on the daily chart. These are strong supports that will have a higher demands and could potentially reverse the trend. If it doesn't, we would carry on with the downtrend. We´re also about to have a bearish crossover on the MACD and the RSI is getting closer to the oversold area.
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