XRPBTC Range Support|S/R Flip|200 DMA|Volume Influx| Swing Low
Evening Traders,
Today’s analysis – XRPBTC- impulse break back into structure with the immediate target being range resistance.
Points to consider,
- Swing low failure (local trend change)
- Range support confluence (.50 Fibonacci & 200 DMA)
- Range resistance target
- Oscillators diverting to neutral
- Clear Volume influx (temporary top)
XRPBTC’s immediate trend has a bullish bias as it has confirmed a swing lower failure pattern with an impulse move up, higher targets probable.
The range support has multiple technical confluences, the 200 DMA and the .50 Fibonacci. This area is highly probable to be respected upon an S/R flip retest. Range resistance is the local target, breaching this key technical level will change the macro trend, establishing a higher high.
Both oscillators are diverting with a valid volume influx node present, this indicates a temporary top being in as price trades in a corrective manner.
Overall, in my opinion, XRPBTC is heading for an S/R flip retest of range support. This will allow for a valid long with defined risk. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” – Mark Douglas
Today’s analysis – XRPBTC- impulse break back into structure with the immediate target being range resistance.
Points to consider,
- Swing low failure (local trend change)
- Range support confluence (.50 Fibonacci & 200 DMA)
- Range resistance target
- Oscillators diverting to neutral
- Clear Volume influx (temporary top)
XRPBTC’s immediate trend has a bullish bias as it has confirmed a swing lower failure pattern with an impulse move up, higher targets probable.
The range support has multiple technical confluences, the 200 DMA and the .50 Fibonacci. This area is highly probable to be respected upon an S/R flip retest. Range resistance is the local target, breaching this key technical level will change the macro trend, establishing a higher high.
Both oscillators are diverting with a valid volume influx node present, this indicates a temporary top being in as price trades in a corrective manner.
Overall, in my opinion, XRPBTC is heading for an S/R flip retest of range support. This will allow for a valid long with defined risk. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” – Mark Douglas