mariobenitez1618

XRPUSD Technical Analysis 4 hour - Wait for buy opportunity.

KRAKEN:XRPUSD   XRP / U.S. Dollar
Hi there.

Current state:

Still out. That means we have USD on hand.

Indicators/Charts analysis:

  • RSI: Neither overbought or oversold. Indicates indecision in the market. You can see this since ripple manage to survive massive price drops across the crypto market.
  • Stoch RSI: Approaching oversold. This indicates that we could have a reversal in the up direction. The RSI current value lends itself for this as well. Keep an eye on these.
  • Bollinger Bands: Price has been moving around mid band, although on the lower end. This is mostly lateral movement, but again it lends itself to an up trend.
  • EMAs: 12, 26 and 50 are all bunched together. Again, this indicates indecision. Have to wait for confirmation.
  • Awesome Indicator: About to reach zero. However it has been oscillating close to the mid line. Again, this indicates indecision.Have to wait for confirmation.
  • Volume: Volume has been moving around the 26 Moving Average. The last few periods have been mostly on the sell side. Since buy and sell volumes have been mostly the same, we have again indication of indecision.
  • Renko: We have a green brick formed now. This does not indicate a trend change, but it could be the beginning. We have to watch.
  • Renko RSI /Stock RSI: Stock RSI has room to go up. RSI too. However RSI shows a slight trend down, indicating possible price drops again.

Stop Loss:

$0.51727 - This is our possible entry point. Upon entering we will then setup a stop loss at: $0.4531

Target:

$0.59337 - Target was chosen based on current resistances.
We will revisit this target as the possibility for a nice rebound exists.

Alarms:

None.

Conclusion:

Wait for a buy signal. Do not enter trade yet.
Patience. A patient trader is a profitable trader.


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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**