XRP / TetherUSLong
descending channel + possible breakout
Hello Traders,
- Looking at XRP on 4H time chart we can see clearly how the price is behaving inside our descending channel making lower lows and lowers highs, price is testing our old support zone around 1.0600$.
- In order to have a possible breakout we need to see the buyers taking the price higher from there pushing to break our non horizontal resistance reaching our last swing low (blue zone).
- Keep an eye on the breakout ,having an extra confirmation after that to enter the trade along with decent amount of volume confirmation as well.
- If buyers failed to push prices higher then 1,0600$ - 1.100$ price can go lower to our Psychological support area 1$
Good Luck Traders!
- Looking at XRP on 4H time chart we can see clearly how the price is behaving inside our descending channel making lower lows and lowers highs, price is testing our old support zone around 1.0600$.
- In order to have a possible breakout we need to see the buyers taking the price higher from there pushing to break our non horizontal resistance reaching our last swing low (blue zone).
- Keep an eye on the breakout ,having an extra confirmation after that to enter the trade along with decent amount of volume confirmation as well.
- If buyers failed to push prices higher then 1,0600$ - 1.100$ price can go lower to our Psychological support area 1$
Good Luck Traders!
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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.