Weekly Chart Insight: XRP Closing Above Previous High
XRP has just closed above its previous weekly high—a significant development that could signal a shift in market sentiment. Historically, when price closes above such a critical level on the weekly timeframe, it often leads to continuation, unless a sharp rejection quickly follows.
At this stage, the focus shifts to the 4-hour timeframe for confirmation. An impulsive move above the current consolidation zone could indicate that this breakout is legitimate, potentially leading to another bullish weekly candle.
However, caution is warranted. If the next two daily candles close weakly or fail to maintain structure above the breakout level, it could hint at a fakeout or liquidity grab before a deeper correction.
My Current Bias:
If price begins to consolidate and hold this level, that would reinforce the bullish case. But if we see immediate selling pressure and a re-entrance below the breakout, I’ll reconsider the bias based on developing structure.
XRP has just closed above its previous weekly high—a significant development that could signal a shift in market sentiment. Historically, when price closes above such a critical level on the weekly timeframe, it often leads to continuation, unless a sharp rejection quickly follows.
At this stage, the focus shifts to the 4-hour timeframe for confirmation. An impulsive move above the current consolidation zone could indicate that this breakout is legitimate, potentially leading to another bullish weekly candle.
However, caution is warranted. If the next two daily candles close weakly or fail to maintain structure above the breakout level, it could hint at a fakeout or liquidity grab before a deeper correction.
My Current Bias:
- I remain neutral-to-bullish, contingent on:
- An impulsive continuation on the 4HR
- Strong daily closes above the key range
- Price not falling back and closing below the weekly breakout level
If price begins to consolidate and hold this level, that would reinforce the bullish case. But if we see immediate selling pressure and a re-entrance below the breakout, I’ll reconsider the bias based on developing structure.
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.