XRP Potential Short Term Trend Change

há 7 dias

SMA's clearly crossed on the 4hr time frame, a key support level broken and looks like a retest of what is now the resistance approaching.

If we get a clear rejection on the $2,40 resistance and the SMA's cross on the 12hr i would be inclined to stop buying XRP for the moment and wait till the market plays out to potentially buy the dip, no point continuing to buy whilst the market is changing to a bearish short term trend.

We might as well wait until the market returns to a specific price points like $2 then look to buy more as we can anticipate a rejection of that level and capitalise from buying the dip.

For the record, I'm not saying don't buy XRP. I'm simply saying potentially wait a week to buy it at a better price.

Still XRP 🚀

há 5 dias

Trade ativo

As you can see XRP did break through the $2.40 price level, i would like to think this could be some manipulation and a liquidity trap from short sellers at the $2.40 level as it is an easily identifiable key level.

On the daily timeframe however the fib does show a perfect reversal of half the previous extension to the %61.80 level as well as forming a new lower high. Still not buying just for the moment, the higher timeframes do still indicate some more relief is incoming especially with the lower major key levels of $1.9500 aligning perfectly with the -27.00% fib retracement which would be a target for many retail traders.

Also a clear double rejection from the $2.6200 price point has created the reversal to the down side.