Hey! I am back with another Idea, this time looking again at XRP.
Some time has past and XRP has broken the overall uptrend line. I thought after that XRP is going all the way down to 36 cents but soon after the uptrend was broken, I found out that there is still one more uptrend left.
After the first sharp uptrend was broken, strong price action down was seen with the price falling as low as 0.385$ which was a price peak two months ago ( on april 5). Its good to see this kind of bounce as I have expected the price to fall into support zone of 0.363 - 0.375$.
The one thing I really like on this chart is how the resistance area has changed into support zone, good and healthy bull, uptrend sign.
Currently XRP is between two lines of uptrend and downtrend, soon we will see which one is stronger. But if we consider that we are in an uptrend, uptrend should win this one. It doesnt have to see any strong price action against downtrend, just keep climbing on uptrend, even though after a downtrend gets broken ussualy a sharp move is seen.
Next support area 0.39 to 0.395$.
Next resistance area 0.42 to 42.7$.
Currently if XRP doesnt gets pushed below uptrend, its likely to test this resistance line and what is really IMPORTANT for XRP to do is find a support at bottom or slightly below this resistance line in order to break it.
RSI is currently showing uptrend with the RSI now below the trend which can be a bad sign, but It can still find support same as few days ago at 44 and continue in rise or bounce off 40 level.
That would be all from me!
If you think that I have forgot to mention something important, ask me down below!
Also I will post regular updates in any timeframe.
Thanks and good luck trading!
Some time has past and XRP has broken the overall uptrend line. I thought after that XRP is going all the way down to 36 cents but soon after the uptrend was broken, I found out that there is still one more uptrend left.
After the first sharp uptrend was broken, strong price action down was seen with the price falling as low as 0.385$ which was a price peak two months ago ( on april 5). Its good to see this kind of bounce as I have expected the price to fall into support zone of 0.363 - 0.375$.
The one thing I really like on this chart is how the resistance area has changed into support zone, good and healthy bull, uptrend sign.
Currently XRP is between two lines of uptrend and downtrend, soon we will see which one is stronger. But if we consider that we are in an uptrend, uptrend should win this one. It doesnt have to see any strong price action against downtrend, just keep climbing on uptrend, even though after a downtrend gets broken ussualy a sharp move is seen.
Next support area 0.39 to 0.395$.
Next resistance area 0.42 to 42.7$.
Currently if XRP doesnt gets pushed below uptrend, its likely to test this resistance line and what is really IMPORTANT for XRP to do is find a support at bottom or slightly below this resistance line in order to break it.
RSI is currently showing uptrend with the RSI now below the trend which can be a bad sign, but It can still find support same as few days ago at 44 and continue in rise or bounce off 40 level.
That would be all from me!
If you think that I have forgot to mention something important, ask me down below!
Also I will post regular updates in any timeframe.
Thanks and good luck trading!
Comment:
A pennant which result was drop down, break of an uptrend. Currently finding support above support area.