XRPUSD is consolidating after the Jan 18 high and broke this month's channel up sideways.
Levels to watch:
- January's uptrend stopped exactly on the lower high trend line of the medium term channel down that started in August.
- That lower high was right below the MA200 on the 1D chart. The MA200 has sold the price and acted as a resistance on several occasions since July.
- So far the price has found support on the MA50 1D.
- The Support is set at 0.1700 and the Resistance at 0.33000.
- The MACD turned bearish.
Projection:
- Since the uptrend stopped on the lower high of the August channel down (which is the dominant trend) and the 1D MA200 held, there is no reason at the moment to believe that the same pattern will not be repeated and go for a new lower low, especially with the MACD turning bearish. Technically if the MA50 breaks we should expect a run towards the 0.1700 Support. If however we have a 1D candle close above the MA200 (hasn't happened since early July, we only had wicks), then buyers may push is as high as the 0.3300 Resistance.
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Levels to watch:
- January's uptrend stopped exactly on the lower high trend line of the medium term channel down that started in August.
- That lower high was right below the MA200 on the 1D chart. The MA200 has sold the price and acted as a resistance on several occasions since July.
- So far the price has found support on the MA50 1D.
- The Support is set at 0.1700 and the Resistance at 0.33000.
- The MACD turned bearish.
Projection:
- Since the uptrend stopped on the lower high of the August channel down (which is the dominant trend) and the 1D MA200 held, there is no reason at the moment to believe that the same pattern will not be repeated and go for a new lower low, especially with the MACD turning bearish. Technically if the MA50 breaks we should expect a run towards the 0.1700 Support. If however we have a 1D candle close above the MA200 (hasn't happened since early July, we only had wicks), then buyers may push is as high as the 0.3300 Resistance.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!