XRP DEATH CROSS AND WHAT TO WATCH FOR
🔥 Hey hey, sorry it's been a couple days since I've been able to post, been working everyday so I haven't had any time but I do have a bit of time before work today so figured I'd pump out an idea for you guys here, and as always, thanks for tuning in!
🔥 In my last idea I brought up that death cross, it was looking like we we're about to have a death cross form and well, that's exactly what happened. Here's a quick chart from the other day in which we saw our chart already fighting to regain that 200 EMA on the hourly but unfortunately bulls weren't able to get that done and bears took over.
🔥 Gonna keep this idea short and simple since we already know we're in a death cross. We already knew that was likely going to happen once we lost our 200 EMA so now what we'll be looking to and watching out for is price action above 0.514. These horizontal levels are pretty prevalent and no doubt traders are acting off what we do here and here's a 15 minute chart:
🔥 Off the 15 minute chart alone we can see how we're slowly making our way back up and looking to regain that 200 EMA soon enough, that being said we'll likely regain the 200 EMA soon on the 15 minute timeframe but we'll need to regain it on the 30 minute and hourly to get a solid bullish confirmation before traders will throw money at XRP again so till that happens expect waters to be choppy.
🔥 So watch those horizontal levels, when we're below a level it'll act as resistance and when above any level it'll act as a support so watch for that as well as this new annotated descending channel which is highlighted in the blue lines to show off this descending channel that's formed since we lost our 200 EMA. That's helped bears push price action down so another bullish confirmation will be when we break out of this channel so bear that in mind.
🔥 I have to go but I wanted to give you guys a few things to look at for reference while I'm out, anyway thanks for coming by as always and thanks for tuning in, wishing all the best till next!
~ Rock '
🔥 In my last idea I brought up that death cross, it was looking like we we're about to have a death cross form and well, that's exactly what happened. Here's a quick chart from the other day in which we saw our chart already fighting to regain that 200 EMA on the hourly but unfortunately bulls weren't able to get that done and bears took over.
🔥 Gonna keep this idea short and simple since we already know we're in a death cross. We already knew that was likely going to happen once we lost our 200 EMA so now what we'll be looking to and watching out for is price action above 0.514. These horizontal levels are pretty prevalent and no doubt traders are acting off what we do here and here's a 15 minute chart:
🔥 Off the 15 minute chart alone we can see how we're slowly making our way back up and looking to regain that 200 EMA soon enough, that being said we'll likely regain the 200 EMA soon on the 15 minute timeframe but we'll need to regain it on the 30 minute and hourly to get a solid bullish confirmation before traders will throw money at XRP again so till that happens expect waters to be choppy.
🔥 So watch those horizontal levels, when we're below a level it'll act as resistance and when above any level it'll act as a support so watch for that as well as this new annotated descending channel which is highlighted in the blue lines to show off this descending channel that's formed since we lost our 200 EMA. That's helped bears push price action down so another bullish confirmation will be when we break out of this channel so bear that in mind.
🔥 I have to go but I wanted to give you guys a few things to look at for reference while I'm out, anyway thanks for coming by as always and thanks for tuning in, wishing all the best till next!
~ Rock '
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