XRPBTC Potential Bounce!
Hello Traders,
Today's chart will be on XRP's current price action,
Points to consider
- Overall trend is bearish
- Major structural support broken
- RSI coming out of oversold conditions
- Both EMA's acting as resistance
- Below average volume
- Potential bullish divergence
- VPVR showing low volume of transaction at current area and resistance
The probability of XRP to have a bounce from this area is more favorable as we can see a potential bullish divergence forming, where the RSI is putting in higher highs and the price is putting in lower highs. It is noticeable that the price action is leaning into a wedge formation, with support (green zone) being in confluence helps with the bounce. The current volume is below average and tapering of rapidly which signify a move is about to happen in the near future...
what are your thoughts ? please leave a like and comment
and remember,
"Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment''' - Joe Vidich
Today's chart will be on XRP's current price action,
Points to consider
- Overall trend is bearish
- Major structural support broken
- RSI coming out of oversold conditions
- Both EMA's acting as resistance
- Below average volume
- Potential bullish divergence
- VPVR showing low volume of transaction at current area and resistance
The probability of XRP to have a bounce from this area is more favorable as we can see a potential bullish divergence forming, where the RSI is putting in higher highs and the price is putting in lower highs. It is noticeable that the price action is leaning into a wedge formation, with support (green zone) being in confluence helps with the bounce. The current volume is below average and tapering of rapidly which signify a move is about to happen in the near future...
what are your thoughts ? please leave a like and comment
and remember,
"Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment''' - Joe Vidich
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