Hello everyone,
Sideways action has slowly drained the volatility in the market and it looks like the market is taking a deep breath prior to a big dive or a big jump. What I am observing on this chart is potential upwards movement because:
1. Price is crawling at the lower line of the ascending channel.
2. 20 MA is sitting below us and coincides with the trendline.
3. RSI is above 50 and sitting at the support of the uptrend.
4. MACD is giving us a buy signal.
Some reasons to go down:
1. Low volume and low volatility, hence a sharp move from BTC will make XRP test lower supports.
2. STOCH RSI is high
3. A lot of long market sentiment, meaning don't follow the herd.
By the technical looks of it, go long at current level with SL below red horizontal support at around 6950 sats. Take profit at around 7700 sats level and check again where price is heading. I personally think we can retest the 8200-8800 sats range if this plays out. Otherwise, it might be a big trap because the indicators are flaming long and you know how pleasing it is to fall into a baited trap this easy.
Roll-on !
Sideways action has slowly drained the volatility in the market and it looks like the market is taking a deep breath prior to a big dive or a big jump. What I am observing on this chart is potential upwards movement because:
1. Price is crawling at the lower line of the ascending channel.
2. 20 MA is sitting below us and coincides with the trendline.
3. RSI is above 50 and sitting at the support of the uptrend.
4. MACD is giving us a buy signal.
Some reasons to go down:
1. Low volume and low volatility, hence a sharp move from BTC will make XRP test lower supports.
2. STOCH RSI is high
3. A lot of long market sentiment, meaning don't follow the herd.
By the technical looks of it, go long at current level with SL below red horizontal support at around 6950 sats. Take profit at around 7700 sats level and check again where price is heading. I personally think we can retest the 8200-8800 sats range if this plays out. Otherwise, it might be a big trap because the indicators are flaming long and you know how pleasing it is to fall into a baited trap this easy.
Roll-on !
Comment:
SL didn't hit below red horizontal zone (I said 6950 which obviously is 6850), so it can be inferred that this move was anticipated. Best entry would have obviously been at around 6900 sats but we couldn't have known that it was going to drop even though we acknowledged such a possibility. Let's see if there will be more blood or the swift move to lower support levels across the market is all. BTC should move back up otherwise more downside can be expected.
