XRPUSDT: We Can Buy It At Lower Price
Updated
On the daily chart, we can identify a wide descending triangle pattern, where the highs, or the peaks, are getting lower and lower. This indicates a bearish structure as we can see that recently, the price has broken the 0.5000 support level .
We are currently not looking for any sell entries despite the fact that the price is trending down. The price has almost completed a 100% retracement from the previous high of 1.9600 level. Therefore, we are monitoring the market for potential buy opportunities at cheaper price.
Our first area of interest is in the 0.2500~0.3000 level, the consolidation area before an extraordinary bullish momentum took place. If the price reaches this level, then we believe that it will be a great value investment.
We are currently not looking for any sell entries despite the fact that the price is trending down. The price has almost completed a 100% retracement from the previous high of 1.9600 level. Therefore, we are monitoring the market for potential buy opportunities at cheaper price.
Our first area of interest is in the 0.2500~0.3000 level, the consolidation area before an extraordinary bullish momentum took place. If the price reaches this level, then we believe that it will be a great value investment.
Note
For us to enter buy positions, we have to first see a consolidation/reversal pattern being formed (double bottom, an inverse head and shoulder, horizontal channel, etc). It is not formed overnight but rather takes a period of time. Then when the price breaks above the reversal pattern, we will look for buy entries. A bearish trend will not shift into a bullish trend overnight (Very very very rarely) Currently, the price is in the bearish impulsive stage, making a new lower low. Therefore, any spike ups are just a part of retracement within the bearish trend.
Note
As we also stated in our SHIBUSDT analysis, we do believe that eventually, at some point in the future, XRPUSDT will retest the previous high of 1.9600 level
Related publications
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.