alanmasters

Ripple (XRPH19 & XRPBTC) Getting Ready To Breakout (4H & 1D TF)

BINANCE:XRPBTC   XRP / Bitcoin
I am looking at a breakout to the upside, of course, since Ripple is completing a retrace after a very strong move up. But as usual, breakouts can go either way.

XRPH19 retraced all the way back to 0.618 which is a solid retrace after strong bullish action. (This is based on the 4H time frame for XRPH19 (left chart).

As for XRPBTC on the daily timeframe (chart to your right), price found support at EMA10 (green line) and several scenarios can play out from this point.

1) Short term sideways consolidation and then below...

2) A break and close below 0.000088 can send XRPBTC to test EMA100 (blue line) or the 0.786 Fib. support sitting at 0.000085.

3) To the upside, XRPBTC Needs to break EMA50 (magenta)/ 0.5 Fib (0.0000896) to resume its climb up.

We saw a very strong breakout to the upside, followed by a very strong retrace. Yet, price remains trading above EMA10.

As long as Ripple ( XRPBTC ) remains above this indicator, we can expect for it to resume its climb up. If it goes below, we follow the first scenario and go for another analysis to see what is going on.

My view? Consolidate a bit further and then continue its up move... You can see the conditions above for a situation change.

Hit LIKE, if you want to trade.

Namaste.
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But stability keeps you always in the same place.

For more and for growth, you have to move to a different stage.

Namaste.
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