XRPBTC Supply Zone|Range Resistance|.618 Fib|Increasing Volume
Evening Traders,
Today’s analysis – XRPBTC- deviating from rage trading back into structure, immediate target is taking out local high for continuation.
Points to consider,
- Macro trend bearish (counter trend)
- Support confluence (.618 Fibonacci/ supply zone)
- Range resistance
- Oscillators neutral
- Increasing volume
XRPBTC’s macro trend is bearish with major levels yet to be broken. The immediate trend has established a lower high, building a bullish structure, keeping in mind this is still counter trend from the dominant bearish trend.
The support zone is in confluence with the .618 Fibonacci, this is coming from the recent bull impulse.
Price is likely to retrace back before another leg up.
Range resistance is a key level to close above, confirming this will increase the probability of testing daily resistance.
Oscillators are neutral in respect to price, remaining above 50 gives a bullish bias on the market.
The volume profile is increasing evidently, this needs to maintain for trend continuation. Influxes are likely when breaching key levels.
Overall, in my opinion, XRPBTC is probable to test the support zone confluence. This will allow for a risk defined entry for a long. Discretion is to be used upon management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“The process by which one accumulates money is so simple, yet so hard to implement for most.” ― Yvan Byeajee
Today’s analysis – XRPBTC- deviating from rage trading back into structure, immediate target is taking out local high for continuation.
Points to consider,
- Macro trend bearish (counter trend)
- Support confluence (.618 Fibonacci/ supply zone)
- Range resistance
- Oscillators neutral
- Increasing volume
XRPBTC’s macro trend is bearish with major levels yet to be broken. The immediate trend has established a lower high, building a bullish structure, keeping in mind this is still counter trend from the dominant bearish trend.
The support zone is in confluence with the .618 Fibonacci, this is coming from the recent bull impulse.
Price is likely to retrace back before another leg up.
Range resistance is a key level to close above, confirming this will increase the probability of testing daily resistance.
Oscillators are neutral in respect to price, remaining above 50 gives a bullish bias on the market.
The volume profile is increasing evidently, this needs to maintain for trend continuation. Influxes are likely when breaching key levels.
Overall, in my opinion, XRPBTC is probable to test the support zone confluence. This will allow for a risk defined entry for a long. Discretion is to be used upon management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“The process by which one accumulates money is so simple, yet so hard to implement for most.” ― Yvan Byeajee