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Yesterday XRP dropped back to the support zone after attempting to break the back test of the falling triangle. A shooting star doji formed on the 4H chart at the top giving way for the 0.886 level to be hit. We seem to be in a larger time frame descending channel marked by the gold lines. After dropping, the 4H MACD is showing us lower levels of negative momentum with sideways price action. We could finally be seeing a move up and out of this down channel. If BTC starts falling to its 100% retrace, expect XRP to do the same.
1D chart 6 days down! A spinning top would be great in this situation!
15 minute chart sideways channel might play out like the one in the previous support zone. Will it break down from resistance or break though it? Will we see the marked zone and 100% retrace for a possible reversal or will that break and set lower lows?
1H chart mapped out for possible moves to the upside and downside.
On the 4H chart we can tighten the descending channel and get a real appreciation for the rejection doji candle.
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!
I Wish Great Fortune For Everyone!
Leave a Like and Comment!
Yesterday XRP dropped back to the support zone after attempting to break the back test of the falling triangle. A shooting star doji formed on the 4H chart at the top giving way for the 0.886 level to be hit. We seem to be in a larger time frame descending channel marked by the gold lines. After dropping, the 4H MACD is showing us lower levels of negative momentum with sideways price action. We could finally be seeing a move up and out of this down channel. If BTC starts falling to its 100% retrace, expect XRP to do the same.
1D chart 6 days down! A spinning top would be great in this situation!
15 minute chart sideways channel might play out like the one in the previous support zone. Will it break down from resistance or break though it? Will we see the marked zone and 100% retrace for a possible reversal or will that break and set lower lows?
1H chart mapped out for possible moves to the upside and downside.
On the 4H chart we can tighten the descending channel and get a real appreciation for the rejection doji candle.
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!