Hello Traders
Here is my view on XRPUSD.
WEEKLY TIME-FRAME
DESCRIPTION:1. We are in a clear downtrend as price is making lower lows showing the strength of the dominant downtrend.
2. Price then pulls back to support turned resistance and test 38.2% Fib Level. However price is still bullish as
weekly candle it is not yet closed.
TRADE PLAN: When price pulls back to broken area it doesn't mean it is ready to jump in. We will be monitoring todays weekly
close because it will give us a hint on what to do next, at the moment price it is still bullish, we wait for bearish price
action to present itself then react.
Here is my view on XRPUSD.
WEEKLY TIME-FRAME
DESCRIPTION:1. We are in a clear downtrend as price is making lower lows showing the strength of the dominant downtrend.
2. Price then pulls back to support turned resistance and test 38.2% Fib Level. However price is still bullish as
weekly candle it is not yet closed.
TRADE PLAN: When price pulls back to broken area it doesn't mean it is ready to jump in. We will be monitoring todays weekly
close because it will give us a hint on what to do next, at the moment price it is still bullish, we wait for bearish price
action to present itself then react.