🔥 Got some decisive trading action going on today with XRP and we're here real quick to give that observation on it as well as a quick TA for what's going on and what to watch for next. If we look at the chart up above we can see how we've had this sort of descending channel form which has pushed XRP down as it's lost that 200 EMA.
🔥 Here's a quick one minute chart below then as well depicting the shorter time frame and take a look at those volumes.
🔥 No doubt we've got some battles going on here as whales fight to reclaim or reject that 200 EMA depending on which team they may be on but regardless that 200 EMA should definitely be watched especially as we battle to reclaim that 0.3967 mark that lies just above. Volume's going off the charts in a relatively short timeframe thanks to that battle by whales of course but next few hours will determine whether or not we can reclaim that ground or retrace further down.
🔥 We already spoke of this retracement in my last idea and I'm following up on that now as we're at another pivot point so definitely keep track of that 200 EMA. The crypto sector had a relatively remarkable rally this month and the retracement was to be expected but as it's been already the retracement has been rather healthy so I hope that we can see some higher numbers into the next week but won't know for sure till we get some more tests on this 200 EMA and exit or continue within the descending channel.
🔥 I'll leave it at that for now to keep things simple but if you'd like to leave a like or follow it'd be much appreciated and will also allow you to keep posted no my observations which I post as frequent as I possibly can, thanks as always and wishing well! The previous idea is also linked below if you'd like to click on that and give it a look as well.
~ Rock '
🔥 Here's a quick one minute chart below then as well depicting the shorter time frame and take a look at those volumes.
🔥 No doubt we've got some battles going on here as whales fight to reclaim or reject that 200 EMA depending on which team they may be on but regardless that 200 EMA should definitely be watched especially as we battle to reclaim that 0.3967 mark that lies just above. Volume's going off the charts in a relatively short timeframe thanks to that battle by whales of course but next few hours will determine whether or not we can reclaim that ground or retrace further down.
🔥 We already spoke of this retracement in my last idea and I'm following up on that now as we're at another pivot point so definitely keep track of that 200 EMA. The crypto sector had a relatively remarkable rally this month and the retracement was to be expected but as it's been already the retracement has been rather healthy so I hope that we can see some higher numbers into the next week but won't know for sure till we get some more tests on this 200 EMA and exit or continue within the descending channel.
🔥 I'll leave it at that for now to keep things simple but if you'd like to leave a like or follow it'd be much appreciated and will also allow you to keep posted no my observations which I post as frequent as I possibly can, thanks as always and wishing well! The previous idea is also linked below if you'd like to click on that and give it a look as well.
~ Rock '
