XRP MID-WEEK ROUND UP - 17/12/18
Welcome to another episode of our favourite show - ALT-COINS brought to you by FELIX!
Since our last breakdown for XRP, which stated that we will find firm support at 0.28$ to take us to 0.34$. This was achieved with total precision and we saw the rejection for XRP from 0.34$!
Now what can we expect next ?
What can we see on the 1 hourly charts ?
- On the hourly chart, we can see that our initial theory of resistance being seen at 0.34$ came to a reality. Now, I suspect this bearish activity to continue until 0.318-0.30$ before any bullish activity resumes. I would recommend that everyone who entered at 0.28$ places SL @ ENTRY and lets this one run because upside potential is currently phenomenal on a short term basis. This is in line with EMA on the 1 hourly being used as support at 0.318-0.30$ and it will take huge bearish activity to break below this level.
- We can see that on our momentum indicators from current levels on RSI/ROC, we can expect a retracement to at least the 60 level on RSI/ROC on the hourly charts and this lies in line with support being found at previous ceiling of 0.318-0.30$! Likewise on RSI stand alone indicator, we can see a drop towards 45-40 level is necessary for XRP to find strong support once again.
- On the hourly, MA can be used as support from 0.32$, therefore, it could be evident that we don’t even test 0.318$ but this level should be held in our head as a likely support zone.
What can we see on the 4 hourly charts ?
- On our 4 hourly chart we cab see that XRP bullish price action is quite fatigued from a resistance of 0.34$ and I expect a retest of previous price ceiling of 0.318-0.30$ before any real bullish momentum sets in. We can see on our momentum indicators that we should expect XRP to find support again on the 4 hourly charts at the 60 level for RSI/ROC (same level for 1 hour as support too) and we will need to see a retracement to 45 level on stand alone RSI indicator. THESE ARE AREAS OF BULLISH TENDENCY THAT WE SHOULD BE EYEING UP FOR NEW ENTRIES AND A BREAK BELOW THESE LEVELS INVALIDATES OUR CONCEPT.
- AFTER that we can expect bullish activity to continue till 0.377$ firstly to meet EMA as resistance and it could well be evident that we spike to as high asa 0.39-0.41$ before any real bearish activity to our next downward target of 0.25$ sets in as next level of support.
What can we see on the DAILY charts ?
- We can see that essential 29 level on RSI was used as support and we can also see that 39 level on RSI/ROC was used as support. I expect bullish activity for XRP to continue till RSI is at 70 level and RSI/ROC is just a little above the 60 level on the DAILY chart.
- Our main ceiling to the upside is the 0.377-0.38$ level and this was a previously STRONG support zone. This gives us even further reason, why the 0.41-0.43$ MAIN RESISTANCE zone may not be met. Remember, previously this level kept XRP alive and once we broke below this level it was the 0.377$ level that was being used as support.
- We can see that daily EMA 200 is currently just above 0.45$ and thus we can use this as our maximum upward indicator - theoretically speaking, it will be difficult for XRP to break above this level.
What can we deduce from all this ?
- We can expect bullish activity from our 0.28$ entry to continue. Our first target of resistance at 0.34$ has held well and we can expect retracements into the 0.318$ zone before finding support to try and break the 0.377$ level, which was previously a VERY strong support. If this level is broken, then our final target for this move is 0.39$-0.41$. I know this is a big gap in profit taking space, but we literally could see a rejection from anywhere in-between those two take profit levels. For anyone who enters XRP at 0.318-0.32$ ensure that stops are at previous lows and previous support of 0.28$
- After this brief bullish move, we will get a slam dunk to 0.25$ and then finally to 0.15$, if 0.15$ is broken, then final support lays at 0.10$ AND THEN MOON GOD WILLING.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
Welcome to another episode of our favourite show - ALT-COINS brought to you by FELIX!
Since our last breakdown for XRP, which stated that we will find firm support at 0.28$ to take us to 0.34$. This was achieved with total precision and we saw the rejection for XRP from 0.34$!
Now what can we expect next ?
What can we see on the 1 hourly charts ?
- On the hourly chart, we can see that our initial theory of resistance being seen at 0.34$ came to a reality. Now, I suspect this bearish activity to continue until 0.318-0.30$ before any bullish activity resumes. I would recommend that everyone who entered at 0.28$ places SL @ ENTRY and lets this one run because upside potential is currently phenomenal on a short term basis. This is in line with EMA on the 1 hourly being used as support at 0.318-0.30$ and it will take huge bearish activity to break below this level.
- We can see that on our momentum indicators from current levels on RSI/ROC, we can expect a retracement to at least the 60 level on RSI/ROC on the hourly charts and this lies in line with support being found at previous ceiling of 0.318-0.30$! Likewise on RSI stand alone indicator, we can see a drop towards 45-40 level is necessary for XRP to find strong support once again.
- On the hourly, MA can be used as support from 0.32$, therefore, it could be evident that we don’t even test 0.318$ but this level should be held in our head as a likely support zone.
What can we see on the 4 hourly charts ?
- On our 4 hourly chart we cab see that XRP bullish price action is quite fatigued from a resistance of 0.34$ and I expect a retest of previous price ceiling of 0.318-0.30$ before any real bullish momentum sets in. We can see on our momentum indicators that we should expect XRP to find support again on the 4 hourly charts at the 60 level for RSI/ROC (same level for 1 hour as support too) and we will need to see a retracement to 45 level on stand alone RSI indicator. THESE ARE AREAS OF BULLISH TENDENCY THAT WE SHOULD BE EYEING UP FOR NEW ENTRIES AND A BREAK BELOW THESE LEVELS INVALIDATES OUR CONCEPT.
- AFTER that we can expect bullish activity to continue till 0.377$ firstly to meet EMA as resistance and it could well be evident that we spike to as high asa 0.39-0.41$ before any real bearish activity to our next downward target of 0.25$ sets in as next level of support.
What can we see on the DAILY charts ?
- We can see that essential 29 level on RSI was used as support and we can also see that 39 level on RSI/ROC was used as support. I expect bullish activity for XRP to continue till RSI is at 70 level and RSI/ROC is just a little above the 60 level on the DAILY chart.
- Our main ceiling to the upside is the 0.377-0.38$ level and this was a previously STRONG support zone. This gives us even further reason, why the 0.41-0.43$ MAIN RESISTANCE zone may not be met. Remember, previously this level kept XRP alive and once we broke below this level it was the 0.377$ level that was being used as support.
- We can see that daily EMA 200 is currently just above 0.45$ and thus we can use this as our maximum upward indicator - theoretically speaking, it will be difficult for XRP to break above this level.
What can we deduce from all this ?
- We can expect bullish activity from our 0.28$ entry to continue. Our first target of resistance at 0.34$ has held well and we can expect retracements into the 0.318$ zone before finding support to try and break the 0.377$ level, which was previously a VERY strong support. If this level is broken, then our final target for this move is 0.39$-0.41$. I know this is a big gap in profit taking space, but we literally could see a rejection from anywhere in-between those two take profit levels. For anyone who enters XRP at 0.318-0.32$ ensure that stops are at previous lows and previous support of 0.28$
- After this brief bullish move, we will get a slam dunk to 0.25$ and then finally to 0.15$, if 0.15$ is broken, then final support lays at 0.10$ AND THEN MOON GOD WILLING.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
