XRP/USD - Buy Opportunity

BITSTAMP:XRPUSD   Ripple / U.S. Dollar
Hello traders,

Here we have XRP/USD on the 1H chart.

XRP/USD has been trading the downside considerably after a peak ignited a correction of the 16th January. Price has recently been trading within a structure since between a side-wards resistance line, and a horizontal support level that has recently come into play.

Price has broken out of the side-wards support. When price was testing the support previously it was making lower highs. But on the last retest of support on January 2, it is having clear a higher high, which indicated bullish momentum. The side-wards line is very likely to be retested as support.

I am expecting Ripple to begin an up move. Before this it's highly likely that price action will retest the side-wards resistance line as a support at 1.1230 before the up move begins.

This trade could play out in 2 ways, I have outlined these below:

-Price successfully breaks out, and retests the side-wards resistance line at 1.1230. Price then has an up move to the target zone at 1.4790.
-Price breaks impulsively to the upside. It ignores structure retesting and goes to the upside target at 1.4790.

Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable.

If price retests the side-wards resistance turned support and breaks about the 20 moving average before correcting, this is an impulsive state.

I will updating this analysis if it receives more than 40 likes.
Trade closed: target reached: Here we have the update for XRP/USD.

Price has perfectly fulfilled it's predicted analysis and had a retest on the side-wards resistance turned structure and then hit our target zone.

Well done to any of you guys that followed me ! :-)

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Any update Tom, Is it time to buy? Or Is there any other correction around the corner? Thanks!
any update? thx..
so accurate
dang, that was very accurate :)
Nicely done!
very great ! Thank you very much ! but im too late lol
Great call, @TomProTrader ! Is it posible the price to go down to the spotted support level again before the next general increase? My analysis show a drop to 1.10 before the next raise. I'd appreciate your comment. Thank you!
+4 Reply
TomProTrader stanpantel
@stanpantel, Yes, it'll either retest the support zone, or breakout and test the new target zone as a support. We will soon find out :)
stanpantel TomProTrader
@TomProTrader, Thank you for replying! My expectations are now confirmed with yours :)
It's always a pleasure to read your posts and comments!
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