AzizKhanZamani
Short

XRPBTC Test of Support !?

BINANCE:XRPBTC   XRP / Bitcoin
Hello Traders!

Today’s update will be on XRPBTC coming out of a nice strong breakout with convincing volume!

Points to consider,
- Strong resistance broken
- Volume climax
- Support at .382 Fibonacci (S/R Flip)
- Stoch’s showing downwards momentum
- RSI testing structural support, needs to return to neutral territory
- EMA’s yet to meet price

XRP has broken a very key resistant level with follow through, test upper Fibonacci levels and respecting the .786 line. Noticeable strong bull volume confirmed that this was not a false break leading to a nice 14% + gain…

Currently price has retraced, most likely due to BTC’s recent correction, XRP should test its now support previous resistance and confirm before heading further up…

Signs are showing that this retest may come to fruition as the RSI is way over extended; it needs to cool off and return to neutral territory. The stochastics is showing us downwards momentum being projected; there is a high probability that XRP does test support to cool of other indicator.

The EMA’s are yet to meet price fully, although we do have a bullish cross however a test will confirm if price hold or breaks the EMA’s…

What are your thoughts on XRPBTC? Will it test its new support or break through it?

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And remember,

“There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.” – Jack Schwager
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