A couple of things to observe from the 2D chart;
- XRPUSD has been making higher highs and higher lows - a sign that an uptrend is in play
- Price got rejected twice at the 0.5 Fibonacci retracement level ($0.919). Could it be 3rd time lucky?
- Price is currently trading sideways in the Golden pocket of the Fibonacci retracement (.618 - 0.65) but is bumping against the upward trendline, which could result in a breakout soon.
- The golden pocket is also providing strong support at the moment at the $0.822 level.
- The EMA20 and EMA 200 are about to cross over, which would be quite a bullish signal.
It looks more likely to break upwards, and retest the 0.5 Fib retracement level, which is a strong area of resistance.
A downward breakout is also possible, though less likely, and this should take us to the 200EMA at $0.80 and if that is broken the next support level at the 0.786 FIB ($0.73)
We wait and see.
This is not investment advice. Kindly do your own research.
Follow me for regular updates.
- XRPUSD has been making higher highs and higher lows - a sign that an uptrend is in play
- Price got rejected twice at the 0.5 Fibonacci retracement level ($0.919). Could it be 3rd time lucky?
- Price is currently trading sideways in the Golden pocket of the Fibonacci retracement (.618 - 0.65) but is bumping against the upward trendline, which could result in a breakout soon.
- The golden pocket is also providing strong support at the moment at the $0.822 level.
- The EMA20 and EMA 200 are about to cross over, which would be quite a bullish signal.
It looks more likely to break upwards, and retest the 0.5 Fib retracement level, which is a strong area of resistance.
A downward breakout is also possible, though less likely, and this should take us to the 200EMA at $0.80 and if that is broken the next support level at the 0.786 FIB ($0.73)
We wait and see.
This is not investment advice. Kindly do your own research.
Follow me for regular updates.