On Dec 15, XRP price continues to show weakness in price action and descend continuously to level 0.18150 within a short span of 2 days.
We are now looking at prices consolidating itself since 18 Dec and the direction is still unclear on what market prices would do.
Meanwhile, do stay cautious and keep risk appetite at minimal when trading.
Price direction may go either direction and I would like to see the below price action before entry:
Bullish view
- I would like to see price moves down to level of 0.176( newly formed support line),gradually retracing back to level 0.2008 (with higher low & high formed), and then place entry if market candlestick close above 0.2008.
Long entry into the market can also be confirmed with the reversal double bottom formed if above scenarios fulfilled. Targeted take profit may set in the same ratio as per the size of reversal double bottom pattern formed - highlighted in yellow
Bearish view
- I would like to see price moves down to level of 0.176( newly formed support line) at a gradual pace (with lower low & high formed), expecting to see continuation pattern formed (i.e. flag or descending triangle) at support level between level of 0.1815/0.1758, and then place short entry if market candlestick close below 0.17580.
Targeted take profit may set to the level of 0.1600 as this level is the next daily support in Daily - highlighted in red.
Overview
Maintain neutral view stance.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
We are now looking at prices consolidating itself since 18 Dec and the direction is still unclear on what market prices would do.
Meanwhile, do stay cautious and keep risk appetite at minimal when trading.
Price direction may go either direction and I would like to see the below price action before entry:
Bullish view
- I would like to see price moves down to level of 0.176( newly formed support line),gradually retracing back to level 0.2008 (with higher low & high formed), and then place entry if market candlestick close above 0.2008.
Long entry into the market can also be confirmed with the reversal double bottom formed if above scenarios fulfilled. Targeted take profit may set in the same ratio as per the size of reversal double bottom pattern formed - highlighted in yellow
Bearish view
- I would like to see price moves down to level of 0.176( newly formed support line) at a gradual pace (with lower low & high formed), expecting to see continuation pattern formed (i.e. flag or descending triangle) at support level between level of 0.1815/0.1758, and then place short entry if market candlestick close below 0.17580.
Targeted take profit may set to the level of 0.1600 as this level is the next daily support in Daily - highlighted in red.
Overview
Maintain neutral view stance.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X