Yesterday we had a perfect entry at the bottom of the current pattern and today's price increase for around 4%. We will follow this trading pair on a daily basis and don't forget to give us a like and subscribe to our channel :-)
A lot of people expect impulsive bull run in the near future and in today's analysis, we will look at the 1-hour chart.
2 hours ago the peak was established at 3320 sats and XRP is currently in a correction. At the moment of writing the price is at 3275 sats which represent 38% of correction. We're expecting at least 61% of correction at around 3250 sats. Below at this point, we currently have a strong support zone in terms of EMA20-55. Breaking out this support zone would mean a big selling pressure, so we have to be careful at the price action in the next few hours. However, we don't expect that this support zone would be broken and we0re expecting a bounce from it (3250 sats).
If this would be a case then the next upward move is expected with the main short term target at around 3600 sats.
This target is at the top of the upper line of the current pattern which is a rising wedge. Usually, this pattern is a bearish sign and represents a continuation pattern - in this case downward. But we have to bear in mind that sometimes failures accour which means that in case if the upper trend line of this pattern will be broken we can expect a concrete price increase.
For today pay close attention to the 3250 sats. if the price remains above this level the next leg up would be expected. Stop loss at the 3200 sats.
In conclusion: So far so good.
Thank's for reading this idea and I'll se you guys tomorrow with another update :-)
A lot of people expect impulsive bull run in the near future and in today's analysis, we will look at the 1-hour chart.
2 hours ago the peak was established at 3320 sats and XRP is currently in a correction. At the moment of writing the price is at 3275 sats which represent 38% of correction. We're expecting at least 61% of correction at around 3250 sats. Below at this point, we currently have a strong support zone in terms of EMA20-55. Breaking out this support zone would mean a big selling pressure, so we have to be careful at the price action in the next few hours. However, we don't expect that this support zone would be broken and we0re expecting a bounce from it (3250 sats).
If this would be a case then the next upward move is expected with the main short term target at around 3600 sats.
This target is at the top of the upper line of the current pattern which is a rising wedge. Usually, this pattern is a bearish sign and represents a continuation pattern - in this case downward. But we have to bear in mind that sometimes failures accour which means that in case if the upper trend line of this pattern will be broken we can expect a concrete price increase.
For today pay close attention to the 3250 sats. if the price remains above this level the next leg up would be expected. Stop loss at the 3200 sats.
In conclusion: So far so good.
Thank's for reading this idea and I'll se you guys tomorrow with another update :-)
